Parent-Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Statements of Financial Condition

CONDENSED STATEMENTS OF FINANCIAL CONDITION

(in thousands)

	December 31,
	2014		2013
Assets
Cash and due from banks	$	7	$	7
Advances to subsidiary Bank		22,776		16,753
Investment securities		—		8,547
ESOP loan receivable		3,707		3,897
Investment in subsidiary Bank		219,221		212,957
Other assets		229		568
Total assets	$	245,940	$	242,729
Liabilities and Stockholders’ Equity
Borrowings	$	27,500	$	27,500
Other liabilities		181		879
Stockholders’ equity		218,259		214,350
Total liabilities and stockholders’ equity	$	245,940	$	242,729

Condensed Statements of Operations

CONDENSED STATEMENTS OF OPERATIONS

(in thousands)

	Years Ended December 31,
	2014		2013		2012
Dividend income – subsidiary Bank	$	16,000	$	16,000	$	20,500
Dividend income – investment securities		279		287		227
Net gain on sales of investment securities available-for-sale		1,031		46		226
Interest income – advances to subsidiary Bank		44		40		39
Interest income – ESOP loan receivable		322		336		349
Total income		17,676		16,709		21,341
Interest expense – borrowings		767		766		818
Operating expenses		1,365		1,358		1,323
Income before income taxes and undistributed earnings of subsidiary Bank		15,544		14,585		19,200
Benefit for income taxes		229		567		511
Income before undistributed earnings of subsidiary Bank		15,773		15,152		19,711
Undistributed earnings of subsidiary Bank		4,147		1,178		309
Net Income	$	19,920	$	16,330	$	20,020

Condensed Statements of Cash Flows

CONDENSED STATEMENTS OF CASH FLOWS

(in thousands)

	Years Ended December 31,
	2014			2013			2012
Cash flows from operating activities:
Net income	$	19,920		$	16,330		$	20,020
(Increase) decrease in advances to subsidiary Bank		(6,023	)		3,264			(1,921	)
Undistributed earnings of subsidiary Bank		(4,147	)		(1,178	)		(309	)
Net (gain) on sales of investment securities available for sale		(1,031	)		(46	)		(226	)
Change in other assets and other liabilities		373			(547	)		2,799
Net cash provided by operating activities		9,092			17,823			20,363
Cash flows from investing activities:
Proceeds from sale of investment securities available-for-sale		8,439			1,244			1,221
Purchase of investment securities		(651	)		(2,964	)		(1,694	)
Repayments on ESOP loan receivable		190			179			167
Net cash provided by (used in) investing activities		7,978			(1,541	)		(306	)
Cash flows from financing activities:
Dividends paid		(8,241	)		(8,239	)		(8,579	)
Purchase of treasury stock		(9,178	)		(8,108	)		(11,897	)
Exercise of stock options		349			65			419
Net cash used in financing activities		(17,070	)		(16,282	)		(20,057	)
Net increase in cash and due from banks		—			—			—
Cash and due from banks at beginning of year		7			7			7
Cash and due from banks at end of year	$	7		$	7		$	7