Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information - Parent Company Only

Condensed Financial Information - Parent Company Only

Condensed financial statements of the Corporation, parent company only, follow:

(Dollars in thousands)	At December 31,
Balance Sheets	2024		2023
Assets:
Cash	$	132,643	$	117,345
Interest-earning deposits with other banks	—		321
Cash and cash equivalents	132,643		117,666
Investments in securities	—		763
Investments in subsidiaries, at equity in net assets:
Bank	887,188		856,289
Non-banks	—		—
Other assets	22,247		17,139
Total assets	$	1,042,078	$	991,857
Liabilities:
Subordinated notes	$	149,261	$	148,761
Other liabilities	5,516		3,888
Total liabilities	154,777		152,649
Shareholders' equity:	887,301		839,208
Total liabilities and shareholders' equity	$	1,042,078	$	991,857

(Dollars in thousands)	For the Years Ended December 31,
Statements of Income	2024		2023		2022
Dividends from Bank	$	56,283	$	18,386	$	23,303
Dividends from non-bank	—		—		—
Other income	24,754		25,000		28,630
Total operating income	81,037		43,386		51,933
Interest expense	9,125		9,125		5,798
Operating expenses	28,266		27,627		30,297
Income before income tax benefit and equity in undistributed income of subsidiaries	43,646		6,634		15,838
Income tax benefit	(2,733)		(2,751)		(1,983)
Income before equity in undistributed income of subsidiaries	46,379		9,385		17,821
Equity in undistributed income of subsidiaries:
Bank	29,552		61,719		60,299
Non-banks	—		—		—
Net income	$	75,931	$	71,104	$	78,120

(Dollars in thousands)	For the Years Ended December 31,
Statements of Cash Flows	2024		2023		2022
Cash flows from operating activities:
Net income	$	75,931	$	71,104	$	78,120
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(29,552)		(61,719)		(60,299)
Bank owned life insurance income	(122)		(118)		(116)
Depreciation of premises and equipment	355		342		346
Stock based compensation	4,615		4,194		4,120
Contributions to pension and other postretirement benefit plans	(243)		(250)		(252)
(Increase) decrease in other assets	(6,198)		(4,526)		7,561
Increase (decrease) in other liabilities	8,999		2,975		(4,256)
Net cash provided by operating activities	53,785		12,002		25,224
Cash flow from investing activities:
Investments in subsidiaries	—		—		(10,000)
Proceeds from sales of securities	409		—		1
Other, net	(199)		(478)		(272)
Net cash provided by (used in) investing activities	210		(478)		(10,271)
Cash flows from financing activities:
Proceeds from issuance of subordinated notes	—		—		49,051
Payment for shares withheld to cover taxes on vesting of restricted stock units	(873)		(1,232)		(903)
Purchases of treasury stock	(18,882)		(462)		(11,381)
Stock issued under dividend reinvestment and employee stock purchase plans	2,384		2,565		2,541
Proceeds from exercise of stock options	3,195		115		698
Cash dividends paid	(24,842)		(25,050)		(24,607)
Net cash (used in) provided by financing activities	(39,018)		(24,064)		15,399
Net increase (decrease) in cash and due from financial institutions	14,977		(12,540)		30,352
Cash and cash equivalents at beginning of year	117,666		130,206		99,854
Cash and cash equivalents at end of period	$	132,643	$	117,666	$	130,206
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	8,625	$	8,625	$	5,000
Income tax, net of refunds received	18,012		15,266		10,989