Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2018

Parent Company Financial Information [Abstract]

Condensed Balance Sheets

	December 31,
(in thousands)	2018		2017
Assets:
Cash and due from banks	$	583	$	925
Investment in subsidiary bank, at equity		390,388		354,334
Prepaid income taxes		—		1,552
Deferred income tax benefits		1,924		1,381
Other assets		80		81
	$	392,975	$	358,273
Liabilities:
Other liabilities	$	332	$	25
Cash dividends payable		4,456		3,798
		4,788		3,823
Stockholders' equity:
Common stock		2,542		2,467
Surplus		145,163		127,122
Retained earnings		249,922		224,315
		397,627		353,904
Accumulated other comprehensive income (loss), net of tax		(9,440)		546
		388,187		354,450
	$	392,975	$	358,273

Condensed Statements Of Income

	Year ended December 31,
(in thousands)	2018		2017		2016
Income:
Dividends from subsidiary bank	$	15,525	$	11,150	$	4,500
Expenses:
Salaries		1,814		2,434		1,517
Other operating expenses		343		406		376
		2,157		2,840		1,893
Income before income taxes		13,368		8,310		2,607
Income tax benefit		(1,442)		(1,235)		(1,181)
Income before undistributed earnings of subsidiary bank		14,810		9,545		3,788
Equity in undistributed earnings		26,763		25,577		27,092
Net income	$	41,573	$	35,122	$	30,880
Comprehensive income	$	31,864	$	37,272	$	21,752

Condensed Statements Of Cash Flows

	Year ended December 31,
(in thousands)	2018		2017		2016
Cash Flows From Operating Activities:
Net income	$	41,573	$	35,122	$	30,880
Adjustments to reconcile net income to net cash   provided by operating activities:
Undistributed earnings of subsidiary bank		(26,763)		(25,577)		(27,092)
Deferred income tax provision (credit)		(543)		167		(84)
Stock-based compensation expense		1,814		2,434		1,517
Increase (decrease) in other liabilities		307		5		(19)
Other decreases (increases)		1,619		(1,383)		532
Net cash provided by operating activities		18,007		10,768		5,734
Cash Flows From Investing Activities:
Capital contributions to Bank subsidiary		(19,000)		(20,500)		(38,883)
Cash Flows From Financing Activities:
Repurchase of common stock		(1,541)		—		—
Shares withheld upon the vesting and conversion of RSUs		(774)		(527)		(370)
Proceeds from exercise of stock options		312		917		906
Proceeds from issuance of common stock, net		18,239		22,598		43,712
Cash dividends paid		(15,585)		(13,703)		(12,078)
Net cash provided by financing activities		651		9,285		32,170
Net decrease in cash and cash equivalents*		(342)		(447)		(979)
Cash and cash equivalents, beginning of year		925		1,372		2,351
Cash and cash equivalents, end of year	$	583	$	925	$	1,372
Supplemental Schedule of Noncash Financing Activities:
Cash dividends payable	$	4,456	$	3,798	$	3,368

*  Cash and cash equivalents is defined as cash and due from banks and includes, among other things, the checking and money market accounts with the Corporation’s wholly-owned bank subsidiary.