Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information - Parent Company Only

CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

CONDENSED BALANCE SHEETS

	December 31,
	2018		2017
	(in thousands)
ASSETS
Cash and due from banks	$	23,285	$	17,695
Equity securities	2,743		5,158
Investment securities, held to maturity	1,000		1,000
Investment in subsidiaries	695,571		659,180
Other assets	7,182		6,013
TOTAL ASSETS	$	729,781	$	689,046
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	1,015	$	1,022
Subordinated debentures	105,027		104,902
Total stockholders’ equity	623,739		583,122
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	729,781	$	689,046

CONDENSED STATEMENTS OF INCOME

	Years Ended December 31,
	2018			2017			2016
	(in thousands)
INCOME
Dividends from subsidiaries	$	30,589		$	26,665		$	20,687
Other income	(125		)	2,750			199
TOTAL INCOME	30,464			29,415			20,886
EXPENSE
Interest on subordinated debentures	5,141			5,091			2,171
Noninterest expenses	506			377			442
TOTAL EXPENSE	5,647			5,468			2,613
Income before (benefit) provision for income taxes	24,817			23,947			18,273
Income taxes (benefit) provision	(1,130		)	(2,018		)	(845		)
Income before equity in undistributed income of subsidiaries	25,947			25,965			19,118
Equity in undistributed income of subsidiaries	37,454			26,615			22,400
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	63,401		$	52,580		$	41,518

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2018			2017			2016
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	63,401		$	52,580		$	41,518
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on securities	—			(2,539		)	—
Amortization of subordinated debt costs	125			118			30
Change in market value of equity securities	338			—			—
Excess tax benefits	318			587			—
Increase in other assets	(1,446		)	(1,927		)	(922		)
(Decrease) increase in other liabilities	(6		)	(17		)	1,010
Equity in undistributed income of subsidiaries	(37,454		)	(26,615		)	(22,400		)
NET CASH PROVIDED BY OPERATING ACTIVITIES	25,276			22,187			19,236
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in acquisition	—			—			(5,356		)
Purchases of available for sale securities	—			(79		)	(62		)
Purchases of equity securities	(78		)	—			—
Proceeds from sale of available for sale securities	—			3,217			—
Proceeds from sale of equity securities	2,155			—			—
Contribution to subsidiary	—			—			(124,373		)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	2,077			3,138			(129,791		)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid on common stock	(21,307		)	(18,853		)	(16,007		)
Proceeds from issuance of common stock, net	—			—			48,678
Proceeds from issuance of subordinated debt, net	—			—			73,516
Retirement of restricted stock	(763		)	(773		)	(206		)
Excess tax benefits	—			—			43
Exercise of stock options	307			321			285
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(21,763		)	(19,305		)	106,309
Net increase (decrease) in cash and cash equivalents	5,590			6,020			(4,246		)
Cash and cash equivalents, beginning of year	17,695			11,675			15,921
CASH AND CASH EQUIVALENTS, END OF YEAR	$	23,285		$	17,695		$	11,675