Condensed Financial Information - Parent Company Only (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets

	December 31,
(in thousands)	2020		2019
Assets
Cash and due from banks	$	28,366	$	29,981
Equity securities	—		1,735
Investment securities, held to maturity	—		1,000
Investment in subsidiaries	843,711		802,079
Other assets	11,274		9,828
Total Assets	$	883,351	$	844,623
Liabilities and Stockholders’ Equity
Other liabilities	$	1,310	$	1,140
Subordinated debentures	118,257		118,220
Total stockholders’ equity	763,784		725,263
Total Liabilities and Stockholders’ Equity	$	883,351	$	844,623

Condensed Statements of Operations

Condensed Statements of Income

	Years Ended December 31,
(in thousands)	2020		2019		2018
Income
Dividends from subsidiaries	$	29,961	$	36,905	$	30,589
Other income (loss)	(486)		408		(125)
Total Income	29,475		37,313		30,464
Expense
Interest on subordinated debentures	5,968		5,983		5,141
Noninterest expenses	549		464		506
Total Expense	6,517		6,447		5,647
Income before benefit for income taxes	22,958		30,866		24,817
Income taxes benefit	(1,645)		(1,646)		(1,130)
Income before equity in undistributed income of subsidiaries	24,603		32,512		25,947
Equity in undistributed income of subsidiaries	32,915		38,160		37,454
Net Income Available to Common Shareholders	$	57,518	$	70,672	$	63,401

Condensed Statements of Cash Flows

	Years Ended December 31,
(in thousands)	2020		2019		2018
Income
Dividends from subsidiaries	$	29,961	$	36,905	$	30,589
Other income (loss)	(486)		408		(125)
Total Income	29,475		37,313		30,464
Expense
Interest on subordinated debentures	5,968		5,983		5,141
Noninterest expenses	549		464		506
Total Expense	6,517		6,447		5,647
Income before benefit for income taxes	22,958		30,866		24,817
Income taxes benefit	(1,645)		(1,646)		(1,130)
Income before equity in undistributed income of subsidiaries	24,603		32,512		25,947
Equity in undistributed income of subsidiaries	32,915		38,160		37,454
Net Income Available to Common Shareholders	$	57,518	$	70,672	$	63,401

Condensed Statements of Cash Flows

	Years Ended December 31,
(in thousands)	2020		2019		2018
Cash Flows from Operating Activities
Net income	$	57,518	$	70,672	$	63,401
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of equity securities	(149)		—		—
Amortization of subordinated debt costs	37		36		125
Provision for credit losses	(12)		—		—
Change in market value of equity securities	786		(197)		338
Excess tax (deficiency) benefits	(132)		189		318
Increase in other assets	(1,462)		(1,873)		(1,446)
Increase (decrease) in other liabilities	25		121		(6)
Equity in undistributed income of subsidiaries	(32,915)		(38,160)		(37,454)
Net Cash Provided by Operating Activities	23,696		30,788		25,276
Cash Flows from Investing Activities
Purchases of equity securities	(49)		(82)		(78)
Proceeds from maturity of held to maturity securities	1,000		—		—
Proceeds from sale of equity securities	1,148		1,287		2,155
Net cash received from business acquisition	—		24		—
Net Cash Provided by Investing Activities	2,099		1,229		2,077
Cash Flows from Financing Activities
Cash dividends paid on common stock	(25,457)		(24,919)		(21,307)
Purchase of treasury stock	(1,452)		—		—
Retirement of restricted stock	(501)		(715)		(763)
Exercise of stock options	—		313		307
Net Cash Used in Financing Activities	(27,410)		(25,321)		(21,763)
Net (decrease) increase in cash and cash equivalents	(1,615)		6,696		5,590
Cash and cash equivalents, beginning of year	29,981		23,285		17,695
Cash and Cash Equivalents, End of Year	$	28,366	$	29,981	$	23,285