PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

Schedule of balance sheets

December 31, (in thousands)	2019		2018
Assets:
Cash and cash equivalents	$	101,003	$	99,440
Security available for sale		4,000		4,075
Investment in bank subsidiary		699,906		625,814
Investment in non-bank subsidiaries		3,631		3,343
Other assets		4,749		4,854
Total assets	$	813,289	$	737,526
Liabilities and Stockholders’ Equity:
Subordinated note	$	41,240	$	41,240
Other liabilities		7,805		6,352
Stockholders’ equity		764,244		689,934
Total liabilities and stockholders’ equity	$	813,289	$	737,526

Schedule of statements of income

Years Ended December 31, (in thousands)	2019		2018		2017
Income and expenses:
Dividends from subsidiary	$	24,249	$	22,385	$	20,063
Interest income		250		231		186
Other income		54		45		45
Less: Interest expense		1,620		1,508		1,094
Less: Other expenses		511		469		394
Income before income tax benefit		22,422		20,684		18,806
Income tax benefit		1,213		348		116
Income before equity in undistributed net income of subsidiaries		23,635		21,032		18,922
Equity in undistributed net income of subsidiaries		68,064		56,820		26,710
Net income	$	91,699	$	77,852	$	45,632
Comprehensive income	$	95,794	$	76,439	$	45,361

Schedule of statements of cash flows

Years Ended December 31, (in thousands)	2019		2018		2017
Operating activities:
Net income	$	91,699	$	77,852	$	45,632
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of investment security		(42)		(40)		(44)
Equity in undistributed net income of subsidiaries		(68,064)		(56,820)		(26,710)
Director deferred compensation - Parent Company		139		117		108
Change in other assets		(25)		605		1,215
Change in other liabilities		842		(976)		1,623
Net cash provided by operating activities		24,549		20,738		21,824
Investing activities:
Investment in subsidiary bank		(494)		(230)		—
Net cash used in investing activities		(494)		(230)		—
Financing activities:
Common Stock repurchases		(1,418)		(827)		(1,048)
Net proceeds from Class A Common Stock purchased through employee stock purchase plan		494		230		—
Net proceeds from Common Stock options exercised		(191)		83		68
Cash dividends paid		(21,377)		(19,497)		(17,656)
Net cash used in financing activities		(22,492)		(20,011)		(18,636)
Net change in cash and cash equivalents		1,563		497		3,188
Cash and cash equivalents at beginning of period		99,440		98,943		95,755
Cash and cash equivalents at end of period	$	101,003	$	99,440	$	98,943