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Parent Company Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2020
Parent Company Financial Statements [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
(in thousands) December 31 |  | 2020 |  |  | 2019 |
Assets: |  |  |  |  |  |
Cash on deposit |  | $ | 1,505 |  |  | $ | 2,089 |
Investment in and advances to subsidiaries |  |  | 707,943 |  |  |  | 667,206 |
Goodwill |  |  | 4,973 |  |  |  | 4,973 |
Premises and equipment, net |  |  | 96 |  |  |  | 153 |
Deferred tax asset |  |  | 4,649 |  |  |  | 5,100 |
Other assets |  |  | 45 |  |  |  | 44 |
Total assets |  | $ | 719,211 |  |  | $ | 679,565 |
Liabilities and shareholders’ equity: |  |  |  |  |  |  |  |
Long-term debt |  | $ | 61,341 |  |  | $ | 61,341 |
Other liabilities |  |  | 3,005 |  |  |  | 3,338 |
Total liabilities |  |  | 64,346 |  |  |  | 64,679 |
Shareholders’ equity |  |  | 654,865 |  |  |  | 614,886 |
Total liabilities and shareholders’ equity |  | $ | 719,211 |  |  | $ | 679,565 |
Condensed Statements of Income and Comprehensive Income | Condensed Statements of Income and Comprehensive Income
(in thousands) Year Ended December 31 |  | 2020 |  |  | 2019 |  |  | 2018 |
Income: |  |  |  |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 29,593 |  |  | $ | 30,152 |  |  | $ | 26,750 |
Other income |  |  | 476 |  |  |  | 757 |  |  |  | 489 |
Total income |  |  | 30,069 |  |  |  | 30,909 |  |  |  | 27,239 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 1,519 |  |  |  | 2,520 |  |  |  | 2,318 |
Depreciation expense |  |  | 112 |  |  |  | 144 |  |  |  | 135 |
Other expenses |  |  | 3,302 |  |  |  | 3,273 |  |  |  | 3,156 |
Total expenses |  |  | 4,933 |  |  |  | 5,937 |  |  |  | 5,609 |
Income before income taxes and equity in undistributed income of subsidiaries |  |  | 25,136 |  |  |  | 24,972 |  |  |  | 21,630 |
Income tax benefit |  |  | (576 | ) |  |  | (4,947 | ) |  |  | (1,219 | )
Income before equity in undistributed income of subsidiaries |  |  | 25,712 |  |  |  | 29,919 |  |  |  | 22,849 |
Equity in undistributed income of subsidiaries |  |  | 33,792 |  |  |  | 34,621 |  |  |  | 36,379 |
Net income |  | $ | 59,504 |  |  | $ | 64,540 |  |  | $ | 59,228 |
Other comprehensive gain (loss): |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) arising during the period |  |  | 13,839 |  |  |  | 14,270 |  |  |  | (5,393 | )
Less: Reclassification adjustments for realized gains (losses) included in net income |  |  | 1,251 |  |  |  | 3 |  |  |  | (821 | )
Tax expense (benefit) |  |  | 3,273 |  |  |  | 3,403 |  |  |  | (960 | )
Other comprehensive gain (loss), net of tax |  |  | 9,315 |  |  |  | 10,864 |  |  |  | (3,612 | )
Comprehensive income |  | $ | 68,819 |  |  | $ | 75,404 |  |  | $ | 55,616 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
(in thousands) Year Ended December 31 |  | 2020 |  |  | 2019 |  |  | 2018 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 59,504 |  |  | $ | 64,540 |  |  | $ | 59,228 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  | 112 |  |  |  | 144 |  |  |  | 135 |
Equity in undistributed earnings of subsidiaries |  |  | (33,792 | ) |  |  | (34,621 | ) |  |  | (36,379 | )
Deferred taxes |  |  | 451 |  |  |  | (4,907 | ) |  |  | (12 | )
Stock-based compensation |  |  | 944 |  |  |  | 859 |  |  |  | 710 |
Gain on debt repurchase |  |  | 0 |  |  |  | (219 | ) |  |  | 0 |
Changes in: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | (115 | ) |  |  | 1 |  |  |  | (50 | )
Other liabilities |  |  | (318 | ) |  |  | 683 |  |  |  | 53 |
Net cash provided by operating activities |  |  | 26,786 |  |  |  | 26,480 |  |  |  | 23,685 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Payment for investment in subsidiary |  |  | 0 |  |  |  | (1,281 | ) |  |  | 0 |
Purchase of premises and equipment |  |  | (55 | ) |  |  | (78 | ) |  |  | (81 | )
Net cash used in investing activities |  |  | (55 | ) |  |  | (1,359 | ) |  |  | (81 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 926 |  |  |  | 1,264 |  |  |  | 1,230 |
Repurchase of common stock |  |  | (1,099 | ) |  |  | 0 |  |  |  | 0 |
Dividends paid |  |  | (27,142 | ) |  |  | (26,235 | ) |  |  | (24,395 | )
Net cash used in financing activities |  |  | (27,315 | ) |  |  | (24,971 | ) |  |  | (23,165 | )
Net increase (decrease) in cash and cash equivalents |  |  | (584 | ) |  |  | 150 |  |  |  | 439 |
Cash and cash equivalents at beginning of year |  |  | 2,089 |  |  |  | 1,939 |  |  |  | 1,500 |
Cash and cash equivalents at end of year |  | $ | 1,505 |  |  | $ | 2,089 |  |  | $ | 1,939 |

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