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Condensed Financial Information of Parent Company | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Information of Parent Company | Note 20 Condensed Financial Information of Parent Company Following are the condensed balance sheets of the Company (parent company only) and the related condensed statements of income and cash flows.
|  | Condensed Balance Sheets December 31,
(In thousands) |  | 2019 |  | 2018
Assets |  |  |  |  |  |
Cash and due from banks |  | $ | 17,032 |  | $ | 35,735
Short-term investments |  |  | 3,223 |  |  | 35,201
Securities available-for-sale, at fair value |  |  | 422,665 |  |  | 441,534
Loans, net |  |  | 45,187 |  |  | 20,188
Payments in excess of funding |  |  | 206,158 |  |  | 160,777
Investments in subsidiaries |  |  | 145,400 |  |  | 130,231
Premises and equipment, net |  |  | 19,940 |  |  | 21,358
Other assets |  |  | 137,226 |  |  | 117,374
Total assets |  | $ | 996,831 |  | $ | 962,398
Liabilities and Shareholders’ Equity |  |  |  |  |  |
Liabilities: |  |  |  |  |  |
Accounts and drafts payable |  | $ | 683,485 |  | $ | 693,026
Short-term borrowings |  |  | 18,000 |  |  | —
Other liabilities |  |  | 50,987 |  |  | 39,362
Total liabilities |  |  | 752,472 |  |  | 732,388
Total shareholders’ equity |  |  | 244,359 |  |  | 230,010
Total liabilities and shareholders’ equity |  | $ | 996,831 |  | $ | 962,398
58 Table of Contents
|  | Condensed Statements of Income For the Years Ended December 31,
(In thousands) |  | 2019 |  | 2018 |  | 2017
Income from subsidiaries – management fees |  | $ | 2,599 |  |  | $ | 2,668 |  | $ | 2,172
Information services revenue |  |  | 106,198 |  |  |  | 100,628 |  |  | 93,133
Net interest income after provision |  |  | 15,713 |  |  |  | 14,159 |  |  | 13,217
Gain (loss) on sales of investment securities |  |  | 19 |  |  |  | (42 | ) |  | —
Other income |  |  | 518 |  |  |  | 456 |  |  | 483
Total income |  |  | 125,047 |  |  |  | 117,869 |  |  | 109,005
Expenses: |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 81,432 |  |  |  | 77,946 |  |  | 70,409
Other expenses |  |  | 26,136 |  |  |  | 23,442 |  |  | 20,333
Total expenses |  |  | 107,568 |  |  |  | 101,388 |  |  | 90,742
Income before income tax and equity in undistributed income of subsidiaries |  |  | 17,479 |  |  |  | 16,481 |  |  | 18,263
Income tax expense |  |  | 2,860 |  |  |  | 1,788 |  |  | 4,394
Income before undistributed income of subsidiaries |  |  | 14,619 |  |  |  | 14,693 |  |  | 13,869
Equity in undistributed income of subsidiaries |  |  | 15,785 |  |  |  | 15,575 |  |  | 11,145
Net income |  | $ | 30,404 |  |  | $ | 30,268 |  | $ | 25,014
|  | Condensed Statements of Cash Flows For the Years Ended December 31,
(In thousands) |  | 2019 |  | 2018 |  | 2017
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 30,404 |  |  | $ | 30,268 |  |  | $ | 25,014 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed income of subsidiaries |  |  | (15,785 | ) |  |  | (15,575 | ) |  |  | (11,145 | )
Net change in other assets |  |  | (6,289 | ) |  |  | (1,012 | ) |  |  | (7,257 | )
Net change in other liabilities |  |  | 9,474 |  |  |  | 3,829 |  |  |  | 10,118 |
Stock-based compensation expense |  |  | 3,144 |  |  |  | 2,583 |  |  |  | 1,743 |
Other, net |  |  | 6,104 |  |  |  | 10,242 |  |  |  | 9,219 |
Net cash provided by operating activities |  |  | 27,052 |  |  |  | 30,335 |  |  |  | 27,692 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net decrease (increase) in securities |  |  | 26,150 |  |  |  | 14,615 |  |  |  | (80,621 | )
Net (increase) decrease in loans |  |  | (24,999 | ) |  |  | (7,949 | ) |  |  | 34,944 |
Net increase in payments in excess of funding |  |  | (45,381 | ) |  |  | (21,674 | ) |  |  | (33,756 | )
Purchases of premises and equipment, net |  |  | (2,637 | ) |  |  | (4,211 | ) |  |  | (4,020 | )
Asset acquisition of Gateway Giving, LLC |  |  | (2,833 | ) |  |  | — |  |  |  | — |
Net cash used in investing activities |  |  | (49,700 | ) |  |  | (19,219 | ) |  |  | (83,453 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net (decrease) increase in accounts and drafts payable |  |  | (21,875 | ) |  |  | (22,316 | ) |  |  | 20,397 |
Short-term borrowings |  |  | 18,000 |  |  |  | — |  |  |  | — |
Cash dividends paid |  |  | (15,234 | ) |  |  | (13,177 | ) |  |  | (10,675 | )
Purchase of common shares for treasury |  |  | (7,799 | ) |  |  | (8,838 | ) |  |  | (2,270 | )
Other financing activities, net |  |  | (1,125 | ) |  |  | (635 | ) |  |  | (267 | )
Net cash (used in) provided by financing activities |  |  | (28,033 | ) |  |  | (44,966 | ) |  |  | 7,185 |
Net decrease in cash and cash equivalents |  |  | (50,681 | ) |  |  | (33,850 | ) |  |  | (48,576 | )
Cash and cash equivalents at beginning of year |  |  | 70,936 |  |  |  | 104,786 |  |  |  | 153,362 |
Cash and cash equivalents at end of year |  | $ | 20,255 |  |  | $ | 70,936 |  |  | $ | 104,786 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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