| PARENT COMPANY FINANCIAL INFORMATION |
Note 20
PARENT COMPANY FINANCIAL INFORMATION
The following are condensed statements of financial condition of the parent company at December 31:
Parent Company Statements of Financial Condition
| (Dollars in Thousands, Except Per Share Data) |
2017 |
|
2016 |
| ASSETS |
|
|
|
|
|
| Cash and Due From Subsidiary Bank |
$ |
17,515 |
|
$ |
9,618 |
| Investment in Subsidiary Bank |
|
327,416 |
|
|
325,337 |
| Other Assets |
|
5,112 |
|
|
5,563 |
| Total Assets |
$ |
350,043 |
|
$ |
340,518 |
| |
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
| Short-Term Borrowings |
$ |
- |
|
$ |
3,000 |
| Long-Term Borrowings |
|
2,700 |
|
|
- |
| Subordinated Notes Payable |
|
52,887 |
|
|
52,887 |
| Other Liabilities |
|
10,246 |
|
|
9,463 |
| Total Liabilities |
|
65,833 |
|
|
65,350 |
| |
|
|
|
|
|
| SHAREOWNERS’ EQUITY |
|
|
|
|
|
|
Common Stock, $.01 par value; 90,000,000 shares authorized; 16,988,951 and 16,844,698 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively
|
|
170 |
|
|
168 |
| Additional Paid-In Capital |
|
36,674 |
|
|
34,188 |
| Retained Earnings |
|
279,410 |
|
|
267,037 |
| Accumulated Other Comprehensive Loss, Net of Tax |
|
(32,044) |
|
|
(26,225) |
| Total Shareowners’ Equity |
|
284,210 |
|
|
275,168 |
| Total Liabilities and Shareowners’ Equity |
$ |
350,043 |
|
$ |
340,518 |
The operating results of the parent company for the three years ended December 31 are shown below:
Parent Company Statements of Operations
| (Dollars in Thousands) |
|
2017 |
|
2016 |
|
2015 |
| OPERATING INCOME |
|
|
|
|
|
|
|
|
|
| Income Received from Subsidiary Bank: |
|
|
|
|
|
|
|
|
|
| Overhead Fees |
|
$ |
4,813 |
|
$ |
4,700 |
|
$ |
4,604 |
| Dividends |
|
|
12,000 |
|
|
9,300 |
|
|
9,200 |
| Other Income |
|
|
124 |
|
|
2,675 |
|
|
424 |
| Total Operating Income |
|
|
16,937 |
|
|
16,675 |
|
|
14,228 |
| |
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSE |
|
|
|
|
|
|
|
|
|
| Salaries and Associate Benefits |
|
|
4,384 |
|
|
4,247 |
|
|
3,395 |
| Interest on Subordinated Notes Payable |
|
|
1,761 |
|
|
1,527 |
|
|
1,368 |
| Professional Fees |
|
|
1,072 |
|
|
1,114 |
|
|
1,078 |
| Advertising |
|
|
130 |
|
|
160 |
|
|
105 |
| Legal Fees |
|
|
140 |
|
|
167 |
|
|
168 |
| Other |
|
|
737 |
|
|
718 |
|
|
699 |
| Total Operating Expense |
|
|
8,224 |
|
|
7,933 |
|
|
6,813 |
| Earnings Before Income Taxes and Equity in Undistributed |
|
|
|
|
|
|
|
|
|
| Earnings of Subsidiary Bank |
|
8,713 |
|
|
8,742 |
|
|
7,415 |
| Income Tax Expense (Benefit) |
|
|
166 |
|
|
(1,492) |
|
|
(342) |
| Earnings Before Equity in Undistributed Earnings of Subsidiary Bank |
|
|
8,547 |
|
|
10,234 |
|
|
7,757 |
| Equity in Undistributed Earnings of Subsidiary Bank |
|
|
2,316 |
|
|
1,512 |
|
|
1,359 |
| Net Income |
|
$ |
10,863 |
|
$ |
11,746 |
|
$ |
9,116 |
The cash flows for the parent company for the three years ended December 31 were as follows:
Parent Company Statements of Cash Flows
| (Dollars in Thousands) |
|
2017 |
|
2016 |
|
2015 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
| Net Income |
|
$ |
10,863 |
|
$ |
11,746 |
|
$ |
9,116 |
|
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
|
|
|
|
|
|
|
|
|
|
| Equity in Undistributed Earnings of Subsidiary Bank |
|
|
(2,316) |
|
|
(1,512) |
|
|
(1,359) |
| Stock Compensation |
|
|
1,502 |
|
|
1,260 |
|
|
1,109 |
| Gain on Retirement of Trust Preferred Securities |
|
|
- |
|
|
(2,487) |
|
|
- |
| Decrease (Increase) in Other Assets |
|
|
450 |
|
|
(399) |
|
|
191 |
| Increase in Other Liabilities |
|
|
960 |
|
|
345 |
|
|
444 |
| Net Cash Provided By Operating Activities |
|
|
11,459 |
|
|
8,953 |
|
|
9,501 |
|
|
|
|
|
|
|
|
|
|
| CASH FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
| Redemption of Subordinated Notes |
|
|
- |
|
|
(7,500) |
|
|
- |
| Proceeds from Short-Term Borrowings |
|
|
- |
|
|
3,750 |
|
|
- |
| Repayment of Short-Term Borrowings |
|
|
- |
|
|
(750) |
|
|
- |
| Repayment of Long-Term Borrowings |
|
|
(300) |
|
|
- |
|
|
- |
| Dividends Paid |
|
|
(4,071) |
|
|
(2,890) |
|
|
(2,241) |
| Issuance of Common Stock Under Compensation Plans |
|
|
809 |
|
|
840 |
|
|
507 |
| Payments to Repurchase Common Stock |
|
|
- |
|
|
(6,312) |
|
|
(5,981) |
| Net Cash Used In Financing Activities |
|
|
(3,562) |
|
|
(12,862) |
|
|
(7,715) |
|
|
|
|
|
|
|
|
|
|
| Net Increase (Decrease) in Cash |
|
|
7,897 |
|
|
(3,909) |
|
|
1,786 |
| Cash at Beginning of Year |
|
|
9,618 |
|
|
13,527 |
|
|
11,741 |
| Cash at End of Year |
|
$ |
17,515 |
|
$ |
9,618 |
|
$ |
13,527 |
|