Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION

v3.20.4
PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2020
Parent Company Financial Information [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION
Note 23
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)
2020
2019
ASSETS
Cash and Due From Subsidiary Bank
$
39,718
$
28,924
Investment in Subsidiary Bank
342,958
359,577
Other Assets
6,530
5,884
Total Assets
$
389,206
$
394,385
 
LIABILITIES
Long-Term
 
Borrowings
$
900
$
1,500
Subordinated Notes Payable
52,887
52,887
Other Liabilities
14,582
12,982
Total Liabilities
68,369
67,369
 
SHAREOWNERS’ EQUITY
Common Stock, $
.01
 
par value;
90,000,000
 
shares authorized;
16,790,573
 
and
16,771,544
 
shares
issued and outstanding at December 31, 2020 and December 31,
 
2019, respectively
168
168
Additional Paid-In Capital
32,283
32,092
Retained Earnings
332,528
322,937
Accumulated Other Comprehensive Loss, Net of Tax
(44,142)
(28,181)
Total Shareowners’
 
Equity
320,837
327,016
Total Liabilities and
 
Shareowners’ Equity
$
389,206
$
394,385
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)
2020
2019
2018
OPERATING INCOME
Income Received from Subsidiary Bank:
Administrative Fees
$
6,068
$
6,517
$
5,700
Dividends
21,000
19,000
15,000
Other Income
193
203
171
Total Operating
 
Income
27,261
25,720
20,871
 
OPERATING EXPENSE
Salaries and Associate Benefits
3,418
3,928
3,679
Interest on Subordinated Notes Payable
1,514
2,381
2,286
Professional Fees
1,079
1,196
1,210
Advertising
140
157
106
Legal Fees
456
391
166
Other
1,673
1,711
2,170
Total Operating
 
Expense
8,280
9,764
9,617
Earnings Before Income Taxes
 
and Equity in Undistributed
Earnings of Subsidiary Bank
18,981
15,956
11,254
Income Tax (Benefit)
 
Expense
 
(406)
(632)
(901)
Earnings Before Equity in Undistributed Earnings of Subsidiary
 
Bank
19,387
16,588
12,155
Equity in Undistributed Earnings of Subsidiary Bank
12,189
14,219
14,069
Net Income
$
31,576
$
30,807
$
26,224
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)
2020
2019
2018
CASH FLOWS FROM OPERATING
 
ACTIVITIES:
Net Income
$
31,576
$
30,807
$
26,224
Adjustments to Reconcile Net Income to Net Cash Provided
 
By
 
Operating Activities:
Equity in Undistributed Earnings of Subsidiary Bank
(12,189)
(14,219)
(14,069)
Stock Compensation
892
1,569
1,421
(Increase) Decrease in Other Assets
(217)
(445)
(327)
Increase in Other Liabilities
1,900
1,557
1,579
Net Cash Provided By Operating Activities
21,962
19,269
14,828
CASH FROM FINANCING ACTIVITIES:
Repayment of Long-Term
 
Borrowings
(600)
(600)
(600)
Dividends Paid
(9,567)
(8,047)
(5,457)
Issuance of Common Stock Under Compensation Plans
1,041
1,054
797
Payments to Repurchase Common Stock
(2,042)
(1,805)
(8,030)
Net Cash Used In Financing Activities
(11,168)
(9,398)
(13,290)
Net Increase in Cash
10,794
9,871
1,538
Cash at Beginning of Year
28,924
19,053
17,515
Cash at End of Year
$
39,718
$
28,924
$
19,053