PARENT COMPANY FINANCIAL INFORMATION |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Parent Company Financial Information [Abstract] | |
| PARENT COMPANY FINANCIAL INFORMATION |
Note 23
PARENT COMPANY
The following are condensed statements of financial condition of the parent company
Parent Company Statements of Financial Condition
(Dollars in Thousands, Except Per Share
2021
2020
ASSETS
Cash and Due From Subsidiary Bank
$
25,768
$
39,718
Equity Securities
120
-
Investment in Subsidiary Bank
415,580
342,958
Goodwill and Other Intangibles
4,158
-
Other Assets
7,866
6,530
Total Assets
$
453,492
$
389,206
LIABILITIES
Long-Term Borrowings
$
-
$
900
Subordinated Notes Payable
52,887
52,887
Other Liabilities
17,439
14,582
Total Liabilities
$
70,326
$
68,369
SHAREOWNERS’ EQUITY
Common Stock, $
.01
90,000,000
16,892,060
16,790,573
issued and outstanding at December 31, 2021 and 2020, respectively
169
168
Additional Paid-In Capital
34,423
32,283
Retained Earnings
364,788
332,528
Accumulated Other Comprehensive Loss, Net of Tax
(16,214)
(44,142)
Total Shareowners’
383,166
320,837
Total Liabilities and Shareowners’
$
453,492
$
389,206
The operating results of the parent company for the three years ended December
Parent Company Statements of Operations
(Dollars in Thousands)
2021
2020
2019
OPERATING INCOME
Income Received from Subsidiary Bank:
Administrative Fees
$
5,516
$
6,068
$
6,517
Dividends
10,000
21,000
19,000
Other Income
174
193
203
Total Operating
15,690
27,261
25,720
OPERATING EXPENSE
Salaries and Associate Benefits
3,558
3,418
3,928
Interest on Subordinated Notes Payable
1,233
1,514
2,381
Professional Fees
1,113
1,079
1,196
Advertising
134
140
157
Legal Fees
589
456
391
Other
2,087
1,673
1,711
Total Operating
8,714
8,280
9,764
Earnings Before Income Taxes
Earnings of Subsidiary Bank
6,976
18,981
15,956
Income Tax Benefit
(717)
(406)
(632)
Earnings Before Equity in Undistributed Earnings of Subsidiary Bank
7,693
19,387
16,588
Equity in Undistributed Earnings of Subsidiary Bank
25,703
12,189
14,219
Net Income
$
33,396
$
31,576
$
30,807
The cash flows for the parent company for the three years ended December 31 were
Parent Company Statements of Cash Flows
(Dollars in Thousands)
2021
2020
2019
CASH FLOWS FROM OPERATING
Net Income
$
33,396
$
31,576
$
30,807
Adjustments to Reconcile Net Income to Net Cash Provided By
Equity in Undistributed Earnings of Subsidiary Bank
(25,703)
(12,189)
(14,219)
Stock Compensation
843
892
1,569
Amortization of Intangible Asset
107
-
-
Increase in Other Assets
(21)
(217)
(445)
Increase in Other Liabilities
3,131
1,900
1,557
Net Cash Provided By Operating Activities
$
11,753
$
21,962
$
19,269
CASH FROM INVESTING ACTIVITIES:
Purchase of Equity Securities
$
(120)
$
-
$
-
Net Cash Paid for Acquisition
(4,482)
-
-
Increase in Investment in Subsidiaries
(10,770)
-
-
Net Cash Used in Investing Activities
$
(15,372)
$
-
$
-
CASH FROM FINANCING ACTIVITIES:
Repayment of Long-Term
(900)
(600)
(600)
Dividends Paid
(10,459)
(9,567)
(8,047)
Issuance of Common Stock Under Compensation Plans
1,028
1,041
1,054
Payments to Repurchase Common Stock
-
(2,042)
(1,805)
Net Cash Used In Financing Activities
$
(10,331)
$
(11,168)
$
(9,398)
Net (Decrease) Increase in Cash
(13,950)
10,794
9,871
Cash at Beginning of Year
39,718
28,924
19,053
Cash at End of Year
$
25,768
$
39,718
$
28,924
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