Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION

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PARENT COMPANY FINANCIAL INFORMATION
12 Months Ended
Dec. 31, 2019
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION

Note 21

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) 2019 2018
ASSETS
Cash and Due From Subsidiary Bank $ 28,924 $ 19,053
Investment in Subsidiary Bank 359,577 344,714
Other Assets 5,884 5,440
Total Assets $ 394,385 $ 369,207
  
LIABILITIES
Long-Term Borrowings $ 1,500 $ 2,100
Subordinated Notes Payable 52,887 52,887
Other Liabilities 12,982 11,633
Total Liabilities 67,369 66,620
  
SHAREOWNERS’ EQUITY
Common Stock, $.01 par value; 90,000,000 shares authorized; 16,771,544 and 16,747,571 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively 168 167
Additional Paid-In Capital 32,092 31,058
Retained Earnings 322,937 300,177
Accumulated Other Comprehensive Loss, Net of Tax (28,181) (28,815)
Total Shareowners’ Equity 327,016 302,587
Total Liabilities and Shareowners’ Equity $ 394,385 $ 369,207

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) 2019 2018 2017
OPERATING INCOME
Income Received from Subsidiary Bank:
Administrative Fees $ 6,517 $ 5,700 $ 4,813
Dividends 19,000 15,000 12,000
Other Income 203 171 124
Total Operating Income 25,720 20,871 16,937
  
OPERATING EXPENSE
Salaries and Associate Benefits 3,928 3,679 3,783
Interest on Subordinated Notes Payable 2,381 2,286 1,761
Professional Fees 1,196 1,210 1,072
Advertising 157 106 130
Legal Fees 391 166 140
Other 1,711 2,170 1,338
Total Operating Expense 9,764 9,617 8,224
Earnings Before Income Taxes and Equity in Undistributed
Earnings of Subsidiary Bank 15,956 11,254 8,713
Income Tax (Benefit) Expense (632) (901) 166
Earnings Before Equity in Undistributed Earnings of Subsidiary Bank 16,588 12,155 8,547
Equity in Undistributed Earnings of Subsidiary Bank 14,219 14,069 2,316
Net Income $ 30,807 $ 26,224 $ 10,863

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) 2019 2018 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 30,807 $ 26,224 $ 10,863
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Equity in Undistributed Earnings of Subsidiary Bank (14,219) (14,069) (2,316)
Stock Compensation 1,569 1,421 1,502
(Increase) Decrease in Other Assets (445) (327) 450
Increase in Other Liabilities 1,557 1,579 960
Net Cash Provided By Operating Activities 19,269 14,828 11,459
CASH FROM FINANCING ACTIVITIES:
Repayment of Long-Term Borrowings (600) (600) (300)
Dividends Paid (8,047) (5,457) (4,071)
Issuance of Common Stock Under Compensation Plans 1,054 797 809
Payments to Repurchase Common Stock (1,805) (8,030) -
Net Cash Used In Financing Activities (9,398) (13,290) (3,562)
Net Increase in Cash 9,871 1,538 7,897
Cash at Beginning of Year 19,053 17,515 9,618
Cash at End of Year $ 28,924 $ 19,053 $ 17,515