Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION (Tables)

v3.22.4
PARENT COMPANY FINANCIAL INFORMATION (Tables)
12 Months Ended
Dec. 31, 2022
Parent Company Financial Information [Abstract]  
Schedule of condensed statements of financial condition of the parent company
(Dollars in Thousands, Except Per Share
 
Data)
2022
2021
ASSETS
Cash and Due From Subsidiary Bank
$
42,737
$
25,768
Equity Securities
199
120
Investment in Subsidiary Bank
411,627
415,580
Goodwill and Other Intangibles
3,998
4,158
Other Assets
11,297
7,866
Total Assets
$
469,858
$
453,492
 
LIABILITIES
Subordinated Notes Payable
52,887
52,887
Other Liabilities
22,955
17,439
Total Liabilities
$
75,842
$
70,326
 
SHAREOWNERS’ EQUITY
Common Stock, $
.01
 
par value;
90,000,000
 
shares authorized;
16,986,785
 
and
16,892,060
 
shares
issued and outstanding at December 31, 2022 and 2021, respectively
170
169
Additional Paid-In Capital
37,331
34,423
Retained Earnings
393,744
364,788
Accumulated Other Comprehensive Loss, Net of Tax
(37,229)
(16,214)
Total Shareowners’
 
Equity
394,016
383,166
Total Liabilities and Shareowners’
 
Equity
$
469,858
$
453,492
Schedule of operating results of the parent company
(Dollars in Thousands)
2022
2021
2020
OPERATING INCOME
Income Received from Subsidiary Bank:
Administrative Fees
$
5,396
$
5,516
$
6,068
Dividends
23,000
10,000
21,000
Other Income
253
174
193
Total Operating
 
Income
28,649
15,690
27,261
 
OPERATING EXPENSE
Salaries and Associate Benefits
5,034
3,558
3,418
Interest on Subordinated Notes Payable
1,652
1,233
1,514
Professional Fees
616
1,113
1,079
Advertising
 
232
134
140
Legal Fees
370
589
456
Other
2,186
2,087
1,673
Total Operating
 
Expense
10,090
8,714
8,280
Earnings Before Income Taxes
 
and Equity in Undistributed
Earnings of Subsidiary Bank
18,559
6,976
18,981
Income Tax Benefit
(661)
(717)
(406)
Earnings Before Equity in Undistributed Earnings of Subsidiary Bank
19,220
7,693
19,387
Equity in Undistributed Earnings of Subsidiary Bank
20,927
25,703
12,189
Net Income Attributable to Common Shareowners
$
40,147
$
33,396
$
31,576
Schedule of cash flows for the parent company
(Dollars in Thousands)
2022
2021
2020
CASH FLOWS FROM OPERATING
 
ACTIVITIES:
Net Income Attributable to Common Shareowners
$
40,147
$
33,396
$
31,576
Adjustments to Reconcile Net Income to Net Cash Provided By
 
Operating Activities:
Equity in Undistributed Earnings of Subsidiary Bank
(20,927)
(25,703)
(12,189)
Stock Compensation
1,278
843
892
Amortization of Intangible Asset
160
107
-
Increase in Other Assets
(336)
(21)
(217)
Increase in Other Liabilities
5,847
3,131
1,900
Net Cash Provided By Operating Activities
$
26,169
$
11,753
$
21,962
CASH FROM INVESTING ACTIVITIES:
Purchase of Equity Securities
$
(79)
$
(120)
$
-
Net Cash Paid for Acquisition
-
(4,482)
-
Decrease (Increase) in Investment in Subsidiaries
770
(10,770)
-
Net Cash Provided by (Used in) Investing Activities
$
691
$
(15,372)
$
-
CASH FROM FINANCING ACTIVITIES:
Repayment of Long-Term
 
Borrowings
-
(900)
(600)
Dividends Paid
(11,191)
(10,459)
(9,567)
Issuance of Common Stock Under Compensation Plans
1,300
1,028
1,041
Payments to Repurchase Common Stock
-
-
(2,042)
Net Cash Used In Financing Activities
$
(9,891)
$
(10,331)
$
(11,168)
Net Increase (Decrease) in Cash
16,969
(13,950)
10,794
Cash at Beginning of Year
25,768
39,718
28,924
Cash at End of Year
$
42,737
$
25,768
$
39,718