PARENT COMPANY FINANCIAL INFORMATION |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| 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
2023
2022
ASSETS
Cash and Due From Subsidiary Bank
$
54,004
$
42,737
Equity Securities
569
199
Investment in Subsidiary Bank
445,441
404,892
Goodwill and Other Intangibles
3,838
3,998
Other Assets
10,758
11,297
Total Assets
$
514,610
$
463,123
LIABILITIES
Subordinated Notes Payable
$
52,887
$
52,887
Other Liabilities
21,098
22,955
Total Liabilities
73,985
75,842
SHAREOWNERS’ EQUITY
Common Stock, $
0.01
90,000,000
16,950,222
16,986,785
shares issued and outstanding at December 31, 2023 and 2022, respectively
170
170
Additional Paid-In Capital
36,326
37,331
Retained Earnings
426,275
387,009
Accumulated Other Comprehensive Loss, Net of Tax
(22,146)
(37,229)
Total Shareowners’
440,625
387,281
Total Liabilities and Shareowners’
$
514,610
$
463,123
The operating results of the parent company for the three years ended December
Parent Company Statements of Operations
(Dollars in Thousands)
2023
2022
2021
OPERATING INCOME
Income Received from Subsidiary Bank:
Administrative Fees
$
6,367
$
5,396
$
5,516
Dividends
30,000
23,000
10,000
Other Income
453
253
174
Total Operating
36,820
28,649
15,690
OPERATING EXPENSE
Salaries and Associate Benefits
4,257
5,034
3,558
Interest on Subordinated Notes Payable
2,427
1,652
1,233
Professional Fees
859
616
1,113
Advertising
214
232
134
Legal Fees
683
370
589
Other
1,670
2,186
2,087
Total Operating
10,110
10,090
8,714
Earnings Before Income Taxes
Earnings of Subsidiary Bank
26,710
18,559
6,976
Income Tax Benefit
(650)
(661)
(717)
Earnings Before Equity in Undistributed Earnings of Subsidiary Bank
27,360
19,220
7,693
Equity in Undistributed Earnings of Subsidiary Bank
24,898
14,192
25,703
Net Income Attributable to Common Shareowners
$
52,258
$
33,412
$
33,396
The cash flows for the parent company for the three years ended December 31 were
Parent Company Statements of Cash Flows
(Dollars in Thousands)
2023
2022
2021
CASH FLOWS FROM OPERATING
Net Income Attributable to Common Shareowners
$
52,258
$
33,412
$
33,396
Adjustments to Reconcile Net Income to Net Cash Provided By
Equity in Undistributed Earnings of Subsidiary Bank
(24,898)
(14,192)
(25,703)
Stock Compensation
1,468
1,278
843
Amortization of Intangible Asset
160
160
107
Increase in Other Assets
(117)
(336)
(21)
Increase in Other Liabilities
(1,557)
5,847
3,131
Net Cash Provided By Operating Activities
$
27,314
$
26,169
$
11,753
CASH FROM INVESTING ACTIVITIES:
Purchase of Equity Securities
$
(369)
$
(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
$
(369)
$
691
$
(15,372)
CASH FROM FINANCING ACTIVITIES:
Repayment of Long-Term
-
-
(900)
Dividends Paid
(12,905)
(11,191)
(10,459)
Issuance of Common Stock Under Compensation Plans
937
1,300
1,028
Payments to Repurchase Common Stock
(3,710)
-
-
Net Cash Used In Financing Activities
$
(15,678)
$
(9,891)
$
(10,331)
Net Increase (Decrease) in Cash and Due from Subsidiary Bank
11,267
16,969
(13,950)
Cash and Due from Subsidiary Bank at Beginning of Year
42,737
25,768
39,718
Cash and Due from Subsidiary Bank at End of Year
$
54,004
$
42,737
$
25,768
|