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, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION

Note 20

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) 2017 2016
ASSETS
Cash and Due From Subsidiary Bank $ 17,515 $ 9,618
Investment in Subsidiary Bank 327,416 325,337
Other Assets 5,112 5,563
Total Assets $ 350,043 $ 340,518
  
LIABILITIES
Short-Term Borrowings $ - $ 3,000
Long-Term Borrowings 2,700 -
Subordinated Notes Payable 52,887 52,887
Other Liabilities 10,246 9,463
Total Liabilities 65,833 65,350
  
SHAREOWNERS’ EQUITY
Common Stock, $.01 par value; 90,000,000 shares authorized; 16,988,951 and 16,844,698 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively 170 168
Additional Paid-In Capital 36,674 34,188
Retained Earnings 279,410 267,037
Accumulated Other Comprehensive Loss, Net of Tax (32,044) (26,225)
Total Shareowners’ Equity 284,210 275,168
Total Liabilities and Shareowners’ Equity $ 350,043 $ 340,518

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) 2017 2016 2015
OPERATING INCOME
Income Received from Subsidiary Bank:
Overhead Fees $ 4,813 $ 4,700 $ 4,604
Dividends 12,000 9,300 9,200
Other Income 124 2,675 424
Total Operating Income 16,937 16,675 14,228
  
OPERATING EXPENSE
Salaries and Associate Benefits 4,384 4,247 3,395
Interest on Subordinated Notes Payable 1,761 1,527 1,368
Professional Fees 1,072 1,114 1,078
Advertising 130 160 105
Legal Fees 140 167 168
Other 737 718 699
Total Operating Expense 8,224 7,933 6,813
Earnings Before Income Taxes and Equity in Undistributed
Earnings of Subsidiary Bank 8,713 8,742 7,415
Income Tax Expense (Benefit) 166 (1,492) (342)
Earnings Before Equity in Undistributed Earnings of Subsidiary Bank 8,547 10,234 7,757
Equity in Undistributed Earnings of Subsidiary Bank 2,316 1,512 1,359
Net Income $ 10,863 $ 11,746 $ 9,116

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) 2017 2016 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 10,863 $ 11,746 $ 9,116
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Equity in Undistributed Earnings of Subsidiary Bank (2,316) (1,512) (1,359)
Stock Compensation 1,502 1,260 1,109
Gain on Retirement of Trust Preferred Securities - (2,487) -
Decrease (Increase) in Other Assets 450 (399) 191
Increase in Other Liabilities 960 345 444
Net Cash Provided By Operating Activities 11,459 8,953 9,501
CASH FROM FINANCING ACTIVITIES:
Redemption of Subordinated Notes - (7,500) -
Proceeds from Short-Term Borrowings - 3,750 -
Repayment of Short-Term Borrowings - (750) -
Repayment of Long-Term Borrowings (300) - -
Dividends Paid (4,071) (2,890) (2,241)
Issuance of Common Stock Under Compensation Plans 809 840 507
Payments to Repurchase Common Stock - (6,312) (5,981)
Net Cash Used In Financing Activities (3,562) (12,862) (7,715)
Net Increase (Decrease) in Cash 7,897 (3,909) 1,786
Cash at Beginning of Year 9,618 13,527 11,741
Cash at End of Year $ 17,515 $ 9,618 $ 13,527