Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION (Tables)

v3.10.0.1
PARENT COMPANY FINANCIAL INFORMATION (Tables)
12 Months Ended
Dec. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Schedule of condensed statements of financial condition of the parent company
(Dollars in Thousands, Except Per Share Data) 2018 2017
ASSETS
Cash and Due From Subsidiary Bank $ 19,053 $ 17,515
Investment in Subsidiary Bank 344,714 327,416
Other Assets 5,440 5,112
Total Assets $ 369,207 $ 350,043
  
LIABILITIES
Long-Term Borrowings $ 2,100 $ 2,700
Subordinated Notes Payable 52,887 52,887
Other Liabilities 11,633 10,246
Total Liabilities 66,620 65,833
  
SHAREOWNERS’ EQUITY
Common Stock, $.01 par value; 90,000,000 shares authorized; 16,747,571 and 16,988,951 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively 167 170
Additional Paid-In Capital 31,058 36,674
Retained Earnings 300,177 279,410
Accumulated Other Comprehensive Loss, Net of Tax (28,815) (32,044)
Total Shareowners’ Equity 302,587 284,210
Total Liabilities and Shareowners’ Equity $ 369,207 $ 350,043
Schedule of operating results of the parent company
(Dollars in Thousands) 2018 2017 2016
OPERATING INCOME
Income Received from Subsidiary Bank:
Administrative Fees $ 5,700 $ 4,813 $ 4,700
Dividends 15,000 12,000 9,300
Other Income 171 124 2,675
Total Operating Income 20,871 16,937 16,675
  
OPERATING EXPENSE
Salaries and Associate Benefits 3,679 3,783 3,581
Interest on Subordinated Notes Payable 2,286 1,761 1,527
Professional Fees 1,210 1,072 1,114
Advertising 106 130 160
Legal Fees 166 140 167
Other 2,170 1,338 1,384
Total Operating Expense 9,617 8,224 7,933
Earnings Before Income Taxes and Equity in Undistributed
Earnings of Subsidiary Bank 11,254 8,713 8,742
Income Tax (Benefit) Expense (901) 166 (1,492)
Earnings Before Equity in Undistributed Earnings of Subsidiary Bank 12,155 8,547 10,234
Equity in Undistributed Earnings of Subsidiary Bank 14,069 2,316 1,512
Net Income $ 26,224 $ 10,863 $ 11,746
Schedule of cash flows for the parent company
(Dollars in Thousands) 2018 2017 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 26,224 $ 10,863 $ 11,746
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Equity in Undistributed Earnings of Subsidiary Bank (14,069) (2,316) (1,512)
Stock Compensation 1,421 1,502 1,260
Gain on Retirement of Trust Preferred Securities - - (2,487)
Decrease (Increase) in Other Assets (327) 450 (399)
Increase in Other Liabilities 1,579 960 345
Net Cash Provided By Operating Activities 14,828 11,459 8,953
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 (600) (300) -
Dividends Paid (5,457) (4,071) (2,890)
Issuance of Common Stock Under Compensation Plans 797 809 840
Payments to Repurchase Common Stock (8,030) - (6,312)
Net Cash Used In Financing Activities (13,290) (3,562) (12,862)
Net Increase (Decrease) in Cash 1,538 7,897 (3,909)
Cash at Beginning of Year 17,515 9,618 13,527
Cash at End of Year $ 19,053 $ 17,515 $ 9,618