PARENT COMPANY FINANCIAL INFORMATION |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Parent Company Financial Information [Abstract] | |
| PARENT COMPANY FINANCIAL INFORMATION |
Note 23
PARENT COMPANY
The following are condensed statements of financial condition of
Parent Company Statements of Financial Condition
(As Restated)
(Dollars in Thousands, Except Per Share
2022
2021
ASSETS
Cash and Due From Subsidiary Bank
$
42,737
$
25,768
Equity Securities
199
120
Investment in Subsidiary Bank
404,892
415,580
Goodwill and Other Intangibles
3,998
4,158
Other Assets
11,297
7,866
Total Assets
$
463,123
$
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
90,000,000
16,986,785
16,892,060
issued and outstanding at December 31, 2022 and 2021, respectively
170
169
Additional Paid-In Capital
37,331
34,423
Retained Earnings
387,009
364,788
Accumulated Other Comprehensive Loss, Net of Tax
(37,229)
(16,214)
Total Shareowners’
387,281
383,166
Total Liabilities and Shareowners’
$
463,123
$
453,492
The operating results of the parent company for the three years ended December
Parent Company Statements of Operations
(As Restated)
(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
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
10,090
8,714
8,280
Earnings Before Income Taxes
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
14,192
25,703
12,189
Net Income Attributable to Common Shareowners
$
33,412
$
33,396
$
31,576
The cash flows for the parent company for the three years ended December 31 were
Parent Company Statements of Cash Flows
(As Restated)
(Dollars in Thousands)
2022
2021
2020
CASH FLOWS FROM OPERATING
Net Income Attributable to Common Shareowners
$
33,412
$
33,396
$
31,576
Adjustments to Reconcile Net Income to Net Cash Provided By
Equity in Undistributed Earnings of Subsidiary Bank
(14,192)
(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
-
(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
|