Annual report pursuant to Section 13 and 15(d)

CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)

v3.8.0.1
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)
12 Months Ended
Dec. 31, 2017
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) [Abstract]  
Condensed Balance Sheets
CONDENSED BALANCE SHEETS
 
   
2017
   
2016
 
ASSETS
           
Cash and cash equivalents
 
$
5,972
   
$
5,542
 
Investment in Bank subsidiary
   
207,084
     
196,548
 
Investment in other subsidiaries
   
1,459
     
1,471
 
Other assets
   
73
     
134
 
Total assets
 
$
214,588
   
$
203,695
 
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
Long-term debt
   
41,238
     
41,238
 
Other liabilities
   
364
     
218
 
Total liabilities
   
41,602
     
41,456
 
Total shareholders' equity
   
172,986
     
162,239
 
Total liabilities and shareholders' equity
 
$
214,588
   
$
203,695
 
Condensed Statements of Income and Comprehensive Income
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
 
   
2017
   
2016
   
2015
 
INCOME
                 
Dividends from subsidiaries
 
$
7,918
   
$
6,238
   
$
5,160
 
Other
   
---
     
---
     
---
 
Total income
   
7,918
     
6,238
     
5,160
 
EXPENSE
                       
Interest expense
   
1,713
     
1,503
     
1,331
 
Other expense
   
655
     
665
     
592
 
Total expense
   
2,368
     
2,168
     
1,923
 
Income before income tax and equity in undistributed earnings of subsidiaries
   
5,550
     
4,070
     
3,237
 
Equity in undistributed earnings of subsidiaries
   
9,921
     
11,128
     
8,893
 
Income before income tax
   
15,471
     
15,198
     
12,130
 
Income tax benefit
   
(821
)
   
(753
)
   
(664
)
Net income
 
$
16,292
   
$
15,951
   
$
12,794
 
Comprehensive income
 
$
16,485
   
$
14,120
   
$
13,080
 
Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS
 
   
2017
   
2016
   
2015
 
Cash flows from operating activities
                 
Net income
 
$
16,292
   
$
15,951
   
$
12,794
 
Adjustments to reconcile net income to net cash from operating activities:
                       
Equity in undistributed earnings of subsidiaries
   
(9,921
)
   
(11,128
)
   
(8,893
)
Stock compensation expense
   
55
     
33
     
18
 
Change in other assets
   
61
     
148
     
2,237
 
Change in other liabilities
   
146
     
38
     
(9
)
Net cash from operating activities
   
6,633
     
5,042
     
6,147
 
Cash flows from investing activities
                       
Investment in subsidiaries
   
---
     
---
     
---
 
Net cash from investing activities
   
---
     
---
     
---
 
Cash flows from financing activities
                       
Proceeds from issuance of common stock
   
68
     
---
     
---
 
Cash dividends paid
   
(6,088
)
   
(4,049
)
   
(3,702
)
Common stock issuance costs
   
---
     
---
     
---
 
Repurchases of shares
   
(183
)
   
(269
)
   
(171
)
Net cash from financing activities
   
(6,203
)
   
(4,318
)
   
(3,873
)
Net change in cash and cash equivalents
   
430
     
724
     
2,274
 
Cash and cash equivalents at beginning of year
   
5,542
     
4,818
     
2,544
 
Cash and cash equivalents at end of year
 
$
5,972
   
$
5,542
   
$
4,818