Annual report pursuant to Section 13 and 15(d)

CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)

v3.10.0.1
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)
 12 Months Ended
Dec. 31, 2018
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) [Abstract]  
Condensed Balance Sheets
CONDENSED BALANCE SHEETS

   
2018
    
2017
  
ASSETS
            
Cash and cash equivalents
  
$
6,425
    
$
5,972
  
Investment in Bank subsidiary
    
224,253
      
207,084
  
Investment in other subsidiaries
    
1,441
      
1,459
  
Other assets
    
227
      
73
  
Total assets
  
$
232,346
    
$
214,588
  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
                
Long-term debt
    
41,238
      
41,238
  
Other liabilities
    
255
      
364
  
Total liabilities
    
41,493
      
41,602
  
Total shareholders' equity
    
190,853
      
172,986
  
Total liabilities and shareholders' equity
  
$
232,346
    
$
214,588
  
Condensed Statements of Income and Comprehensive Income
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

   
2018
    
2017
  
INCOME
            
Dividends from subsidiaries
  
$
11,121
    
$
7,918
  
Other
    
—
      
—
  
Total income
    
11,121
      
7,918
  
EXPENSE
                
Interest expense
    
2,127
      
1,713
  
Other expense
    
679
      
655
  
Total expense
    
2,806
      
2,368
  
Income before income tax and equity in undistributed earnings of subsidiaries
    
8,315
      
5,550
  
Equity in undistributed earnings of subsidiaries
    
17,484
      
9,921
  
Income before income tax
    
25,799
      
15,471
  
Income tax benefit
    
(580
)
    
(821
)
Net income
  
$
26,379
    
$
16,292
  
Comprehensive income
  
$
25,646
    
$
16,485
  
Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS

   
2018
    
2017
  
Cash flows from operating activities
            
Net income
  
$
26,379
    
$
16,292
  
Adjustments to reconcile net income to net cash from operating activities:
                
Equity in undistributed earnings of subsidiaries
    
(17,484
)
    
(9,921
)
Stock compensation expense
    
52
      
55
  
Change in other assets
    
(154
)
    
61
  
Change in other liabilities
    
(109
)
    
146
  
Net cash from operating activities
    
8,684
      
6,633
  
Cash flows from investing activities
                
Investment in subsidiaries
    
—
      
—
  
Net cash from investing activities
    
—
      
—
  
Cash flows from financing activities
                
Proceeds from issuance of common stock
    
386
      
68
  
Cash dividends paid
    
(8,481
)
    
(6,088
)
Common stock issuance costs
    
—
      
—
  
Repurchases of shares
    
(136
)
    
(183
)
Net cash from financing activities
    
(8,231
)
    
(6,203
)
Net change in cash and cash equivalents
    
453
      
430
  
Cash and cash equivalents at beginning of year
    
5,972
      
5,542
  
Cash and cash equivalents at end of year
  
$
6,425
    
$
5,972