Annual report pursuant to Section 13 and 15(d)

CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)

v3.20.4
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)
12 Months Ended
Dec. 31, 2020
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) [Abstract]  
Condensed Balance Sheets
CONDENSED BALANCE SHEETS

   
2020
   
2019
 
ASSETS
           
Cash and cash equivalents
 
$
6,718
   
$
7,289
 
Investment in Bank subsidiary
   
253,043
     
230,305
 
Investment in other subsidiaries
   
645
     
650
 
Other assets
   
208
     
107
 
Total assets
 
$
260,614
   
$
238,351
 
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
Long-term debt
  $
20,619
    $
20,619
 
Other liabilities
   
152
     
263
 
Total liabilities
   
20,771
     
20,882
 
Total shareholders' equity
   
239,843
     
217,469
 
Total liabilities and shareholders' equity
 
$
260,614
   
$
238,351
 
Condensed Statements of Income and Comprehensive Income
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

   
2020
   
2019
 
INCOME
           
Dividends from subsidiaries
 
$
11,712
   
$
32,610
 
Other
   
     
 
Total income
   
11,712
     
32,610
 
EXPENSE
               
Interest expense
   
769
     
2,232
 
Other expense
   
726
     
720
 
Total expense
   
1,495
     
2,952
 
Income before income tax and equity in undistributed earnings of subsidiaries
   
10,217
     
29,658
 
Equity in undistributed earnings of subsidiaries
   
19,628
     
1,678
 
Income before income tax
   
29,845
     
31,336
 
Income tax benefit
   
(320
)
   
(643
)
Net income
 
$
30,165
   
$
31,979
 
Comprehensive income
 
$
32,835
   
$
35,801
 
Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS

   
2020
   
2019
 
Cash flows from operating activities
           
Net income
 
$
30,165
   
$
31,979
 
Adjustments to reconcile net income to net cash from operating activities:
               
Equity in undistributed earnings of subsidiaries
   
(19,628
)
   
(1,678
)
Stock compensation expense
   
70
     
47
 
Change in other assets
   
(101
)
   
120
 
Change in other liabilities
   
(111
)
   
8
 
Net cash from operating activities
   
10,395
     
30,476
 
Cash flows from investing activities
               
Investment in subsidiaries
   
     
619
 
Net cash from investing activities
   
     
619
 
Cash flows from financing activities
               
Proceeds from issuance of common stock
   
     
 
Repayment of other borrowings
   
     
(20,619
)
Cash dividends paid
   
(10,880
)
   
(9,511
)
Common stock issuance costs
   
     
 
Repurchases of shares
   
(86
)
   
(101
)
Net cash from financing activities
   
(10,966
)
   
(30,231
)
Net change in cash and cash equivalents
   
(571
)
   
864
 
Cash and cash equivalents at beginning of year
   
7,289
     
6,425
 
Cash and cash equivalents at end of year
 
$
6,718
   
$
7,289