Annual report pursuant to Section 13 and 15(d)

CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)

v3.22.0.1
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)
12 Months Ended
Dec. 31, 2021
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) [Abstract]  
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)
NOTE 20 – CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)
 
Following are condensed parent company only financial statements (dollars in thousands):
 
CONDENSED BALANCE SHEETS

   
2021
   
2020
 
ASSETS
           
Cash and cash equivalents
 
$
7,831
   
$
6,718
 
Investment in Bank subsidiary
   
245,942
     
253,043
 
Investment in other subsidiaries
   
     
645
 
Other assets
   
249
     
208
 
Total assets
 
$
254,022
   
$
260,614
 
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
Long-term debt
 
   
20,619
 
Other liabilities
   
17
     
152
 
Total liabilities
   
17
     
20,771
 
Total shareholders' equity
   
254,005
     
239,843
 
Total liabilities and shareholders' equity
 
$
254,022
   
$
260,614
 

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

   
2021
   
2020
 
INCOME
           
Dividends from subsidiaries
 
$
33,118
   
$
11,712
 
Other
   
     
 
Total income
   
33,118
     
11,712
 
EXPENSE
               
Interest expense
   
319
     
769
 
Other expense
   
822
     
726
 
Total expense
   
1,141
     
1,495
 
Income before income tax and equity in undistributed earnings of subsidiaries
   
31,977
     
10,217
 
Equity in undistributed earnings of subsidiaries
   
(3,211
)
   
19,628
 
Income before income tax
   
28,766
     
29,845
 
Income tax benefit
   
(248
)
   
(320
)
Net income
 
$
29,014
   
$
30,165
 
Comprehensive income
 
$
24,503
   
$
32,835
 

NOTE 20 – CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Continued)

CONDENSED STATEMENTS OF CASH FLOWS

   
2021
   
2020
 
Cash flows from operating activities
           
Net income
 
$
29,014
   
$
30,165
 
Adjustments to reconcile net income to net cash from operating activities:
               
Equity in undistributed earnings of subsidiaries
   
3,211
     
(19,628
)
Stock compensation expense
   
89
     
70
 
Change in other assets
   
(41
)
   
(101
)
Change in other liabilities
   
(135
)
   
(111
)
Net cash from operating activities
   
32,138
     
10,395
 
Cash flows from investing activities
               
Investment in subsidiaries
   
     
 
Net cash from investing activities
   
     
 
Cash flows from financing activities
               
Proceeds from issuance of common stock
   
     
 
Repayment of other borrowings
   
(20,000
)
   
 
Cash dividends paid
   
(10,895
)
   
(10,880
)
Common stock issuance costs
   
     
 
Repurchases of shares
   
(130
)
   
(86
)
Net cash from financing activities
   
(31,025
)
   
(10,966
)
Net change in cash and cash equivalents
   
1,113
     
(571
)
Cash and cash equivalents at beginning of year
   
6,718
     
7,289
 
Cash and cash equivalents at end of year
 
$
7,831
   
$
6,718