Annual report pursuant to Section 13 and 15(d)

CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)

v3.22.0.1
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)
 12 Months Ended
Dec. 31, 2021
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) [Abstract]  
Condensed Balance Sheets
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
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
  
Condensed Statements of Cash Flows
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