| 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
| |
|
2022
|
|
|
2021
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
8,092
|
|
|
$
|
7,831
|
|
|
Investment in Bank subsidiary
|
|
|
238,697
|
|
|
|
245,942
|
|
|
Investment in other subsidiaries
|
|
|
—
|
|
|
|
—
|
|
|
Other assets
|
|
|
249
|
|
|
|
249
|
|
|
Total assets
|
|
$
|
247,038
|
|
|
$
|
254,022
|
|
| |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
—
|
|
|
|
—
|
|
|
Other liabilities
|
|
|
—
|
|
|
|
17
|
|
|
Total liabilities
|
|
$
|
—
|
|
|
|
17
|
|
|
Total shareholders’ equity
|
|
|
247,038
|
|
|
|
254,005
|
|
|
Total liabilities and shareholders’ equity
|
|
$
|
247,038
|
|
|
$
|
254,022
|
|
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| |
|
2022
|
|
|
2021
|
|
|
INCOME
|
|
|
|
|
|
|
|
Dividends from subsidiaries
|
|
$
|
11,913
|
|
|
$
|
33,118
|
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
Total income
|
|
|
11,913
|
|
|
|
33,118
|
|
|
EXPENSE
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
—
|
|
|
|
319
|
|
|
Other expense
|
|
|
801
|
|
|
|
822
|
|
|
Total expense
|
|
|
801
|
|
|
|
1,141
|
|
|
Income before income tax and equity in undistributed earnings of subsidiaries
|
|
|
11,112
|
|
|
|
31,977
|
|
|
Equity in undistributed earnings of subsidiaries
|
|
|
23,445
|
|
|
|
(3,211
|
)
|
|
Income before income tax
|
|
|
34,557
|
|
|
|
28,766
|
|
|
Income tax benefit
|
|
|
(174
|
)
|
|
|
(248
|
)
|
|
Net income
|
|
$
|
34,731
|
|
|
$
|
29,014
|
|
|
Comprehensive income
|
|
$
|
3,452
|
|
|
$
|
24,503
|
|
NOTE 20 – CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)
(Continued)
CONDENSED STATEMENTS OF CASH FLOWS
| |
|
2022
|
|
|
2021
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
Net income
|
|
$
|
34,731
|
|
|
$
|
29,014
|
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
Equity in undistributed earnings of subsidiaries
|
|
|
(23,445
|
)
|
|
|
3,211
|
|
|
Stock compensation expense
|
|
|
114
|
|
|
|
89
|
|
|
Change in other assets
|
|
|
—
|
|
|
|
(41
|
)
|
|
Change in other liabilities
|
|
|
(17
|
)
|
|
|
(135
|
)
|
|
Net cash from operating activities
|
|
|
11,383
|
|
|
|
32,138
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
Investment in subsidiaries
|
|
|
—
|
|
|
|
—
|
|
|
Net cash from investing activities
|
|
|
—
|
|
|
|
—
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
Repayment of other borrowings
|
|
|
—
|
|
|
|
(20,000
|
)
|
|
Cash dividends paid
|
|
|
(10,915
|
)
|
|
|
(10,895
|
)
|
|
Repurchases of shares
|
|
|
(207
|
)
|
|
|
(130
|
)
|
|
Net cash from financing activities
|
|
|
(11,122
|
)
|
|
|
(31,025
|
)
|
|
Net change in cash and cash equivalents
|
|
|
261
|
|
|
|
1,113
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
7,831
|
|
|
|
6,718
|
|
|
Cash and cash equivalents at end of year
|
|
$
|
8,092
|
|
|
$
|
7,831
|
|
|