| CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) |
NOTE 18 – CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)
Following are condensed parent company only financial statements (dollars in thousands):
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
| |
|
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
| |
|
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 |
|
|