Annual report pursuant to Section 13 and 15(d)

CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)

v3.19.3.a.u2
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)
 12 Months Ended
Dec. 31, 2019
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) [Abstract]  
Condensed Balance Sheets
CONDENSED BALANCE SHEETS

   
2019
    
2018
  
ASSETS
            
Cash and cash equivalents
  
$
7,289
    
$
6,425
  
Investment in Bank subsidiary
    
230,305
      
224,253
  
Investment in other subsidiaries
    
650
      
1,441
  
Other assets
    
107
      
227
  
Total assets
  
$
238,351
    
$
232,346
  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
                
Long-term debt
    
20,619
      
41,238
  
Other liabilities
    
263
      
255
  
Total liabilities
    
20,882
      
41,493
  
Total shareholders’ equity
    
217,469
      
190,853
  
Total liabilities and shareholders’ equity
  
$
238,351
    
$
232,346
  
Condensed Statements of Income and Comprehensive Income
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

   
2019
    
2018
  
INCOME
            
Dividends from subsidiaries
  
$
32,610
    
$
11,121
  
Other
    
—
      
—
  
Total income
    
32,610
      
11,121
  
EXPENSE
                
Interest expense
    
2,232
      
2,127
  
Other expense
    
720
      
679
  
Total expense
    
2,952
      
2,806
  
Income before income tax and equity in undistributed earnings of subsidiaries
    
29,658
      
8,315
  
Equity in undistributed earnings of subsidiaries
    
1,678
      
17,484
  
Income before income tax
    
31,336
      
25,799
  
Income tax benefit
    
(643
)
    
(580
)
Net income
  
$
31,979
    
$
26,379
  
Comprehensive income
  
$
35,801
    
$
25,646
  
Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS

   
2019
    
2018
  
Cash flows from operating activities
            
Net income
  
$
31,979
    
$
26,379
  
Adjustments to reconcile net income to net cash from operating activities:
                
Equity in undistributed earnings of subsidiaries
    
(1,678
)
    
(17,484
)
Stock compensation expense
    
47
      
52
  
Change in other assets
    
120
      
(154
)
Change in other liabilities
    
8
      
(109
)
Net cash from operating activities
    
30,476
      
8,684
  
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
    
—
      
386
  
Repayment of other borrowings
    
(20,619
)
        
Cash dividends paid
    
(9,511
)
    
(8,481
)
Common stock issuance costs
    
—
      
—
  
Repurchases of shares
    
(101
)
    
(136
)
Net cash from financing activities
    
(30,231
)
    
(8,231
)
Net change in cash and cash equivalents
    
864
      
453
  
Cash and cash equivalents at beginning of year
    
6,425
      
5,972
  
Cash and cash equivalents at end of year
  
$
7,289
    
$
6,425