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