| 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
| |
|
2020 |
|
|
2019 |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,718 |
|
|
$ |
7,289 |
|
Investment in Bank subsidiary |
|
|
253,043 |
|
|
|
230,305 |
|
Investment in other subsidiaries |
|
|
645 |
|
|
|
650 |
|
Other assets |
|
|
208 |
|
|
|
107 |
|
Total assets |
|
$ |
260,614 |
|
|
$ |
238,351 |
|
| |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Long-term debt |
|
$
|
20,619 |
|
|
$
|
20,619 |
|
Other liabilities |
|
|
152 |
|
|
|
263 |
|
Total liabilities |
|
|
20,771 |
|
|
|
20,882 |
|
Total shareholders' equity |
|
|
239,843 |
|
|
|
217,469 |
|
Total liabilities and shareholders' equity |
|
$ |
260,614 |
|
|
$ |
238,351 |
|
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| |
|
2020 |
|
|
2019 |
|
INCOME |
|
|
|
|
|
|
Dividends from subsidiaries |
|
$ |
11,712 |
|
|
$ |
32,610 |
|
Other |
|
|
— |
|
|
|
— |
|
Total income |
|
|
11,712 |
|
|
|
32,610 |
|
EXPENSE |
|
|
|
|
|
|
|
|
Interest expense |
|
|
769 |
|
|
|
2,232 |
|
Other expense |
|
|
726 |
|
|
|
720 |
|
Total expense |
|
|
1,495 |
|
|
|
2,952 |
|
Income before income tax and equity in undistributed earnings of subsidiaries |
|
|
10,217 |
|
|
|
29,658 |
|
Equity in undistributed earnings of subsidiaries |
|
|
19,628 |
|
|
|
1,678 |
|
Income before income tax |
|
|
29,845 |
|
|
|
31,336 |
|
Income tax benefit |
|
|
(320 |
) |
|
|
(643 |
) |
Net income |
|
$ |
30,165 |
|
|
$ |
31,979 |
|
Comprehensive income |
|
$ |
32,835 |
|
|
$ |
35,801 |
|
CONDENSED STATEMENTS OF CASH FLOWS
| |
|
2020 |
|
|
2019 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net income |
|
$ |
30,165 |
|
|
$ |
31,979 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
|
|
Equity in undistributed earnings of subsidiaries |
|
|
(19,628 |
) |
|
|
(1,678 |
) |
Stock compensation expense |
|
|
70 |
|
|
|
47 |
|
Change in other assets |
|
|
(101 |
) |
|
|
120 |
|
Change in other liabilities |
|
|
(111 |
) |
|
|
8 |
|
Net cash from operating activities |
|
|
10,395 |
|
|
|
30,476 |
|
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 |
|
|
— |
|
|
|
— |
|
Repayment of other borrowings |
|
|
— |
|
|
|
(20,619 |
) |
Cash dividends paid |
|
|
(10,880 |
) |
|
|
(9,511 |
) |
Common stock issuance costs |
|
|
— |
|
|
|
— |
|
Repurchases of shares |
|
|
(86 |
) |
|
|
(101 |
) |
Net cash from financing activities |
|
|
(10,966 |
) |
|
|
(30,231 |
) |
Net change in cash and cash equivalents |
|
|
(571 |
) |
|
|
864 |
|
Cash and cash equivalents at beginning of year |
|
|
7,289 |
|
|
|
6,425 |
|
Cash and cash equivalents at end of year |
|
$ |
6,718 |
|
|
$ |
7,289 |
|
|