Annual report pursuant to Section 13 and 15(d)

CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)

v3.20.4
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)
 12 Months Ended
Dec. 31, 2020
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) [Abstract]  
Condensed Balance Sheets
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
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
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