PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2020

Parent Company Financial Information [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

Note 23

PARENT COMPANY FINANCIAL INFORMATION

The following are condensed statements of financial condition of the parent company at December 31:

Parent Company Statements of Financial Condition

(Dollars in Thousands, Except Per Share Data)

2020

2019

ASSETS

Cash and Due From Subsidiary Bank

$

39,718

$

28,924

Investment in Subsidiary Bank

342,958

359,577

Other Assets

6,530

5,884

Total Assets

$

389,206

$

394,385

LIABILITIES

Long-Term Borrowings

$

900

$

1,500

Subordinated Notes Payable

52,887

52,887

Other Liabilities

14,582

12,982

Total Liabilities

68,369

67,369

SHAREOWNERS’ EQUITY

Common Stock, $

.01

 par value;

90,000,000

 shares authorized;

16,790,573

 and

16,771,544

 shares

issued and outstanding at December 31, 2020 and December 31, 2019, respectively

168

168

Additional Paid-In Capital

32,283

32,092

Retained Earnings

332,528

322,937

Accumulated Other Comprehensive Loss, Net of Tax

(44,142)

(28,181)

Total Shareowners’ Equity

320,837

327,016

Total Liabilities and Shareowners’ Equity

$

389,206

$

394,385

The operating results of the parent company for the three years ended December 31 are shown below:

Parent Company Statements of Operations

(Dollars in Thousands)

2020

2019

2018

OPERATING INCOME

Income Received from Subsidiary Bank:

Administrative Fees

$

6,068

$

6,517

$

5,700

Dividends

21,000

19,000

15,000

Other Income

193

203

171

Total Operating Income

27,261

25,720

20,871

OPERATING EXPENSE

Salaries and Associate Benefits

3,418

3,928

3,679

Interest on Subordinated Notes Payable

1,514

2,381

2,286

Professional Fees

1,079

1,196

1,210

Advertising

140

157

106

Legal Fees

456

391

166

Other

1,673

1,711

2,170

Total Operating Expense

8,280

9,764

9,617

Earnings Before Income Taxes and Equity in Undistributed

Earnings of Subsidiary Bank

18,981

15,956

11,254

Income Tax (Benefit) Expense 

(406)

(632)

(901)

Earnings Before Equity in Undistributed Earnings of Subsidiary Bank

19,387

16,588

12,155

Equity in Undistributed Earnings of Subsidiary Bank

12,189

14,219

14,069

Net Income

$

31,576

$

30,807

$

26,224

The cash flows for the parent company for the three years ended December 31 were as follows:

Parent Company Statements of Cash Flows

(Dollars in Thousands)

2020

2019

2018

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income

$

31,576

$

30,807

$

26,224

Adjustments to Reconcile Net Income to Net Cash Provided By

 Operating Activities:

Equity in Undistributed Earnings of Subsidiary Bank

(12,189)

(14,219)

(14,069)

Stock Compensation

892

1,569

1,421

(Increase) Decrease in Other Assets

(217)

(445)

(327)

Increase in Other Liabilities

1,900

1,557

1,579

Net Cash Provided By Operating Activities

21,962

19,269

14,828

CASH FROM FINANCING ACTIVITIES:

Repayment of Long-Term Borrowings

(600)

(600)

(600)

Dividends Paid

(9,567)

(8,047)

(5,457)

Issuance of Common Stock Under Compensation Plans

1,041

1,054

797

Payments to Repurchase Common Stock

(2,042)

(1,805)

(8,030)

Net Cash Used In Financing Activities

(11,168)

(9,398)

(13,290)

Net Increase in Cash

10,794

9,871

1,538

Cash at Beginning of Year

28,924

19,053

17,515

Cash at End of Year

$

39,718

$

28,924

$

19,053