PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2022

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)

2022

2021

ASSETS

Cash and Due From Subsidiary Bank

$

42,737

$

25,768

Equity Securities

199

120

Investment in Subsidiary Bank

411,627

415,580

Goodwill and Other Intangibles

3,998

4,158

Other Assets

11,297

7,866

Total Assets

$

469,858

$

453,492

LIABILITIES

Subordinated Notes Payable

52,887

52,887

Other Liabilities

22,955

17,439

Total Liabilities

$

75,842

$

70,326

SHAREOWNERS’ EQUITY

Common Stock, $

.01

 par value;

90,000,000

 shares authorized;

16,986,785

 and

16,892,060

 shares

issued and outstanding at December 31, 2022 and 2021, respectively

170

169

Additional Paid-In Capital

37,331

34,423

Retained Earnings

393,744

364,788

Accumulated Other Comprehensive Loss, Net of Tax

(37,229)

(16,214)

Total Shareowners’ Equity

394,016

383,166

Total Liabilities and Shareowners’ Equity

$

469,858

$

453,492

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)

2022

2021

2020

OPERATING INCOME

Income Received from Subsidiary Bank:

Administrative Fees

$

5,396

$

5,516

$

6,068

Dividends

23,000

10,000

21,000

Other Income

253

174

193

Total Operating Income

28,649

15,690

27,261

OPERATING EXPENSE

Salaries and Associate Benefits

5,034

3,558

3,418

Interest on Subordinated Notes Payable

1,652

1,233

1,514

Professional Fees

616

1,113

1,079

Advertising 

232

134

140

Legal Fees

370

589

456

Other

2,186

2,087

1,673

Total Operating Expense

10,090

8,714

8,280

Earnings Before Income Taxes and Equity in Undistributed

Earnings of Subsidiary Bank

18,559

6,976

18,981

Income Tax Benefit

(661)

(717)

(406)

Earnings Before Equity in Undistributed Earnings of Subsidiary Bank

19,220

7,693

19,387

Equity in Undistributed Earnings of Subsidiary Bank

20,927

25,703

12,189

Net Income Attributable to Common Shareowners

$

40,147

$

33,396

$

31,576

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)

2022

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income Attributable to Common Shareowners

$

40,147

$

33,396

$

31,576

Adjustments to Reconcile Net Income to Net Cash Provided By

 Operating Activities:

Equity in Undistributed Earnings of Subsidiary Bank

(20,927)

(25,703)

(12,189)

Stock Compensation

1,278

843

892

Amortization of Intangible Asset

160

107

-

Increase in Other Assets

(336)

(21)

(217)

Increase in Other Liabilities

5,847

3,131

1,900

Net Cash Provided By Operating Activities

$

26,169

$

11,753

$

21,962

CASH FROM INVESTING ACTIVITIES:

Purchase of Equity Securities

$

(79)

$

(120)

$

-

Net Cash Paid for Acquisition

-

(4,482)

-

Decrease (Increase) in Investment in Subsidiaries

770

(10,770)

-

Net Cash Provided by (Used in) Investing Activities

$

691

$

(15,372)

$

-

CASH FROM FINANCING ACTIVITIES:

Repayment of Long-Term Borrowings

-

(900)

(600)

Dividends Paid

(11,191)

(10,459)

(9,567)

Issuance of Common Stock Under Compensation Plans

1,300

1,028

1,041

Payments to Repurchase Common Stock

-

-

(2,042)

Net Cash Used In Financing Activities

$

(9,891)

$

(10,331)

$

(11,168)

Net Increase (Decrease) in Cash

16,969

(13,950)

10,794

Cash at Beginning of Year

25,768

39,718

28,924

Cash at End of Year

$

42,737

$

25,768

$

39,718