Note P - Parent Company Financial Information

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE P – PARENT COMPANY FINANCIAL INFORMATION

Condensed financial information for the Corporation (parent company only) is as follows:

CONDENSED BALANCE SHEETS

	December 31,
(in thousands)	2023			2022
Assets:
Cash and due from banks	$	695		$	897
Investment in subsidiary bank, at equity		383,151			363,547
Prepaid income taxes		42			3,712
Deferred income tax benefits		1,010			1,088
Other assets		9			25
	$	384,907		$	369,269
Liabilities:
Other liabilities	$	17		$	20
Cash dividends payable		4,744			4,713
		4,761			4,733
Stockholders' equity:
Common stock		2,259			2,244
Surplus		79,728			78,462
Retained earnings		355,887			348,597
		437,874			429,303
Accumulated other comprehensive loss, net of tax		(57,728	)		(64,767	)
		380,146			364,536
	$	384,907		$	369,269

CONDENSED STATEMENTS OF INCOME

	Year Ended December 31,
(in thousands)	2023			2022			2021
Income:
Dividends from subsidiary bank	$	15,000		$	36,450		$	33,200
Interest on deposits with subsidiary bank		6			5			3
Other		13			—			—
		15,019			36,455			33,203
Expenses:
Salaries		779			2,065			1,365
Other operating expenses		1,070			795			661
		1,849			2,860			2,026
Income before income taxes		13,170			33,595			31,177
Income tax expense (benefit)		(504	)		(791	)		89
Income before undistributed earnings of subsidiary bank		13,674			34,386			31,088
Equity in undistributed earnings		12,565			12,546			12,001
Net income	$	26,239		$	46,932		$	43,089
Comprehensive income (loss)	$	33,278		$	(15,522	)	$	37,206

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
(in thousands)	2023			2022			2021
Cash Flows From Operating Activities:
Net income	$	26,239		$	46,932		$	43,089
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiary bank		(12,565	)		(12,546	)		(12,001	)
Deferred income tax provision (credit)		78			(199	)		533
Stock-based compensation expense		1,249			2,466			1,635
Decrease (increase) in other assets		16			(1	)		—
Increase (decrease) in other liabilities		(3	)		5			1
Other decreases (increases)		3,730			(530	)		(1,112	)
Net cash provided by operating activities		18,744			36,127			32,145
Cash Flows From Investing Activities:
Capital contributions to Bank subsidiary		—			—			—
Cash Flows From Financing Activities:
Repurchase of common stock		—			(17,889	)		(14,501	)
Proceeds from issuance of common stock, net of shares withheld		(28	)		263			607
Cash dividends paid		(18,918	)		(18,591	)		(18,261	)
Net cash used in financing activities		(18,946	)		(36,217	)		(32,155	)
Net decrease in cash and cash equivalents*		(202	)		(90	)		(10	)
Cash and cash equivalents, beginning of year		897			987			997
Cash and cash equivalents, end of year	$	695		$	897		$	987
Supplemental Schedule of Noncash Financing Activities:
Cash dividends payable	$	4,744		$	4,713		$	4,648

* Cash and cash equivalents is defined as cash and due from banks and includes the checking and money market accounts with the Corporation’s wholly-owned bank subsidiary.