Note 22 - Parent Company Financial Information

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

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

Note 22 – Parent Company Financial Information

Condensed Parent Company financial information is as follows (dollars in thousands):

	December 31,
Condensed Balance Sheets	2021		2020
Cash	$	10,560	$	17,759
Securities available for sale, at fair value		1,766		8,534
Investment in subsidiaries		372,902		351,033
Due from subsidiaries		128		143
Other assets		607		1,062
Total Assets	$	385,963	$	378,531
Subordinated debt	$	—	$	7,500
Junior subordinated debt		28,232		28,130
Other liabilities		2,939		5,007
Shareholders' equity		354,792		337,894
Total Liabilities and Shareholders' Equity	$	385,963	$	378,531

	Year Ended December 31,
Condensed Statements of Income	2021			2020			2019
Dividends from subsidiary	$	16,000		$	25,500		$	25,000
Other income		411			512			823
Expenses		3,057			3,369			4,232
Income tax benefit		(556	)		(600	)		(601	)
Income before equity in undistributed earnings of subsidiary		13,910			23,243			22,192
Equity in undistributed (distributed) earnings of subsidiary		29,616			6,802			(1,286	)
Net Income	$	43,526		$	30,045		$	20,906

	Year Ended December 31,
Condensed Statements of Cash Flows	2021			2020			2019
Cash Flows from Operating Activities:
Net income	$	43,526		$	30,045		$	20,906
Adjustments to reconcile net income to net cash provided by operating activities:
(Equity in earnings) distributions in excess of earnings of subsidiary		(29,616	)		(6,802	)		1,286
Net amortization of securities		10			—			—
Net change in other assets		27			84			(382	)
Net change in other liabilities		102			85			(35	)
Net cash operating activities		14,049			23,412			21,775
Cash Flows from Investing Activities:
Purchases of securities available for sale		—			—			(2,220	)
Sales, cal1s and maturities of equity securities		6,800			—			445
Cash paid in bank acquisition		—			—			(27	)
Cash acquired in bank acquisition		—			—			981
Net cash provided by (used in) investing activities		6,800			—			(821	)
Cash Flows from Financing Activities:
Common stock dividends paid		(11,827	)		(11,842	)		(10,965	)
Repurchase of common stock		(8,810	)		(4,981	)		(3,146	)
Proceeds from exercise of stock options		89			43			688
Net change in subordinated debt		(7,500	)		—			—
Net cash used in financing activities		(28,048	)		(16,780	)		(13,423	)
Net increase (decrease) in cash and cash equivalents		(7,199	)		6,632			7,531
Cash and cash equivalents at beginning of period		17,759			11,127			3,596
Cash and cash equivalents at end of period	$	10,560		$	17,759		$	11,127