18—Condensed Financial Information of Parent Company

Condensed Balance Sheets

(in thousands)


December 31,	2018		2017
*Assets*
Investment in subsidiaries/affiliates (equity method)	$	465,030	$	509,011
Short-term investments		29		29
Cash		1,542		3,237
Property and equipment		928		994
Other		—		1,479

Total assets	$	467,529	$	514,750

*Liabilities and Stockholders’ Equity*
Liabilities
Cash dividends declared to stockholders	$	3,948	$	3,842
Borrowings under lines of credit		60,000		59,000
Other		4,711		3,212

Total liabilities		68,659		66,054

Stockholders’ equity		398,870		448,696

Total liabilities and stockholders’ equity	$	467,529	$	514,750

Condensed Statements of (Loss) Income and Comprehensive (Loss) Income

(in thousands)


Year Ended December 31,	2018			2017			2016
*Statements of (Loss) Income*
Revenues
Dividends from subsidiaries	$	11,000		$	13,000		$	13,000
Other		3,196			2,131			1,759

Total revenues		14,196			15,131			14,759

Expenses
Operating expenses		1,628			1,433			1,413
Interest		2,224			1,929			1,747

Total expenses		3,852			3,362			3,160

Income (loss) before income tax expense (benefit) and equity in undistributed net (loss) income of subsidiaries		10,344			11,769			11,599
Income tax expense (benefit)		411			(690	)		(931	)

Income before equity in undistributed net (loss) income of subsidiaries		9,933			12,459			12,530
Equity in undistributed net (loss) income of subsidiaries		(42,693	)		(5,343	)		18,271

Net (loss) income	$	(32,760	)	$	7,116		$	30,801

*Statements of Comprehensive (Loss) Income*
Net (loss) income	$	(32,760	)	$	7,116		$	30,801

Other comprehensive (loss) income, net of tax
Unrealized (loss) gain - subsidiaries		(6,625	)		46			(3,028	)

Other comprehensive (loss) income, net of tax		(6,625	)		46			(3,028	)

Comprehensive (loss) income	$	(39,385	)	$	7,162		$	27,773

Condensed Statements of Cash Flows

(in thousands)


Year Ended December 31,	2018			2017			2016
Cash flows from operating activities:
Net (loss) income	$	(32,760	)	$	7,116		$	30,801

Adjustments:
Equity in undistributed net loss (income) of subsidiaries		42,694			5,343			(18,271	)
Other		2,531			2,048			2,802

Net adjustments		45,225			7,391			(15,469	)

Net cash provided		12,465			14,507			15,332

Cash flows from investing activities:
Net sale of short-term investments		—			1			2
Net purchase of property and equipment		(106	)		(788	)		(11	)
Investment in subsidiaries		(2,644	)		(2,992	)		(2,393	)
Other		(1	)		(1	)		—

Net cash used		(2,751	)		(3,780	)		(2,402	)

Cash flows from financing activities:
Cash dividends paid		(15,659	)		(14,821	)		(14,085	)
Issuance of common stock		3,250			15,511			13,822
Payments on lines of credit		—			(10,000	)		(12,000	)
Borrowings under lines of credit		1,000			—			—

Net cash used		(11,409	)		(9,310	)		(12,263	)

Net change in cash		(1,695	)		1,417			667
Cash at beginning of year		3,237			1,820			1,153

Cash at end of year	$	1,542		$	3,237		$	1,820