PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2017

PARENT COMPANY FINANCIAL STATEMENTS [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

NOTE 22 - PARENT COMPANY FINANCIAL STATEMENTS

Condensed Balance Sheets
December 31
	2017			2016
ASSETS
Cash	$	7,894		$	6,699
Investment in subsidiaries		186,059			181,520
Premises and equipment		284			293
Other assets		550			427
Total assets	$	194,787		$	188,939
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	$	1,056		$	812
Other borrowed funds		5,000			8,600
Subordinated debt		5,376			5,343
Total liabilities		11,432			14,755
Stockholders' equity
Common stock		110,445			109,911
Retained earnings		74,983			66,195
Accumulated other comprehensive income (loss)		(2,073	)		(1,922	)
Total stockholders' equity		183,355			174,184
Total liabilities and stockholders' equity	$	194,787		$	188,939

Condensed Statement of Operations
Years Ended December 31
	2017			2016			2015
Income
Dividends from subsidiaries	$	12,565		$	10,840		$	13,390
Interest and dividend income		12			9			2
Other income		2,126			1,766			1,565
Total income		14,703			12,615			14,957
Expenses
Interest expense		285			401			494
Salaries and employee benefits		3,399			2,744			2,703
Occupancy and equipment expenses		299			302			268
Professional fees		303			307			264
Other expenses		682			917			523
Total expenses		4,968			4,671			4,252
Income before income taxes and equity in undistributed income of subsidiaries		9,735			7,944			10,705
Income tax (benefit)		(1,012	)		(988	)		(875	)
Income before equity in undistributed income of subsidiaries		10,747			8,932			11,580
Equity in undistributed income of subsidiaries		4,072			3,242			866
Net income	$	14,819		$	12,174		$	12,446

Condensed Statement of Cash Flows
Years Ended December 31
	2017			2016			2015
Cash flows from operating activities
Net income	$	14,819		$	12,174		$	12,446
Adjustments to reconcile net income to net cash from operating activities
Depreciation		89			94			84
Amortization		33			35			-
Stock compensation expense		217			178			204
Equity in undistributed earnings of subsidiaries		(4,072	)		(3,242	)		(866	)
Change in other assets		(123	)		(174	)		100
Change in other liabilities		243			(58	)		(49	)
Net cash from operating activities		11,206			9,007			11,919
Cash flows from investing activities
Investments in nonbank subsidiaries		(250	)		-			-
Acquisition of subsidiary, net of cash received		-			25			-
Purchases of fixed assets, net of proceeds from asset sales		(80	)		(159	)		(149	)
Net cash from investing activities		(330	)		(134	)		(149	)
Cash flows from financing activities
Cash dividends paid to shareholders		(6,398	)		(5,933	)		(4,573	)
Purchase of warrant		-			-			(5,675	)
Cash in lieu of fractional shares		-			(16	)		-
Proceeds from stock option exercises		317			751			222
Proceeds from other borrowed funds		-			-			15,946
Payments on other borrowed funds		(3,600	)		(2,400	)		(16,346	)
Net cash from financing activities		(9,681	)		(7,598	)		(10,426	)
Net change in cash and cash equivalents		1,195			1,275			1,344
Cash and cash equivalents at beginning of year		6,699			5,424			4,080
Cash and cash equivalents at end of year	$	7,894		$	6,699		$	5,424