PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2019

PARENT COMPANY FINANCIAL STATEMENTS [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

NOTE 22 - PARENT COMPANY FINANCIAL STATEMENTS

Condensed Balance Sheets

December 31

	2019		2018
ASSETS
Cash	$	13,184	$	8,759
Investment in subsidiaries		232,509		215,888
Premises and equipment		622		271
Other assets		754		730
Total assets	$	247,069	$	225,648
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	1,392	$	1,013
Other borrowed funds		-		2,500
Subordinated debt		5,436		5,406
Total liabilities		6,828		8,919
Stockholders’ equity
Common stock		133,795		133,248
Retained earnings		102,743		87,333
Accumulated other comprehensive income (loss)		3,703		(3,852	)
Total stockholders’ equity		240,241		216,729
Total liabilities and stockholders’ equity	$	247,069	$	225,648

Condensed Statement of Operations

Years Ended December 31

	2019			2018			2017
Income
Dividends from subsidiaries	$	19,050		$	18,740		$	12,565
Interest and dividend income		7			7			12
Other income		2,277			2,163			2,126
Total income		21,334			20,910			14,703
Expenses
Interest expense on other borrowings		30			156			285
Interest expense on subordinated debt		369			352			295
Salaries and employee benefits		3,582			3,252			3,399
Occupancy and equipment expenses		438			394			299
Professional fees		443			689			303
Other expenses		591			659			387
Total expenses		5,453			5,502			4,968
Income before income taxes and equity in undistributed income of subsidiaries		15,881			15,408			9,735
Income tax (benefit)		(699	)		(723	)		(1,012	)
Income before equity in undistributed income of subsidiaries		16,580			16,131			10,747
Equity in undistributed income of subsidiaries		7,616			4,037			4,072
Net income	$	24,196		$	20,168		$	14,819

Condensed Statement of Cash Flows

Years Ended December 31

	2019			2018			2017
Cash flows from operating activities
Net income	$	24,196		$	20,168		$	14,819
Adjustments to reconcile net income to net cash from operating activities
Depreciation		78			93			89
Amortization		30			30			33
Stock compensation expense		301			252			217
Equity in undistributed earnings of subsidiaries		(7,616	)		(4,037	)		(4,072	)
Change in other assets		(24	)		(181	)		(123	)
Change in other liabilities		13			(43	)		243
Net cash from operating activities		16,978			16,282			11,206
Cash flows from investing activities
Investments in nonbank subsidiaries		-			-			(250	)
Repayment of investments in nonbank subsidiaries		50			-			-
Investments in subsidiaries		(1,500	)		-			-
Acquisition of subsidiary, net of cash received		-			(5,212	)		-
Purchases of fixed assets, net of proceeds from asset sales		(63	)		(80	)		(80	)
Net cash from investing activities		(1,513	)		(5,292	)		(330	)
Cash flows from financing activities
Cash dividends paid to shareholders		(8,786	)		(7,805	)		(6,398	)
Cash in lieu of fractional shares		-			(13	)		-
Proceeds from stock option exercises		246			193			317
Payments on other borrowed funds		(2,500	)		(2,500	)		(3,600	)
Net cash from financing activities		(11,040	)		(10,125	)		(9,681	)
Net change in cash and cash equivalents		4,425			865			1,195
Cash and cash equivalents at beginning of year		8,759			7,894			6,699
Cash and cash equivalents at end of year	$	13,184		$	8,759		$	7,894