Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2018

NOTE 20 - PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of CBI follows:

	December 31,
Condensed Balance Sheets	2018			2017
Assets:
Cash	$	19,678		$	29,908
Equity securities		1,070			832
Investment in bank subsidiary		288,866			167,192
Investment in nonbank subsidiaries		14,081			12,928
Other assets		7,639			5,212
Total assets	$	331,334		$	216,072
Liabilities:
Deferred income taxes and other liabilities	$	3,009		$	2,184
Subordinated debentures		29,427			29,427
Total liabilities		32,436			31,611
Shareholders’ Equity:
Preferred stock		9,364			17,358
Common stock		266,901			153,810
Accumulated earnings		41,320			31,652
Treasury Stock		(17,235	)		(17,235	)
Accumulated other comprehensive loss		(1,452	)		(1,124	)
Total shareholders’ equity		298,898			184,461
Total liabilities and shareholders’ equity	$	331,334		$	216,072

	For the years ended December 31,
Condensed Statements of Operations	2018			2017			2016
Dividends from bank subsidiaries	$	10,000		$	—		$	—
Interest expense		(1,320	)		(1,035	)		(884	)
Pension expense		199			(925	)		(184	)
Acquisition expense		(10,738	)		—			—
Other expense, net		(1,740	)		(1,071	)		(920	)
Income (loss) before equity in undistributed net earnings of subsidiaries		(3,599	)		(3,031	)		(1,988	)
Income tax benefit		1,751			1,407			676
Equity in undistributed net earnings of subsidiaries		15,987			17,496			18,529
Net income	$	14,139		$	15,872		$	17,217
Comprehensive income	$	14,089		$	17,284		$	15,375

NOTE 20 - PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Continued)

	For the years ended December 31,
Condensed Statements of Cash Flows	2018			2017			2016
Operating activities:
Net income	$	14,139		$	15,872		$	17,217
Adjustment to reconcile net income to net cash from operating activities:
Change in other assets and other liabilities		794			(2,147	)		1,821
Gain on sale of fixed assets		(110	)		(66	)		—
Equity in undistributed net earnings of subsidiaries		(15,987	)		(17,496	)		(18,529	)
Net cash from (used for) operating activities		(1,164	)		(3,837	)		509
Investing activities:
Proceeds from sale of premises and equipment	899			138				—
Acquisition and additional capitalization of subsidiary, net of cash acquired		(5,216	)		(275	)		—
Net cash used for investing activities		(4,317	)		(137	)		—
Financing activities:
Cash paid on fractional shares on preferred stock conversion to common stock		—			—			(1	)
Net proceeds from common stock issuance		—			32,821			—
Payment to repurchase common stock		—			(4	)		—
Cash dividends paid		(4,749	)		(3,682	)		(3,254	)
Net cash from (used for) financing activities		(4,749	)		29,135			(3,255	)
Net change in cash and cash equivalents		(10,230	)		25,161			(2,746	)
Cash and cash equivalents at beginning of year		29,908			4,747			7,493
Cash and cash equivalents at end of year	$	19,678		$	29,908		$	4,747