Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2019

NOTE 20 - PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of CBI follows:

	December 31,
Condensed Balance Sheets	2019			2018
Assets:
Cash	$	24,089		$	19,678
Equity securities		1,191			1,070
Investment in bank subsidiary		319,714			288,866
Investment in nonbank subsidiaries		15,181			14,081
Other assets		1,683			7,639
Total assets	$	361,858		$	331,334
Liabilities:
Deferred income taxes and other liabilities	$	2,305		$	3,009
Subordinated debentures		29,427			29,427
Total liabilities		31,732			32,436
Shareholders’ Equity:
Preferred stock		—			9,364
Common stock		276,422			266,901
Accumulated earnings		67,974			41,320
Treasury Stock		(21,144	)		(17,235	)
Accumulated other comprehensive loss		6,874			(1,452	)
Total shareholders’ equity		330,126			298,898
Total liabilities and shareholders’ equity	$	361,858		$	331,334

	For the years ended December 31,
Condensed Statements of Operations	2019			2018			2017
Dividends from bank subsidiaries	$	13,300		$	10,000		$	—
Interest expense		(1,423	)		(1,320	)		(1,035	)
Pension expense		176			199			(925	)
Acquisition expense		—			(10,738	)		—
Other expense, net		(1,107	)		(1,740	)		(1,071	)
Income (loss) before equity in undistributed net earnings of subsidiaries		10,946			(3,599	)		(3,031	)
Income tax benefit		494			1,751			1,407
Equity in undistributed net earnings of subsidiaries		22,438			15,987			17,496
Net income	$	33,878		$	14,139		$	15,872
Comprehensive income	$	42,204		$	14,089		$	17,284

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

	For the years ended December 31,
Condensed Statements of Cash Flows	2019			2018			2017
Operating activities:
Net income	$	33,878		$	14,139		$	15,872
Adjustment to reconcile net income to net cash from operating activities:
Change in other assets and other liabilities		4,437			794			(2,147	)
Gain on sale of fixed assets		—			(110	)		(66	)
Equity in undistributed net earnings of subsidiaries		(22,438	)		(15,987	)		(17,496	)
Net cash from (used for) operating activities		15,877			(1,164	)		(3,837	)
Investing activities:
Proceeds from sale of premises and equipment		—		899				138
Disposal of investment in subsidiary		41			—			—
Acquisition and additional capitalization of subsidiary, net of cash acquired		—			(5,216	)		(275	)
Net cash from (used for) investing activities		41			(4,317	)		(137	)
Financing activities:
Cash paid on fractional shares on preferred stock conversion to common stock		(2	)		—			—
Net proceeds from common stock issuance		—			—			32,821
Purchase of treasury stock		(3,909	)		—			—
Payment to repurchase series B preferred stock		(402	)		—			—
Payment to repurchase common stock		—			—			(4	)
Cash dividends paid		(7,194	)		(4,749	)		(3,682	)
Net cash from (used for) financing activities		(11,507	)		(4,749	)		29,135
Net change in cash and cash equivalents		4,411			(10,230	)		25,161
Cash and cash equivalents at beginning of year		19,678			29,908			4,747
Cash and cash equivalents at end of year	$	24,089		$	19,678		$	29,908