Note 22: Parent Company Condensed Financial Information

Condensed Balance Sheets as of December 31 were as follows:


	2018		2017
Assets
Noninterest bearing deposit with bank subsidiary	$	9,039	$	23,011
Investment in subsidiaries		315,252		263,389
Other assets		12,997		17,139
Total assets	$	337,288	$	303,539

Liabilities and Stockholders’ Equity
Other short term borrowings	$	4,000	$	-
Junior subordinated debentures		57,686		57,639
Senior notes		44,158		44,058
Other liabilities		2,363		1,492
Stockholders’ equity		229,081		200,350
Total liabilities and stockholders' equity	$	337,288	$	303,539

Condensed Statements of Income for the years ended December 31 were as follows:


	2018		2017		2016
Operating Income
Cash dividends received from subsidiaries	$	30,000	$	-	$	-
Other income		106		114		130
Total operating income		30,106		114		130
Operating Expenses
Junior subordinated debentures		3,716		4,002		4,334
Senior notes		2,688		2,689		112
Subordinated debt		-		-		949
Other interest expense		98		-		8
Other expenses		4,208		2,639		1,975
Total operating expense		10,710		9,330		7,378
Income (loss) before income taxes and equity in undistributed net income of subsidiaries		19,396		(9,216)		(7,248)
Income tax benefit		(3,355)		(16)		(2,909)
Income (loss) before equity in undistributed net income of subsidiaries		22,751		(9,200)		(4,339)
Equity in undistributed net income of subsidiaries		11,261		24,338		20,023
Net income available to common stockholders	$	34,012	$	15,138	$	15,684

Condensed Statements of Cash Flows for the years ended December 31 were as follows:


	2018		2017		2016
Cash Flows from Operating Activities
Net Income	$	34,012	$	15,138	$	15,684
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed net income of subsidiaries		(11,261)		(24,338)		(20,023)
Provision for deferred tax expense (benefit)		6,697		6,397		(1,039)
Net deferred tax expense due to DTA revaluation		-		3,908		-
Change in taxes payable		(1,211)		(4,797)		330
Change in other assets		97		74		171
Stock-based compensation		2,257		1,181		657
Other, net		172		(15)		282
Net cash (used in) provided by operating activities		30,763		(2,452)		(3,938)

Cash Flows from Investing Activities
Cash paid for acquisition, net of cash and cash equivalents retained		(47,074)		-		-
Net cash (used in) investing activities		(47,074)		-		-

Cash Flows from Financing Activities
Net change in other short-term borrowings		4,000
Dividend paid on common stock		(1,189)		(1,184)		(888)
Purchases of treasury stock		(505)		(236)		(254)
Proceeds from the issuance of senior notes		-		-		43,994
Payment of senior note issuance costs		-		(42)		-
Repayment of subordinated debt		-		-		(45,000)
Repayment of note payable		-		-		(500)
Proceeds from exercise of stock (option)		33		-		11
Net cash provided by (used in) financing activities		2,339		(1,462)		(2,637)
Net change in cash and cash equivalents		(13,972)		(3,914)		(6,575)
Cash and cash equivalents at beginning of year		23,011		26,925		33,500
Cash and cash equivalents at end of year	$	9,039	$	23,011	$	26,925