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Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2020

Parent Company Condensed Financial Information

Parent Company Condensed Financial Information

Note 20: Parent Company Condensed Financial Information

​

Condensed Balance Sheets for the years ended December 31, were as follows:

​

​	​	​	​	​	​	​	​
​		2020			2019
Assets	​	​	​	​	​	​	​
Noninterest bearing deposit with bank subsidiary	​	$	47,601	​	$	26,562	​
Investment in subsidiaries	​		353,722	​		352,703	​
Other assets	​		3,270	​		3,981	​
Total assets	​	$	404,593	​	$	383,246	​
​	​	​	​	​	​	​	​
Liabilities and Stockholders’ Equity	​	​	​	​	​	​	​
Junior subordinated debentures	​	$	25,773	​	$	57,734	​
Senior notes	​	​	44,375	​	​	44,270	​
Notes Payable	​	​	17,000	​	​	-	​
Other liabilities	​		10,358	​		3,378	​
Stockholders’ equity	​		307,087	​		277,864	​
Total liabilities and stockholders' equity	​	$	404,593	​	$	383,246	​

​

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

​

​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
Operating Income	​	​	​	​	​	​	​	​	​
Cash dividends received from subsidiaries	​	$	41,300	​	$	20,000	​	$	30,000
Other income	​		32	​		109	​		106
Total operating income	​		41,332	​		20,109	​		30,106
Operating Expenses	​	​	​	​	​	​	​	​	​
Junior subordinated debentures	​		2,216	​		3,724	​		3,716
Senior notes	​	​	2,693	​	​	2,700	​	​	2,688
Notes payable	​		362	​		-	​		-
Other interest expense	​		-	​		13	​		98
Other expenses	​		3,669	​		4,025	​		4,208
Total operating expense	​		8,940	​		10,462	​		10,710
Income before income taxes and equity in undistributed net income of subsidiaries	​		32,392	​		9,647	​		19,396
Income tax benefit	​		(2,215)	​		(3,187)	​		(3,355)
Income before equity in undistributed net income of subsidiaries	​		34,607	​		12,834	​		22,751
Equity in undistributed net income of subsidiaries	​		(6,782)	​		26,621	​		11,261
Net income available to common stockholders	​	$	27,825	​	$	39,455	​	$	34,012

​

​

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

​

​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
Cash Flows from Operating Activities	​	​	​	​	​	​	​	​	​
Net Income	​	$	27,825	​	$	39,455	​	$	34,012
Adjustments to reconcile net income to net cash from operating activities:	​	​	​	​	​	​	​	​	​
Equity in undistributed net income of subsidiaries	​		6,782	​		(26,621)	​		(11,261)
Provision for deferred tax expense (benefit)	​		(514)	​		4,186	​		6,697
Change in taxes payable	​		5,933	​		3,896	​		(1,211)
Change in other assets	​		954	​		-	​		97
Stock-based compensation	​		2,089	​		2,516	​		2,257
Other, net	​		682	​		(80)	​		172
Net cash provided by (used in) operating activities	​		43,751	​		23,352	​		30,763
​	​	​	​	​	​	​	​	​	​
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)	​	​	4,000
Dividend paid on common stock	​	​	(1,186)	​	​	(1,195)	​	​	(1,189)
Purchases of treasury stock	​		(5,922)	​		(666)	​		(505)
Redemption of junior subordinated debentures	​	​	(32,604)	​	​	-	​	​	-
Issuance of term note	​	​	20,000	​	​	-	​	​	-
Repayment of term note	​	​	(3,000)	​	​	-	​	​	-
Proceeds from exercise of stock option	​	​	-	​	​	32	​	​	33
Net cash (used in) provided by financing activities	​		(22,712)	​		(5,829)	​		2,339
Net change in cash and cash equivalents	​		21,039	​		17,523	​		(13,972)
Cash and cash equivalents at beginning of year	​		26,562	​		9,039	​		23,011
Cash and cash equivalents at end of year	​	$	47,601	​	$	26,562	​	$	9,039
​	​	​	​	​	​	​	​	​	​

​

X

- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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