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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2021
Parent Company Financial Information [Abstract] |
PARENT COMPANY FINANCIAL INFORMATION | Note 23 PARENT COMPANY FINANCIAL INFORMATION The following are condensed statements of financial condition of the parent company at December 31: Parent Company Statements of Financial Condition (Dollars in Thousands, Except Per Share Data) 2021 2020 ASSETS Cash and Due From Subsidiary Bank $ 25,768 $ 39,718 Equity Securities 120 - Investment in Subsidiary Bank 415,580 342,958 Goodwill and Other Intangibles 4,158 - Other Assets 7,866 6,530 Total Assets $ 453,492 $ 389,206 LIABILITIES Long-Term Borrowings $ - $ 900 Subordinated Notes Payable 52,887 52,887 Other Liabilities 17,439 14,582 Total Liabilities $ 70,326 $ 68,369 SHAREOWNERS’ EQUITY Common Stock, $ .01 par value; 90,000,000 shares authorized; 16,892,060 and 16,790,573 shares issued and outstanding at December 31, 2021 and 2020, respectively 169 168 Additional Paid-In Capital 34,423 32,283 Retained Earnings 364,788 332,528 Accumulated Other Comprehensive Loss, Net of Tax (16,214) (44,142) Total Shareowners’ Equity 383,166 320,837 Total Liabilities and Shareowners’ Equity $ 453,492 $ 389,206 The operating results of the parent company for the three years ended December 31 are shown below: Parent Company Statements of Operations (Dollars in Thousands) 2021 2020 2019 OPERATING INCOME Income Received from Subsidiary Bank: Administrative Fees $ 5,516 $ 6,068 $ 6,517 Dividends 10,000 21,000 19,000 Other Income 174 193 203 Total Operating Income 15,690 27,261 25,720 OPERATING EXPENSE Salaries and Associate Benefits 3,558 3,418 3,928 Interest on Subordinated Notes Payable 1,233 1,514 2,381 Professional Fees 1,113 1,079 1,196 Advertising 134 140 157 Legal Fees 589 456 391 Other 2,087 1,673 1,711 Total Operating Expense 8,714 8,280 9,764 Earnings Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank 6,976 18,981 15,956 Income Tax Benefit (717) (406) (632) Earnings Before Equity in Undistributed Earnings of Subsidiary Bank 7,693 19,387 16,588 Equity in Undistributed Earnings of Subsidiary Bank 25,703 12,189 14,219 Net Income $ 33,396 $ 31,576 $ 30,807 The cash flows for the parent company for the three years ended December 31 were as follows: Parent Company Statements of Cash Flows (Dollars in Thousands) 2021 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 33,396 $ 31,576 $ 30,807 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: Equity in Undistributed Earnings of Subsidiary Bank (25,703) (12,189) (14,219) Stock Compensation 843 892 1,569 Amortization of Intangible Asset 107 - - Increase in Other Assets (21) (217) (445) Increase in Other Liabilities 3,131 1,900 1,557 Net Cash Provided By Operating Activities $ 11,753 $ 21,962 $ 19,269 CASH FROM INVESTING ACTIVITIES: Purchase of Equity Securities $ (120) $ - $ - Net Cash Paid for Acquisition (4,482) - - Increase in Investment in Subsidiaries (10,770) - - Net Cash Used in Investing Activities $ (15,372) $ - $ - CASH FROM FINANCING ACTIVITIES: Repayment of Long-Term Borrowings (900) (600) (600) Dividends Paid (10,459) (9,567) (8,047) Issuance of Common Stock Under Compensation Plans 1,028 1,041 1,054 Payments to Repurchase Common Stock - (2,042) (1,805) Net Cash Used In Financing Activities $ (10,331) $ (11,168) $ (9,398) Net (Decrease) Increase in Cash (13,950) 10,794 9,871 Cash at Beginning of Year 39,718 28,924 19,053 Cash at End of Year $ 25,768 $ 39,718 $ 28,924

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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=123454820&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 + Details
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