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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2022
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 (As Restated) (Dollars in Thousands, Except Per Share Data) 2022 2021 ASSETS Cash and Due From Subsidiary Bank $ 42,737 $ 25,768 Equity Securities 199 120 Investment in Subsidiary Bank 404,892 415,580 Goodwill and Other Intangibles 3,998 4,158 Other Assets 11,297 7,866 Total Assets $ 463,123 $ 453,492 LIABILITIES Subordinated Notes Payable 52,887 52,887 Other Liabilities 22,955 17,439 Total Liabilities $ 75,842 $ 70,326 SHAREOWNERS’ EQUITY Common Stock, $ .01 par value; 90,000,000 shares authorized; 16,986,785 and 16,892,060 shares issued and outstanding at December 31, 2022 and 2021, respectively 170 169 Additional Paid-In Capital 37,331 34,423 Retained Earnings 387,009 364,788 Accumulated Other Comprehensive Loss, Net of Tax (37,229) (16,214) Total Shareowners’ Equity 387,281 383,166 Total Liabilities and Shareowners’ Equity $ 463,123 $ 453,492 The operating results of the parent company for the three years ended December 31 are shown below: Parent Company Statements of Operations (As Restated) (Dollars in Thousands) 2022 2021 2020 OPERATING INCOME Income Received from Subsidiary Bank: Administrative Fees $ 5,396 $ 5,516 $ 6,068 Dividends 23,000 10,000 21,000 Other Income 253 174 193 Total Operating Income 28,649 15,690 27,261 OPERATING EXPENSE Salaries and Associate Benefits 5,034 3,558 3,418 Interest on Subordinated Notes Payable 1,652 1,233 1,514 Professional Fees 616 1,113 1,079 Advertising 232 134 140 Legal Fees 370 589 456 Other 2,186 2,087 1,673 Total Operating Expense 10,090 8,714 8,280 Earnings Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank 18,559 6,976 18,981 Income Tax Benefit (661) (717) (406) Earnings Before Equity in Undistributed Earnings of Subsidiary Bank 19,220 7,693 19,387 Equity in Undistributed Earnings of Subsidiary Bank 14,192 25,703 12,189 Net Income Attributable to Common Shareowners $ 33,412 $ 33,396 $ 31,576 The cash flows for the parent company for the three years ended December 31 were as follows: Parent Company Statements of Cash Flows (As Restated) (Dollars in Thousands) 2022 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income Attributable to Common Shareowners $ 33,412 $ 33,396 $ 31,576 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: Equity in Undistributed Earnings of Subsidiary Bank (14,192) (25,703) (12,189) Stock Compensation 1,278 843 892 Amortization of Intangible Asset 160 107 - Increase in Other Assets (336) (21) (217) Increase in Other Liabilities 5,847 3,131 1,900 Net Cash Provided By Operating Activities $ 26,169 $ 11,753 $ 21,962 CASH FROM INVESTING ACTIVITIES: Purchase of Equity Securities $ (79) $ (120) $ - Net Cash Paid for Acquisition - (4,482) - Decrease (Increase) in Investment in Subsidiaries 770 (10,770) - Net Cash Provided by (Used in) Investing Activities $ 691 $ (15,372) $ - CASH FROM FINANCING ACTIVITIES: Repayment of Long-Term Borrowings - (900) (600) Dividends Paid (11,191) (10,459) (9,567) Issuance of Common Stock Under Compensation Plans 1,300 1,028 1,041 Payments to Repurchase Common Stock - - (2,042) Net Cash Used In Financing Activities $ (9,891) $ (10,331) $ (11,168) Net Increase (Decrease) in Cash 16,969 (13,950) 10,794 Cash at Beginning of Year 25,768 39,718 28,924 Cash at End of Year $ 42,737 $ 25,768 $ 39,718

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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 https://asc.fasb.org/extlink&oid=126898705&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 https://asc.fasb.org/extlink&oid=126929396&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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