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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2023
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) 2023 2022 ASSETS Cash and Due From Subsidiary Bank $ 54,004 $ 42,737 Equity Securities 569 199 Investment in Subsidiary Bank 445,441 404,892 Goodwill and Other Intangibles 3,838 3,998 Other Assets 10,758 11,297 Total Assets $ 514,610 $ 463,123 LIABILITIES Subordinated Notes Payable $ 52,887 $ 52,887 Other Liabilities 21,098 22,955 Total Liabilities 73,985 75,842 SHAREOWNERS’ EQUITY Common Stock, $ 0.01 par value; 90,000,000 shares authorized; 16,950,222 and 16,986,785 shares issued and outstanding at December 31, 2023 and 2022, respectively 170 170 Additional Paid-In Capital 36,326 37,331 Retained Earnings 426,275 387,009 Accumulated Other Comprehensive Loss, Net of Tax (22,146) (37,229) Total Shareowners’ Equity 440,625 387,281 Total Liabilities and Shareowners’ Equity $ 514,610 $ 463,123 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) 2023 2022 2021 OPERATING INCOME Income Received from Subsidiary Bank: Administrative Fees $ 6,367 $ 5,396 $ 5,516 Dividends 30,000 23,000 10,000 Other Income 453 253 174 Total Operating Income 36,820 28,649 15,690 OPERATING EXPENSE Salaries and Associate Benefits 4,257 5,034 3,558 Interest on Subordinated Notes Payable 2,427 1,652 1,233 Professional Fees 859 616 1,113 Advertising 214 232 134 Legal Fees 683 370 589 Other 1,670 2,186 2,087 Total Operating Expense 10,110 10,090 8,714 Earnings Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank 26,710 18,559 6,976 Income Tax Benefit (650) (661) (717) Earnings Before Equity in Undistributed Earnings of Subsidiary Bank 27,360 19,220 7,693 Equity in Undistributed Earnings of Subsidiary Bank 24,898 14,192 25,703 Net Income Attributable to Common Shareowners $ 52,258 $ 33,412 $ 33,396 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) 2023 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income Attributable to Common Shareowners $ 52,258 $ 33,412 $ 33,396 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: Equity in Undistributed Earnings of Subsidiary Bank (24,898) (14,192) (25,703) Stock Compensation 1,468 1,278 843 Amortization of Intangible Asset 160 160 107 Increase in Other Assets (117) (336) (21) Increase in Other Liabilities (1,557) 5,847 3,131 Net Cash Provided By Operating Activities $ 27,314 $ 26,169 $ 11,753 CASH FROM INVESTING ACTIVITIES: Purchase of Equity Securities $ (369) $ (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 $ (369) $ 691 $ (15,372) CASH FROM FINANCING ACTIVITIES: Repayment of Long-Term Borrowings - - (900) Dividends Paid (12,905) (11,191) (10,459) Issuance of Common Stock Under Compensation Plans 937 1,300 1,028 Payments to Repurchase Common Stock (3,710) - - Net Cash Used In Financing Activities $ (15,678) $ (9,891) $ (10,331) Net Increase (Decrease) in Cash and Due from Subsidiary Bank 11,267 16,969 (13,950) Cash and Due from Subsidiary Bank at Beginning of Year 42,737 25,768 39,718 Cash and Due from Subsidiary Bank at End of Year $ 54,004 $ 42,737 $ 25,768

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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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