Parent Company Financial Information

12 Months Ended

Dec. 31, 2019

(21.)

PARENT COMPANY FINANCIAL INFORMATION

Condensed financial statements pertaining only to the Parent are presented below (in thousands).

Condensed Statements of Financial Condition	December 31,
	2019		2018
Assets:
Cash and due from subsidiary	$	7,172	$	7,377
Investment in and receivables due from subsidiary		471,959		429,202
Other assets		3,992		6,199
Total assets	$	483,123	$	442,778
Liabilities and shareholders’ equity:
Long-term borrowings, net of issuance costs of $727 and $798, respectively	$	39,273	$	39,202
Other liabilities		4,903		7,283
Shareholders’ equity		438,947		396,293
Total liabilities and shareholders’ equity	$	483,123	$	442,778

Condensed Statements of Income	Years ended December 31,
	2019		2018		2017
Dividends from subsidiary and associated companies	$	20,000	$	20,000	$	12,000
Management and service fees from subsidiaries		146		137		1,185
Other income		97		137		1,298
Total income		20,243		20,274		14,483
Interest expense		2,471		2,471		2,471
Operating expenses		3,073		4,156		4,249
Total expense		5,544		6,627		6,720
Income before income tax benefit and equity in undistributed earnings of subsidiary		14,699		13,647		7,763
Income tax benefit		596		1,745		1,817
Income before equity in undistributed earnings of subsidiary		15,295		15,392		9,580
Equity in undistributed earnings of subsidiary		33,567		24,134		23,946
Net income	$	48,862	$	39,526	$	33,526

Condensed Statements of Cash Flows	Years ended December 31,
	2019			2018			2017
Cash flows from operating activities:
Net income	$	48,862		$	39,526		$	33,526
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(33,567	)		(24,134	)		(23,946	)
Depreciation and amortization		153			152			149
Share-based compensation		1,406			1,301			1,174
Decrease (increase) in other assets		2,243			(175	)		(1,673	)
(Decrease) increase in other liabilities		(1,407	)		1,548			(1,211	)
Net cash provided by operating activities		17,690			18,218			8,019
Cash flows from investing activities:
Capital investment in subsidiaries		(350	)		(803	)		(38,405	)
Purchase of premises and equipment		8			(19	)		(44	)
Net cash paid for acquisition		-			(4,503	)		-
Net cash used in investing activities		(342	)		(5,325	)		(38,449	)
Cash flows from financing activities:
Proceeds from issuance of common shares		-			-			38,303
Purchase of preferred and common shares		(293	)		(114	)		(157	)
Proceeds from stock options exercised		-			320			413
Dividends paid		(17,260	)		(16,409	)		(13,958	)
Other		-			-			-
Net cash (used in) provided by financing activities		(17,553	)		(16,203	)		24,601
Net decrease in cash and cash equivalents		(205	)		(3,310	)		(5,829	)
Cash and cash equivalents as of beginning of year		7,377			10,687			16,516
Cash and cash equivalents as of end of the year	$	7,172		$	7,377		$	10,687