Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Statements of Financial Condition	December 31,
	2020		2019
Assets:
Cash and due from subsidiary	$	31,848	$	7,172
Investment in and receivables due from subsidiary		511,572		471,959
Other assets		4,136		3,992
Total assets	$	547,556	$	483,123
Liabilities and shareholders’ equity:
Long-term borrowings, net of issuance costs of $1,377 and $727, respectively	$	73,623	$	39,273
Other liabilities		5,570		4,903
Shareholders’ equity		468,363		438,947
Total liabilities and shareholders’ equity	$	547,556	$	483,123

Condensed Statements of Income	Years ended December 31,
	2020		2019		2018
Dividends from subsidiary and associated companies	$	23,000	$	20,000	$	20,000
Management and service fees from subsidiaries		146		146		137
Other income		121		97		137
Total income		23,267		20,243		20,274
Interest expense		2,888		2,471		2,471
Operating expenses		3,171		3,073		4,156
Total expense		6,059		5,544		6,627
Income before income tax benefit and equity in undistributed earnings of subsidiary		17,208		14,699		13,647
Income tax benefit		1,399		596		1,745
Income before equity in undistributed earnings of subsidiary		18,607		15,295		15,392
Equity in undistributed earnings of subsidiary		19,725		33,567		24,134
Net income	$	38,332	$	48,862	$	39,526

(23.) PARENT COMPANY FINANCIAL INFORMATION (Continued)

Condensed Statements of Cash Flows	Years ended December 31,
	2020			2019			2018
Cash flows from operating activities:
Net income	$	38,332		$	48,862		$	39,526
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(19,725	)		(33,567	)		(24,134	)
Depreciation and amortization		209			153			152
Share-based compensation		1,333			1,406			1,301
(Increase) decrease in other assets		(48	)		2,243			(175	)
Increase (Decrease) in other liabilities		497			(1,407	)		1,548
Net cash provided by operating activities		20,598			17,690			18,218
Cash flows from investing activities:
Capital investment in subsidiaries		(11,966	)		(350	)		(803	)
Purchase of premises and equipment		(11	)		8			(19	)
Net cash paid for acquisition		-			-			(4,503	)
Net cash used in investing activities		(11,977	)		(342	)		(5,325	)
Cash flows from financing activities:
Issuance of long-term debt, net of issuance costs		34,221			-			-
Purchase of preferred and common shares		(209	)		(293	)		(114	)
Proceeds from stock options exercised		-			-			320
Dividends paid		(17,957	)		(17,260	)		(16,409	)
Net cash provided by (used in) financing activities		16,055			(17,553	)		(16,203	)
Net increase (decrease) in cash and cash equivalents		24,676			(205	)		(3,310	)
Cash and cash equivalents as of beginning of year		7,172			7,377			10,687
Cash and cash equivalents as of end of the year	$	31,848		$	7,172		$	7,377