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Parent Company financial statements (Tables)

12 Months Ended

Dec. 31, 2017

Parent Company financial statements

Condensed Balance Sheets


December 31		2017			2016
Assets:
Cash and cash equivalents		$	3,932		$	3,948
Investment securities available-for-sale			46
Investment in bank subsidiary			259,147			250,869
Due from subsidiaries			1,900			1,903
Total assets		$	265,025		$	256,720

Liabilities and Stockholders’ Equity:
Other liabilities		$	49		$	102
Stockholders’ equity			264,976			256,618
Total liabilities and stockholders’ equity		$	265,025		$	256,720

Condensed Statements of Income and Comprehensive Income


Year Ended December 31		2017			2016			2015
Income:
Dividends from subsidiaries		$	9,319		$	9,170		$	9,319
Other income			52			46			40
Total income			9,371			9,216			9,359
Expense:
Other expenses			205			259			243
Total expenses			205			259			243
Income before taxes and undistributed income			9,166			8,957			9,116
Income tax benefit			(54)			(75)			(70)
Income before undistributed income of subsidiaries			9,220			9,032			9,186
Equity in undistributed net income (loss) of subsidiaries			9,237			10,551			8,537
Net income		$	18,457		$	19,583		$	17,723
Comprehensive Income		$	17,500		$	17,553		$	16,427

Condensed Statements of Cash Flows


Year Ended December 31		2017			2016			2015
Cash flows from operating activities:
Net income		$	18,457		$	19,583		$	17,723
Adjustments:
Net realized gains on sales of securities
Undistributed net income of subsidiaries			(9,237)			(10,551)			(8,537)
(Decrease) increase in other assets			(3)			577			5,257
Decrease in other liabilities			(53)			(77)			(69)
Stock based compensation			177			71			69
Net cash provided by operating activities			9,341			9,603			14,443
Cash flows from investing activities:
Purchase of available-for-sale securities			(43)
Net cash provided by investing activities			(43)
Cash flows from financing activities:
Redemption of common stock						(604)			(5,188)
Reissuance of treasury stock			5
Cash dividends paid			(9,319)			(9,170)			(9,319)
Net cash used in financing activities			(9,314)			(9,774)			(14,507)
Decrease in cash			(16)			(171)			(64)
Cash at beginning of year			3,948			4,119			4,183
Cash at end of year		$	3,932		$	3,948		$	4,119