Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2021

Note 18 – Condensed Financial Statements of Parent Company

Balance Sheets
	(In Thousands)
	2021		2020
Assets
Cash	$	19,293	$	5,763
Interest-bearing time deposits		1,234		1,727
Related party receivables:
Dividends and accounts receivable from subsidiary		4,636		3,380
Accrued interest receivable - municipals / interest bearing time deposits		43		91
Securities - municipals		9,027		17,885
Investment in subsidiaries		340,733		222,423
Total Assets	$	374,966	$	251,269

Liabilities
Other borrowings	$	40,000	$	-
Subordinated notes, net of unamortized issuance costs		34,471		-
Dividends payable		2,461		1,889
Accrued interest payable		743		-
Accrued expenses		124		220
Total Liabilities		77,799		2,109
Stockholders' Equity		297,167		249,160
Total Liabilities and Stockholders' Equity	$	374,966	$	251,269

Statements of Income and Comprehensive Income
	(In Thousands)
	2021			2020			2019
Income
Dividends from subsidiaries	$	23,200		$	8,800		$	13,137
Interest - municipals / interest-bearing time deposits		253			382			374
Loss on sales of available-for-sale securities		293			-			-
Total income		23,746			9,182			13,511
Expenses
Interest		743			-			-
Operating expenses		1,335			923			999
Total expenses		2,078			923			999

Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries		21,668			8,259			12,512
Income Taxes (Benefit)		(347	)		(184	)		(166	)
		22,015			8,443			12,678
Equity in undistributed earnings of subsidiaries		1,480			11,652			5,724
Net Income		23,495			20,095			18,402
Other Comprehensive Income (Loss):
Unrealized gains (losses) on securities, net of taxes		(8,881	)		4,599			4,112
Comprehensive Income	$	14,614		$	24,694		$	22,514

Statements of Cash Flows
	(In Thousands)
	2021			2020			2019
Cash Flows from Operating Activities
Net income	$	23,495		$	20,095		$	18,402
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income		(1,480	)		(11,652	)		(5,724	)
Amortization of premiums on available-for-sale securities, net		81			154			99
Amortization of subordinated notes issuance fees		49			-			-
Stock-based compensation expense		822			1,024			1,088
Director stock awards		73			48			-
Gain on sale of available-for-sale securities		(293	)		-			-
Changes in assets and liabilities:
Other assets and liabilities		(456	)		1,742			(2,692	)
Net cash provided by operating activities		22,291			11,411			11,173
Cash Flows from Investing Activities
Activity in available-for-sale securities:
Maturities, prepayments and calls		795			385			7,060
Sales		7,773			-			500
Purchases		-			(745	)		(11,453	)
Maturities of certificates of deposit		493			-			-
Cash used for acquisitions		(79,235	)		-			-
Net cash used in investing activities		(70,174	)		(360	)		(3,893	)
Cash Flows from Financing Activities
Proceeds of other borrowings		35,000			-			-
Purchase of treasury stock		(338	)		(383	)		(381	)
Proceeds from issuance of subordinated notes		34,421			-			-
Payment of dividends		(7,670	)		(7,186	)		(6,345	)
Net cash provided by (used in) financing activities		61,413			(7,569	)		(6,726	)
Net Change in Cash and Cash Equivalents		13,530			3,482			554
Cash and Cash Equivalents - Beginning of year		5,763			2,281			1,727
Cash and Cash Equivalents - End of year	$	19,293		$	5,763		$	2,281