Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Balance Sheets


	December 31
	2020		2019
ASSETS
Cash on deposit at the Bank	$	2,670	$	1,360
Investments in subsidiaries	166,096		157,415
Premises and equipment	1,529		1,539
Other assets	48,352		49,887
TOTAL ASSETS	$	218,647	$	210,201
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other liabilities	$	59	$	19
Shareholders' equity	218,588		210,182
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	218,647	$	210,201

Condensed Statements of Income


	Year Ended December 31
	2020		2019		2018
Income
Dividends from subsidiaries	$	9,300	$	7,800	$	13,100
Interest income	1		7		1
Net income (loss) on CSS joint venture	577		(3,108)		274
Other income (loss)	—		—		2,756
Total income	9,878		4,699		16,131
Expenses
Compensation and benefits	—		—		4,132
Occupancy and equipment	61		59		513
Audit, consulting, and legal fees	573		477		774
Director fees	356		368		413
Other	1,172		1,165		796
Total expenses	2,162		2,069		6,628
Income before income tax benefit and equity in undistributed earnings of subsidiaries	7,716		2,630		9,503
Federal income tax benefit	216		984		749
Income before equity in undistributed earnings of subsidiaries	7,932		3,614		10,252
Undistributed earnings of subsidiaries	2,953		9,410		3,769
Net income	$	10,885	$	13,024	$	14,021

Condensed Statements of Cash Flows


	Year Ended December 31
	2020		2019		2018
Operating activities
Net income	$	10,885	$	13,024	$	14,021
Adjustments to reconcile net income to cash provided by operations
Undistributed earnings of subsidiaries	(2,953)		(9,410)		(3,769)
Undistributed earnings of equity securities without readily determinable fair values	(394)		3,320		(144)
Loss on sale of joint venture investment	394		—		—
Share-based payment awards under the Directors Plan	413		523		612
Share-based payment awards under the RSP	14		—		—
Depreciation	47		46		134
Deferred income tax expense (benefit)	351		114		(31)
Changes in operating assets and liabilities which provided (used) cash
Other assets	183		(285)		1,237
Other liabilities	40		69		(937)
Net cash provided by (used in) operating activities	8,980		7,401		11,123
Investing activities
Sale of joint venture investment	1,000		—		—
Purchases of premises and equipment	(37)		—		(96)
Net cash provided by (used in) investing activities	963		—		(96)
Financing activities
Cash dividends paid on common stock	(8,524)		(8,282)		(8,169)
Proceeds from the issuance of common stock	4,185		4,876		6,864
Common stock repurchased	(2,702)		(4,003)		(7,007)
Common stock purchased for deferred compensation obligations	(1,592)		(1,131)		(401)
Net cash provided by (used in) financing activities	(8,633)		(8,540)		(8,713)
Increase (decrease) in cash and cash equivalents	1,310		(1,139)		2,314
Cash and cash equivalents at beginning of period	1,360		2,499		185
Cash and cash equivalents at end of period	$	2,670	$	1,360	$	2,499