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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Information

Note 22: Parent Company Financial Information

 

Presented below is condensed financial information of the parent company only:

 

Condensed Balance Sheets

 

($ in thousands)   2021     2020  
Assets                
Cash & cash equivalents   $ 14,406     $ 2,178  
Investment in banking subsidiaries     152,761       143,244  
Investment in nonbanking subsidiaries     6,770       5,617  
Other assets     2,259       3,229  
Total assets   $ 176,196     $ 154,268  
                 
Liabilities                
Trust preferred securities   $ 10,000     $ 10,000  
Sub debt net of issuance cost     19,546      
-
  
Borrowings from nonbanking subsidiaries     310       310  
Other liabilities & accrued interest payable     1,411       1,035  
Total liabilities     31,267       11,345  
                 
Stockholders’ equity     144,929       142,923  
                 
Total liabilities and stockholders’ equity   $ 176,196     $ 154,268  

 

Condensed Statements of Income

 

($ in thousands)   2021     2020  
Dividends from subsidiaries:                
Banking subsidiaries   $ 5,000     $ 24,025  
Nonbanking subsidiaries     500      
-
  
Total income     5,500       24,025  
                 
Expenses                
Interest expense     661       256  
Other expense     1,478       2,950  
Total expenses     2,139       3,206  
                 
Income before income tax     3,361       20,819  
Income tax benefit     (450 )     (712 )
                 
Income before equity in undistributed income of subsidiaries     3,811       21,531  
                 
Equity in undistributed income of subsidiaries                
Banking subsidiaries     13,573       (8,071 )
Nonbanking subsidiaries     893       1,484  
Total     14,466       (6,587 )
                 
Net income   $ 18,277     $ 14,944  

 

Condensed Statements of Comprehensive Income

 

($ in thousands)   2021     2020  
Net income   $ 18,277     $ 14,944  
Other comprehensive income:                
Available-for-sale investment securities:                
Gross unrealized holding gain (loss) arising in the period     (5,133 )     1,963  
Related tax (expense) benefit     1,078       (412 )
Net effect on other comprehensive income     (4,055 )     1,551  
Total comprehensive income   $ 14,222     $ 16,495  

 

Condensed Statements of Cash Flows

 

($ in thousands)   2021     2020  
Operating activities                
Net income   $ 18,277     $ 14,944  
Items not requiring (providing) cash                
Equity in undistributed net income of subsidiaries     (14,466 )     6,587  
Stock compensation expense     443       382  
Other assets     1,811       (2,287 )
Other liabilities     376       663  
Net cash provided by operating activities     6,441       20,289  
                 
Investing activities                
Capital contributed to banking subsidiary     -       (15,520 )
Capital contributed to nonbanking subsidiary     (1,100 )     -  
Net cash used in investing activities     (1,100 )     (15,520 )
                 
Financing activities                
Dividends on common shares     (3,139 )     (3,070 )
Proceeds from share-based compensation plans     -       188  
Repurchase of common shares     (9,520 )     (7,166 )
Proceeds from sub-debt net of issuance cost     19,546       -  
Net cash provided by (used in) financing activities     6,887       (10,048 )
                 
Net change in cash and cash equivalents     12,228       (5,279 )
Cash and cash equivalents at beginning of year     2,178       7,457  
Cash and cash equivalents at end of year   $ 14,406     $ 2,178