Parent Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Parent Only Condensed Financial Statements

25.     PARENT ONLY CONDENSED FINANCIAL STATEMENTS

BALANCE SHEETS

Years Ended December 31, 2019 and 2018

(dollars in thousands)

	2019		2018
ASSETS
Cash and due from banks	$	4,818	$	2,338
Investments in bank subsidiary		339,449		305,492
Investment in trust subsidiaries		1,145		1,145
Other assets		21		20
	$	345,433	$	308,995
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Other liabilities	$	1,203	$	1,204
Subordinated debentures		34,945		34,767
Total liabilities		36,148		35,971
Shareholders' equity:
Common stock		116,486		115,573
Retained earnings		186,867		164,117
Accumulated other comprehensive income, net of taxes		5,932		(6,666)
Total shareholders' equity		309,285		273,024
	$	345,433	$	308,995

STATEMENTS OF INCOME

Years Ended December 31, 2019, 2018 and 2017

(dollars in thousands)

	2019		2018		2017
Income:
Dividend from subsidiary	$	17,200	$	7,750	$	15,500
Gain on sale of securities		—		—		918
Other operating income		—		—		16
Total income		17,200		7,750		16,434
Expense
Salaries and employee benefits		582		516		481
Other expenses		2,664		2,533		2,276
Total expenses		3,246		3,049		2,757
Income before income taxes		13,954		4,701		13,677
Income tax benefit		(1,138)		(1,150)		(1,602)
Income before equity in undistributed income of subsidiary		15,092		5,851		15,279
Equity in undistributed income of subsidiary		20,869		23,826		4,260
Net income	$	35,961	$	29,677	$	19,539

STATEMENTS OF CASH FLOWS

Years Ended December 31, 2019, 2018 and 2017

(dollars in thousands)

	2019		2018		2017
Cash flows from operating activities:
Net income	$	35,961	$	29,677	$	19,539
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed net loss of subsidiary		(20,869)		(23,826)		(4,260)
Gain on sale of securities		—		—		(918)
Increase (decrease) in other assets		178		183		170
(Decrease) increase in other liabilities		(2)		28		(757)
Net cash provided for operating activities		15,268		6,062		13,774
Cash flows from investing activities:
Sales of securities		—		—		1,480
Cash paid from acquisitions, net		—		(6)		(7,061)
Net cash provided by investing activities		—		(6)		(5,581)
Cash flows from financing activities:
Change in other borrowings		—		—		—
Stock options exercised		1,088		1,131		764
Repurchase of common stock		(2,544)		—		—
Dividends paid		(11,332)		(9,757)		(7,935)
Net cash used in by financing activities		(12,788)		(8,626)		(7,171)
Net decrease (increase) in cash and cash equivalents		2,480		(2,570)		1,022
Cash and cash equivalents, beginning of year		2,338		4,908		3,886
Cash and cash equivalents, end of year	$	4,818	$	2,338	$	4,908