Note 24: Parent Company Financial Information

The following information presents the condensed balance sheets of the Company as of December 31, 2019 and 2018, and the condensed statements of income and cash flows of the Company for the years ended December 31, 2019, 2018 and 2017:

Condensed Balance Sheets

ddddddddd
	December 31,		December 31,
	2019		2018
ASSETS
Cash and Cash Equivalents	$	27,315	$	45,498
Investment in Subsidiaries		253,456		213,676
Premises and Equipment, Net		795		816
Other Assets		2,181		1,571
Total Assets	$	283,747	$	261,561
LIABILITIES AND EQUITY
LIABILITIES
Notes Payable	$	13,000	$	15,000
Subordinated Debentures, Net of Issuance Costs		24,733		24,630
Accrued Interest Payable		713		745
Other Liabilities		507		188
Total Liabilities		38,953		40,563
SHAREHOLDERS’ EQUITY
Preferred Stock—$0.01 par value
Preferred Stock—Authorized 10,000,000		—		—
Common Stock—$0.01 par value
Voting Common Stock—Authorized 75,000,000		290		301
Additional Paid‑In Capital		112,093		126,031
Retained Earnings		127,637		96,234
Accumulated Other Comprehensive Income (Loss)		4,774		(1,568)
Total Shareholders’ Equity		244,794		220,998
Total Liabilities and Shareholders' Equity	$	283,747	$	261,561

Condensed Statements of Income


	December 31,		December 31,		December 31,
	2019		2018		2017
INCOME
Dividend Income	$	1,040	$	1,100	$	—
Interest Income		27		3		9
Other Income		158		136		145
Total Income		1,225		1,239		154
EXPENSE
Interest Expense		2,056		2,162		1,405
Other Expenses		996		1,152		555
Total Interest Expense		3,052		3,314		1,960
LOSS BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS		(1,827)		(2,075)		(1,806)
Income Tax Benefit		776		924		713
LOSS BEFORE EQUITY IN UNDISTRIBUTED EARNINGS		(1,051)		(1,151)		(1,093)
Equity in Undistributed Earnings		32,454		28,071		17,982
NET INCOME	$	31,403	$	26,920	$	16,889

Condensed Statements of Cash Flows


	December 31,		December 31,		December 31,
	2019		2018		2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	31,403	$	26,920	$	16,889
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:
Equity in Undistributed Earnings of Subsidiaries		(32,454)		(28,071)		(17,982)
Changes in Other Assets and Liabilities		311		(368)		180
Net Cash Used by Operating Activities		(740)		(1,519)		(913)
CASH FLOWS FROM INVESTING ACTIVITIES
Net Increase in Loans		(742)		—		—
Investment in Subsidiaries		—		(25,000)		(25,000)
Net Cash Used in Investing Activities		(742)		(25,000)		(25,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal Payments on Notes Payable		(2,000)		(2,000)		(2,000)
Proceeds from Issuance of Subordinated Debt		—		—		24,484
Stock Options Exercised		258		106		180
Stock Repurchases		(14,959)		—		—
Issuance of Common Stock		—		58,857		—
Net Cash Provided (Used) by Financing Activities		(16,701)		56,963		22,664
NET CHANGE IN CASH AND CASH EQUIVALENTS		(18,183)		30,444		(3,249)
Cash and Cash Equivalents Beginning		45,498		15,054		18,303
Cash and Cash Equivalents Ending	$	27,315	$	45,498	$	15,054