PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

Note 20

PARENT COMPANY FINANCIAL INFORMATION

The following are condensed statements of financial condition of the parent company at December 31:

Parent Company Statements of Financial Condition

(Dollars in Thousands, Except Per Share Data)	2016		2015
ASSETS
Cash and Due From Subsidiary Bank	$	9,618	$	13,527
Investment in Subsidiary Bank		325,337		327,794
Other Assets		5,563		5,164
Total Assets	$	340,518	$	346,485
LIABILITIES
Short-Term Borrowings		3,000		0
Subordinated Notes Payable	$	52,887	$	62,887
Other Liabilities		9,463		9,246
Total Liabilities		65,350		72,133
SHAREOWNERS’ EQUITY
Common Stock, $.01 par value; 90,000,000 shares authorized; 16,844,698 and 17,156,919 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively		168		172
Additional Paid-In Capital		34,188		38,256
Retained Earnings		267,037		258,181
Accumulated Other Comprehensive Loss, Net of Tax		(26,225)		(22,257)
Total Shareowners’ Equity		275,168		274,352
Total Liabilities and Shareowners’ Equity	$	340,518	$	346,485

The operating results of the parent company for the three years ended December 31 are shown below:

Parent Company Statements of Operations

(Dollars in Thousands)	2016		2015		2014
OPERATING INCOME
Income Received from Subsidiary Bank:
Overhead Fees	$	4,700	$	4,604	$	4,468
Dividends		9,300		9,200		6,000
Other Income		2,675		424		138
Total Operating Income		16,675		14,228		10,606
OPERATING EXPENSE
Salaries and Associate Benefits		4,247		3,395		3,156
Interest on Subordinated Notes Payable		1,527		1,368		1,328
Professional Fees		1,114		1,078		1,024
Advertising		160		105		141
Legal Fees		167		168		243
Other		718		699		624
Total Operating Expense		7,933		6,813		6,516
Earnings Before Income Taxes and Equity in Undistributed
Earnings of Subsidiary Bank		8,742		7,415		4,090
Income Tax Benefit		(1,492)		(342)		(433)
Earnings Before Equity in Undistributed Earnings of Subsidiary Bank		10,234		7,757		4,523
Equity in Undistributed Earnings of Subsidiary Bank		1,512		1,359		4,737
Net Income	$	11,746	$	9,116	$	9,260

The cash flows for the parent company for the three years ended December 31 were as follows:

Parent Company Statements of Cash Flows

(Dollars in Thousands)	2016		2015		2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	11,746	$	9,116	$	9,260
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Equity in Undistributed Earnings of Subsidiary Bank		(1,512)		(1,359)		(4,737)
Stock Compensation		1,260		1,109		1,349
Gain on Retirement of Trust Preferred Securities		(2,487)		-		-
(Increase) Decrease in Other Assets		(399)		191		387
Increase in Other Liabilities		345		444		532
Net Cash Provided By Operating Activities		8,953		9,501		6,791
CASH FROM FINANCING ACTIVITIES:
Redemption of Subordinated Notes		(7,500)		-		-
Proceeds from Short-Term Borrowings		3,750		-		-
Repayment of Short-Term Borrowings		(750)		-		-
Dividends Paid		(2,890)		(2,241)		(1,568)
Issuance of Common Stock Under Compensation Plans		840		507		578
Payments to Repurchase Common Stock		(6,312)		(5,981)		(269)
Net Cash Used In Financing Activities		(12,862)		(7,715)		(1,259)
Net (Decrease) Increase in Cash		(3,909)		1,786		5,532
Cash at Beginning of Year		13,527		11,741		6,209
Cash at End of Year	$	9,618	$	13,527	$	11,741