PARENT COMPANY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2016

PARENT COMPANY FINANCIAL STATEMENTS [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets
December 31
	2016			2015
ASSETS
Cash	$	6,699		$	5,424
Investment in subsidiaries		181,520			153,026
Premises and equipment		293			230
Other assets		427			358
Total assets	$	188,939		$	159,038
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	$	812		$	806
Other borrowed funds		8,600			11,000
Subordinated debt		5,343			-
Total liabilities		14,755			11,806
Stockholders' equity
Common stock		109,911			69,319
Retained earnings		66,195			77,592
Accumulated other comprehensive income (loss)		(1,922	)		321
Total stockholders' equity		174,184			147,232
Total liabilities and stockholders' equity	$	188,939		$	159,038

Condensed Statement of Operations

Condensed Statement of Operations
Years Ended December 31
	2016			2015			2014
Income
Dividends from subsidiaries	$	10,840		$	13,390		$	14,340
Interest and dividend income		9			2			6
Other income		1,766			1,565			2,364
Total income		12,615			14,957			16,710
Expenses
Interest expense		401			494			550
Salaries and employee benefits		2,744			2,703			2,814
Occupancy and equipment expenses		302			268			272
Professional fees		307			264			337
Other expenses		917			523			509
Total expenses		4,671			4,252			4,482
Income before income taxes and equity in undistributed income of subsidiaries		7,944			10,705			12,228
Income tax (benefit)		(988	)		(875	)		(728	)
Income before equity in undistributed income of subsidiaries		8,932			11,580			12,956
Equity in undistributed income of subsidiaries		3,242			866			194
Net income	$	12,174		$	12,446		$	13,150
Preferred stock dividends and accretion		-			-			(598	)
Net income available to common stockholders	$	12,174		$	12,446		$	12,552

Condensed Statement of Cash Flows

Condensed Statement of Cash Flows
Years Ended December 31
	2016			2015			2014
Cash flows from operating activities
Net income	$	12,174		$	12,446		$	13,150
Adjustments to reconcile net income to net cash from operating activities
Depreciation		94			84			75
Amortization		35			-			-
Stock compensation expense		178			204			248
Gain from sales of assets		-			-			(947	)
Equity in undistributed earnings of subsidiaries		(3,242	)		(866	)		(194	)
Change in other assets		(174	)		100			1,060
Change in other liabilities		(58	)		(49	)		89
Net cash from operating activities		9,007			11,919			13,481
Cash flows from investing activities
Proceeds from sales of other real estate owned		-			-			947
Acquisition of subsidiary, net of cash received		25			-			-
Purchases of fixed assets, net of proceeds from asset sales		(159	)		(149	)		(33	)
Net cash from investing activities		(134	)		(149	)		914
Cash flows from financing activities
Cash dividends on preferred stock		-			-			(553	)
Cash dividends paid to shareholders		(5,933	)		(4,573	)		(4,854	)
Repurchase of preferred stock		-			-			(12,000	)
Purchase of warrant		-			(5,675	)		-
Cash in lieu of fractional shares		(16	)		-			-
Proceeds from stock option exercises		751			222			731
Proceeds from other borrowed funds		-			15,946			-
Payments on other borrowed funds		(2,400	)		(16,346	)		(2,400	)
Net cash from financing activities		(7,598	)		(10,426	)		(19,076	)
Net change in cash and cash equivalents		1,275			1,344			(4,681	)
Cash and cash equivalents at beginning of year		5,424			4,080			8,761
Cash and cash equivalents at end of year	$	6,699		$	5,424		$	4,080