Condensed Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Company Only Financial Statements

Balance Sheets


	December 31,
(Dollars in thousands, except per share data)	2020		2019
Assets
Cash	$	3,302	$	353
Investment in subsidiaries	406,032		311,040
Other assets	430		201
Total assets	$	409,764	$	311,594
Liabilities and Stockholders' Equity
Liabilities
Subordinated debt	$	73,744	$	14,872
Accrued interest payable	1,591		78
Other liabilities	3		3
Total liabilities	75,338		14,953
Stockholders' equity:
Preferred stock, $0.01 par value per share; 1,000,000 shares authorized; no shares issued	—		—
Common stock $0.01 par value per share; 40,000,000 shares authorized; 11,937,795 shares issued and outstanding at December 31, 2020 and 11,825,331 shares issued and outstanding at December 31, 2019	119		118
Additional paid-in capital	97,137		94,170
Retained earnings	214,977		191,843
Accumulated other comprehensive income	22,193		10,510
Total stockholders' equity	334,426		296,641
Total liabilities and stockholders' equity	$	409,764	$	311,594

Parent Company Only Financial Statements

Statements of Income


	For the years ended December 31,
(Dollars in thousands)	2020		2019		2018
Equity in undistributed net income of subsidiaries	$	30,309	$	29,329	$	25,635
Dividends distributed by subsidiaries	3,100		5,700		4,100


Total income	33,409		35,029		29,735
Interest expense	2,502		925		925
Other operating expenses	215		226		216
Total operating expenses	2,717		1,151		1,141
Income before income taxes	30,692		33,878		28,594
Benefit from income taxes	(764)		(322)		(287)
Net income	$	31,456	$	34,200	$	28,881

Statements of Cash Flows


	For the years ended December 31,
(Dollars in thousands)	2020		2019		2018
Cash flows from operating activities:
Net income	$	31,456	$	34,200	$	28,881
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(30,309)		(29,329)		(25,635)
Payment from subsidiary bank for stock compensation expense	1,872		1,869		1,879
Changes in:
(Increase) decrease in other assets	(229)		(3)		213
Decrease in other liabilities	385		12		13
Net cash provided by operating activities	3,175		6,749		5,351
Cash flows from investing activities:
Investment in subsidiary	(53,000)		—		—
Net cash provided by investing activities	(53,000)		—		—
Cash flows from financing activities:

Proceeds from the issuance of subordinated debt	60,000		—		—
Cash dividends paid, net of DRP	(7,105)		(6,371)		(5,443)
Proceeds from issuance of common stock	91		69		121
Net settlement for employee tax withholdings on restricted stock and options	(233)		(402)		(559)
Net proceeds from exercise of stock options	21		185		308

Net cash used in financing activities	52,774		(6,519)		(5,573)
Net increase (decrease) in cash and cash equivalents	2,949		230		(222)
Cash at beginning of year	353		123		345
Cash at end of year	$	3,302	$	353	$	123

See Note 12, "Stockholders' Equity," above for further information regarding changes in both the Company's investment in subsidiary and subordinated debt.

The Parent Company's Statements of Comprehensive Income and Statements of Changes in Stockholders' Equity are identical to the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Changes in Stockholders' Equity and therefore are not presented here.