Condensed Parent Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

CONDENSED BALANCE SHEETS

December 31, 2020 and 2019

(Dollars in thousands)

	2020		2019
ASSETS:
Cash	$	8,062	$	13,155
Investment in subsidiaries		384,743		337,503
Other assets		4,413		1,996
Total assets	$	397,218	$	352,654
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Other liabilities	$	704	$	646
Other borrowings		39,346		39,261
Total liabilities		40,050		39,907
Shareholders’ equity		357,168		312,747
Total liabilities and shareholders’ equity	$	397,218	$	352,654

Condensed Income Statement

CONDENSED STATEMENTS OF INCOME

Years ended December 31, 2020 and 2019

(Dollars in thousands)

	2020		2019
INCOME:
Interest income	$	—	$	—
Merger termination fee		—		6,400
Total income		—		6,400
EXPENSES:
Interest expense		2,334		2,341
Other operating expenses		1,625		2,755
Total expense		3,959		5,096
Income (loss) before equity in undistributed earnings of subsidiaries and income tax benefit		(3,959)		1,304
Income tax benefit (expense)		908		(389)
Income before equity in undistributed net income of subsidiaries		(3,051)		915
Equity in undistributed earnings of subsidiaries		27,383		25,633
Net income	$	24,332	$	26,548

Condensed Cash Flow Statement

STATEMENTS OF CASH FLOWS

For the years ended December 31, 2020 and 2019

(Dollars in thousands)

	2020		2019
Cash flows from operating activities:
Net income	$	24,332	$	26,548
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed income of subsidiary		(27,383)		(25,633)
Other assets		(2,417)		(1,894)
Other liabilities		143		712
Net cash used in operating activities		(5,325)		(267)
Cash flows from investing activities:
Net cash paid for business combinations		(6,713)		—
Equity contribution from subsidiary		13,900		—
Net cash used in investing activities		7,187		—
Cash flows from financing activities:
Issuance of common stock		339		438
Cash dividends paid		(2,986)		(700)
Repurchase of common stock		(4,308)		—
Net cash (used) provided by financing activities		(6,955)		(262)
Net change in cash and cash equivalents		(5,093)		(529)
Cash and cash equivalents, beginning of year		13,155		13,684
Cash and cash equivalents, end of period	$	8,062	$	13,155