CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets

	December 31,
(Dollars in thousands)	2020		2019
Assets
Cash	$	15,566	$	1,058
Investment in subsidiaries	265,679		211,271
Other assets	6,077		6,397
Total assets	$	287,322	$	218,726
Liabilities and stockholders’ equity
Other liabilities	$	4,432	$	2,666
Subordinated debt	43,407		4,124
Total liabilities	47,839		6,790
Total stockholders’ equity	239,483		211,936
Total liabilities and stockholders’ equity	$	287,322	$	218,726

Condensed Statements of Income

Condensed Statements of Income

	Year ended December 31,
(Dollars in thousands)	2020		2019		2018
Income, dividends from Bank subsidiary	$	6,688	$	6,280	$	8,906
Operating expenses	16,804		14,296		13,439
Loss from continuing operations, before income taxes	(10,116)		(8,016)		(4,533)
Income tax benefit - continuing operations	(2,082)		(1,880)		(1,569)
Net loss from continuing operations	(8,034)		(6,136)		(2,964)
Income from discontinued operations, before income taxes	—		575		—
Income tax expense - discontinued operations	—		148		—
Net income from discontinued operations	—		427		—
Equity in undistributed income earnings of subsidiaries	45,445		32,700		14,967
Net income	$	37,411	$	26,991	$	12,003
Preferred dividends	$	461	$	479	$	489
Net income available to common shareholders	$	36,950	$	26,512	$	11,514

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

(Dollars in thousands)	2020		2019		2018
OPERATING ACTIVITIES
Net income	$	37,411	$	26,991	$	12,003
Equity in undistributed earnings of subsidiaries	(45,445)		(32,700)		(14,967)
Stock-based compensation	2,353		1,759		1,267
Other assets	(2,101)		(4,104)		1,997
Other liabilities	1,767		344		1,311
Net cash from operating activities	(6,015)		(7,710)		1,611
INVESTING ACTIVITIES
Investment in subsidiaries	(2,982)		16,791		(2,194)
Net cash from investing activities	(2,982)		16,791		(2,194)
FINANCING ACTIVITIES
Proceeds from stock issuance	240		1,033		—
AOCI reclassification of pension and available-for-sale investments	—		—		743
Subordinated debt issuance (redemption)	40,000		(12,400)		(35)
Common stock repurchased	(15,746)		—		—
Preferred stock redemption	—		(500)		—
Common stock options exercised	4,464		2,164		2,129
Cash dividends paid on common stock	(4,275)		(2,290)		(1,220)
Cash dividends paid on preferred stock	(461)		(479)		(489)
Net cash from financing activities	24,222		(12,472)		1,128
Net change in cash	15,225		(3,391)		545
Cash at beginning of period	1,058		4,449		3,904
Cash at end of period	$	16,283	$	1,058	$	4,449
Noncash common stock converted from subordinated debt	$	—	$	1,000	$	15,965