Parent Corporation Only Financial Statements

12 Months Ended

Dec. 31, 2019

Parent Corporation Only Financial Statements [Abstract]

Parent Corporation Only Financial Statements

Note 25. Parent Corporation Only Financial Statements

PARENT COMPANY

CONDENSED BALANCE SHEETS

AS OF DECEMBER 31, 2019 and 2018

(dollars in thousands)

	2019		2018
Assets
Cash	$	811	$	2,324
Other assets		286		252
Investments in subsidiaries		158,506		139,010
Total assets	$	159,603	$	141,586
Liabilities
Other liabilities	$	—	$	1
Balances due to non-bank subsidiary		4,124		4,124
Total liabilities		4,124		4,125
Shareholders’ Equity
Common stock (200,000,000 shares authorized $0.01 par value; 22,422,621 and 22,132,304 shares issued and outstanding, respectively)		224		221
Additional paid in capital		150,728		148,763
Retained earnings (deficit)		2,562		(10,244)
Accumulated other comprehensive income (loss)		1,965		(1,279)
Total shareholders’ equity	$	155,479	$	137,461
Total liabilities and shareholders’ equity	$	159,603	$	141,586

PARENT COMPANY

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

(dollars in thousands)

	2019		2018
Income:
Dividends received from subsidiaries	$	—	$	—
Other operating income		7		8
Total income		7		8
Expenses:
Interest expense		228		217
Management fee paid to subsidiaries		242		186
Stock compensation expense		90		64
Professional and legal expenses		79		59
Other operating expenses		55		51
Total expenses		694		577
Equity in undistributed income of subsidiaries		16,252		14,144
Net income before income taxes		15,565		13,575
Income tax benefit		140		113
Net income	$	15,705	$	13,688
Comprehensive income	$	18,949	$	12,366

PARENT COMPANY

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

(dollars in thousands)

	2019		2018
Operating activities:
Net income	$	15,705	$	13,688
Adjustments to reconcile net income to net cash provided by operating activities:
Stock compensation expense		1,075		946
Undistributed equity in income of subsidiary		(16,252)		(14,144)
(Increase) decrease  in other assets		(34)		71
Decrease in other liabilities		(1)		(90)
Net cash and cash equivalents provided by operating activities		493		471
Financing activities:
Proceeds from issuance of common stock		893		146
Cash dividends paid		(2,899)		—
Net cash and cash equivalents (used in) provided by financing activities		(2,006)		146
(Decrease) increase in cash and cash equivalents		(1,513)		617
Cash and cash equivalents at beginning of the period		2,324		1,707
Cash and cash equivalents at end of the period	$	811	$	2,324