Parent Company Financial Statements

3 Months Ended

Mar. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statements

PARENT COMPANY FINANCIAL STATEMENTS

Balance Sheets—Parent Company

(Dollars in thousands)	March 31, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	2,391	$	35,210
Investment in banking subsidiary	216,357		178,240
Investment in captive insurance subsidiary	1,950		1,668
Income tax benefit	638		520
Other assets	118		99
Total assets	$	221,454	$	215,737
Liabilities
Subordinated notes	$	44,447	$	44,440
Accrued expenses and other liabilities	1,239		594
Total liabilities	45,686		45,034
Shareholders' equity	175,768		170,703
Total liabilities and shareholders' equity	$	221,454	$	215,737

Statements of Income and Comprehensive Income—Parent Company

	For the three months ended March 31,
(Dollars in thousands)	2020			2019
Income
Dividend income from bank subsidiary	$	36,500		$	—
Total income	36,500			—
Expenses
Interest on borrowed funds	$	11		$	—
Interest on subordinated notes	636			250
Other expenses	437			200
Total expenses	1,084			450
Income (loss) before income taxes and equity in (overdistributed) undistributed net earnings of subsidiaries	35,416			(450		)
Income tax benefit	127			52
Equity in (overdistributed) undistributed earnings of subsidiaries	(31,433		)	3,865
Net income	$	4,110		$	3,467
Other comprehensive income	1,777			2,069
Total comprehensive income, net of tax	$	5,887		$	5,536

Statements of Cash Flows—Parent Company

	For the three months ended March 31,
(Dollars in thousands)	2020			2019
Cash flows from operating activities
Net income	$	4,110		$	3,467
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in over (under) distributed earnings of subsidiaries	31,433			(3,865		)
Stock based compensation expense	13			11
(Increase) decrease in other assets, net	(137		)	203
Increase (decrease) in other liabilities, net	574			(230		)
Net cash provided by (used in) operating activities	35,993			(414		)
Cash flows from investing activities
Cash used in acquisitions	(67,944		)	—
Net cash used in investing activities	(67,944		)	—
Cash flows from financing activities
Share buyback - redeemed stock	(620		)	(1,104		)
Common stock dividends paid	(309		)	—
Proceeds from exercised stock options	61			125
Net cash used in financing activities	(868		)	(979		)
Net decrease in cash and cash equivalents	(32,819		)	(1,393		)
Beginning cash and cash equivalents	35,210			9,690
Ending cash and cash equivalents	$	2,391		$	8,297