Parent Company Financial Statements (Tables)

3 Months Ended

Mar. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed balance sheet

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

Schedule of condensed income statement and comprehensive income

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

Schedule of condensed statements of cash flows

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