Parent Company Financial Statements

6 Months Ended

Jun. 30, 2020

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statements

PARENT COMPANY FINANCIAL STATEMENTS

Balance Sheets—Parent Company

(Dollars in thousands)	June 30, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	806	$	35,210
Investment in banking subsidiary	221,792		178,240
Investment in captive insurance subsidiary	2,225		1,668
Income tax benefit	441		520
Other assets	79		99
Total assets	$	225,343	$	215,737
Liabilities
Subordinated notes	$	44,457	$	44,440
Accrued expenses and other liabilities	627		594
Total liabilities	45,084		45,034
Shareholders' equity	180,259		170,703
Total liabilities and shareholders' equity	$	225,343	$	215,737

Statements of Income and Comprehensive Income—Parent Company

	For the three months ended June 30,				For the six months ended June 30,
(Dollars in thousands)	2020		2019		2020		2019
Income
Dividend income from bank subsidiary	$	—	$	—	$	36,500	$	—
Total income	$	—	$	—	$	36,500	$	—
Expenses
Interest on borrowed funds	11		—		22		—
Interest on subordinated notes	635		253		1,271		503
Other expenses	278		186		715		386
Total expenses	$	924	$	439	$	2,008	$	889
Income (loss) before income taxes and equity in (overdistributed) undistributed net earnings of subsidiaries	(924)		(439)		34,492		(889)
Income tax benefit	28		39		155		91
Equity in (overdistributed) undistributed earnings of subsidiaries	3,617		3,955		(27,816)		7,820
Net income	$	2,721	$	3,555	$	6,831	$	7,022
Other comprehensive income	1,891		3,813		3,668		5,882
Total comprehensive income, net of tax	$	4,612	$	7,368	$	10,499	$	12,904

Statements of Cash Flows—Parent Company

	For the six months ended June 30,
(Dollars in thousands)	2020		2019
Cash flows from operating activities
Net income	$	6,831	$	7,022
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in over (under) distributed earnings of subsidiaries	27,816		(7,820)
Stock based compensation expense	42		31
Decrease in other assets, net	99		14
Increase (decrease) in other liabilities, net	(28)		70
Net cash provided by (used in) operating activities	34,760		(683)
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)		(1,620)
Common stock dividends paid	(695)		(542)
Proceeds from exercised stock options	95		156
Net cash used in financing activities	(1,220)		(2,006)
Net decrease in cash and cash equivalents	(34,404)		(2,689)
Beginning cash and cash equivalents	35,210		9,690
Ending cash and cash equivalents	$	806	$	7,001