Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2020

CONDENSED BALANCE SHEETS

	December 31,
	2020		2019
	(Dollars in thousands)
ASSETS
Investment in bank subsidiary	$	140,311	$	138,304
Cash and cash equivalents		3,468		2,219
Other assets		34		141
Total assets	$	143,813	$	140,664

LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities		447		88
Shareholders’ equity		143,366		140,576
Total liabilities and shareholders' equity	$	143,813	$	140,664

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Years Ended December 31,
	2020			2019			2018
	(Dollars in thousands)
Other expense	$	1,047		$	1,011		$	134

Income before income tax and undistributed subsidiary income		(1,047	)		(1,011	)		(134	)
Income tax benefit		(275	)		(288	)		(40	)
Equity in undistributed subsidiary income		13,899			17,480			14,347
Net income		13,127			16,757			14,253
Other comprehensive income (loss), net of tax		652			736			(198	)
Comprehensive income	$	13,779		$	17,493		$	14,055

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2020			2019			2018
	(Dollars in thousands)
Cash flows from operating activities
Net income	$	13,127		$	16,757		$	14,253
Adjustments:
Equity in undistributed subsidiary income		(13,899	)		(17,480	)		(14,347	)
Change in other assets		107			6			94
Change in accounts payable and other liabilities		359			88			—
Net cash from operating activities		(306	)		(629	)		—
Cash flows from investing activities
Net cash from investing activities		—			—			—
Cash flows from financing activities
Repurchase of common stock		(8,104	)		(5,391	)		—
Cash dividend paid on common stock		(4,262	)		(3,151	)		—
Proceeds from subsidiaries		13,921			11,390			—
Net cash from financing activities		1,555			2,848			—
Net change in cash and cash equivalents		1,249			2,219			—
Cash and cash equivalents at beginning of year		2,219			—			—
Cash and cash equivalents at end of year	$	3,468		$	2,219		$	—