Parent Company only Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

	December 31,
(Dollars in thousands)	2022		2021
Assets:
Cash and due from banks	$	8,977	$	9,968
Investment in bank subsidiary		219,842		196,253
Other assets		8,213		5,954
Total assets	$	237,032	$	212,175
Liabilities:
Junior subordinated debt	$	54,152	$	54,028
Other Liabilities		10,626		7,393
Total liabilities		64,778		61,421
Shareholders’ equity		172,254		150,754
Total liabilities and shareholders’ equity	$	237,032	$	212,175

Condensed Income Statement

	December 31,
(Dollars in thousands)	2022			2021
Interest expense	$	(2,240	)	$	(1,477	)
Non-interest expense		(727	)		(543	)
Income (loss) before provision for income taxes		(2,967	)		(2,020	)
Provision for income taxes		877			596
Income (loss) before equity in undistributed subsidiary income		(2,090	)		(1,424	)
Equity in undistributed subsidiary income		23,198			14,792
Net income	$	21,108		$	13,368

Condensed Cash Flow Statement

	December 31,
(Dollars in thousands)	2022			2021
Cash flow from operating activities:
Net income	$	21,108		$	13,368
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (earnings) of subsidiary income		(23,198	)		(14,792	)
Change in other assets and other liabilities, net		1,078			(4,157	)
Net cash provided by (used for) operating activities		(1,012	)		(5,581	)
Cash flow from investing activities:
Investment in subsidiary		—			(30,000	)
Net cash provided by (used for) investing activities		—			(30,000	)
Cash flow from financing activities:
Proceeds from issuance of subordinated debt, net		—			34,224
Proceeds from exercised stock options		21			243
Net cash provided by (used for) financing activities		21			34,467
(Decrease) increase in cash and cash equivalents		(991	)		(1,114	)
Cash and cash equivalents, beginning of period		9,968			11,082
Cash and cash equivalents, end of period	$	8,977		$	9,968