Condensed Financial Statements Of Parent Company (Tables) - Parent Company [Member]

12 Months Ended

Dec. 31, 2021

Balance Sheets

Balance Sheets
	December 31,
Dollars in thousands	2021		2020
Assets
Cash	$	14,279	$	5,937
Investment in subsidiaries	419,557		327,354
Equity investments (at fair value)	20,202		—
Other investments	7		7
Premises and equipment	129		97
Other assets	1,971		1,837
Total assets	$	456,145	$	335,232
Liabilities and Shareholders' Equity
Subordinated debentures, net	$	102,891	$	29,364
Subordinated debentures owed to unconsolidated subsidiary trusts	19,589		19,589
Other liabilities	6,192		4,699
Total liabilities	128,672		53,652
Preferred stock, $1.00 par value, authorized 250,000 shares; issued: 2021 - 1,500 shares	14,920		—
Common stock and related surplus, $2.50 par value, authorized
20,000,000 shares; issued: 12,763,827 shares 2021, 12,985,708 shares 2020; outstanding: 12,743,125 shares 2021, 12,942,004 shares 2020	89,525		94,964
Unallocated common stock held by Employee Stock Ownership Plan - 2021 - 20,702 shares, 2020 - 43,704 shares	(224)		(472)
Retained earnings	217,770		181,643
Accumulated other comprehensive income	5,482		5,445
Total shareholders' equity	327,473		281,580
Total liabilities and shareholders' equity	$	456,145	$	335,232

Statements of Income

Statements of Income
	For the Year Ended December 31,
Dollars in thousands	2021		2020		2019
Income
Dividends from subsidiaries	$	12,100	$	10,000	$	16,757
Other dividends and interest income	16		33		54
Gain on equity investments	202		—		—
Management and service fees from subsidiaries	1,920		1,856		1,542
Total income	14,238		11,889		18,353
Expense
Interest expense	2,497		1,109		949
Operating expenses	3,736		3,306		3,755
Total expenses	6,233		4,415		4,704
Income before income taxes and equity in
undistributed income of subsidiaries	8,005		7,474		13,649
Income tax (benefit)	(830)		(519)		(276)
Income before equity in undistributed income of subsidiaries	8,835		7,993		13,925
Equity in undistributed income of subsidiaries	36,903		23,333		17,941
Net income	$	45,738	$	31,326	$	31,866
Preferred stock dividends	589		—		—
Net income applicable to common shares	$	45,149	$	31,326	$	31,866

Statements of Cash Flows

Statements of Cash Flows
	For the Year Ended December 31,
Dollars in thousands	2021		2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	45,738	$	31,326	$	31,866
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(36,903)		(23,333)		(17,941)
Deferred tax benefit	(164)		(141)		(18)
Depreciation	46		57		50
Gain on equity investments	(202)		—		—
Share-based compensation expense	244		211		274
Earnings on bank owned life insurance	4		1		—
Decrease (increase) in other assets	163		(285)		491
Increase in other liabilities	584		977		807
Net cash provided by operating activities	9,510		8,813		15,529
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equity investments	(20,000)		—		—
Investment in bank subsidiary	(55,000)		(25,000)		—
Purchases of premises and equipment	(124)		(9)		(123)
Proceeds from transfer of premises and equipment	47		—		53
Net cash used in investing activities	(75,077)		(25,009)		(70)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid on preferred stock	(589)		—		—
Dividends paid on common stock	(9,022)		(8,786)		(7,361)
Exercise of stock options	16		—		7
Proceeds from issuance of subordinated debt	75,000		30,000		—
Purchase and retirement of common stock	(6,710)		(1,444)		(10,405)
Proceeds from issuance of preferred stock, net of issuance costs	14,920		—		—
Proceeds from issuance of common stock, net of issuance costs	294		178		159
Net cash provided by (used in) financing activities	73,909		19,948		(17,600)
Increase (decrease) in cash	8,342		3,752		(2,141)
Cash:
Beginning	5,937		2,185		4,326
Ending	$	14,279	$	5,937	$	2,185
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest	$	2,195	$	1,145	$	961