Condensed Financial Statements - Parent Company Only

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Statements - Parent Company Only

CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY

Balance Sheets

(dollars in thousands)	December 31,
	2019			2018
Assets
Cash - noninterest bearing	$	3,268		$	4,246
Cash - interest bearing	10,759			—
Investment in wholly owned subsidiaries	202,976			185,445
Other assets	1,214			1,387
Total Assets	$	218,217		$	191,078
Liabilities and Stockholders' Equity
Current liabilities	$	1,351		$	1,224
Guaranteed preferred beneficial interest in junior subordinated debentures	12,372			12,372
Subordinated notes - 6.25%	23,000			23,000
Total Liabilities	36,723			36,596
Stockholders' Equity
Common stock	59			56
Additional paid in capital	95,474			84,397
Retained earnings	85,059			72,594
Accumulated other comprehensive loss	1,504			(1,847		)
Unearned ESOP shares	(602		)	(718		)
Total Stockholders’ Equity	181,494			154,482
Total Liabilities and Stockholders’ Equity	$	218,217		$	191,078

Condensed Statements of Income

(dollars in thousands)	Years Ended December 31,
	2019			2018			2017
Interest and Dividend Income
Dividends from subsidiary	$	4,500		$	6,000		$	7,500
Interest income	65			65			64
Interest expense	2,023			1,984			1,865
Net Interest Income	2,542			4,081			5,699
Miscellaneous expenses	(2,408		)	(2,818		)	(2,968		)
Income before income taxes and equity in undistributed net income of subsidiary	134			1,263			2,731
Federal and state income tax benefit	954			1,078			1,583
Equity in undistributed net income of subsidiary	14,184			8,887			2,894
Net Income	$	15,272		$	11,228		$	7,208

Condensed Statements of Cash Flows

(dollars in thousands)	Years Ended December 31,
	2019			2018			2017
Cash Flows from Operating Activities
Net income	$	15,272		$	11,228		$	7,208
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of subsidiary	(14,184		)	(8,887		)	(2,894		)
Stock based compensation	329			474			515
Decrease (increase) in other assets	163			3,109			(2,446		)
(Increase) decrease in deferred income tax benefit	11			(6		)	(29		)
Increase (decrease) in current liabilities	126			(168		)	327
Net Cash Provided by Operating Activities	1,717			5,750			2,681
Cash Flows from Investing Activities
Cash paid to acquire County First Bank	—			(2,120		)	—
Net Cash Provided by Investing Activities	—			(2,120		)	—
Cash Flows from Financing Activities
Dividends paid	(2,668		)	(2,163		)	(1,804		)
Proceeds from public offering	10,632			—			—
Exercise of stock options	—			—			155
Net change in unearned ESOP shares	116			37			(586		)
Repurchase of common stock	(17		)	(70		)	—
Net Cash Used in Financing Activities	8,063			(2,196		)	(2,235		)
Increase in Cash	9,780			1,434			446
Cash at Beginning of Year	4,246			2,812			2,366
Cash at End of Year	$	14,026		$	4,246		$	2,812