Condensed Financial Statements - Parent Company Only (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheet

Balance Sheets

(dollars in thousands)	December 31,
	2020		2019
Assets
Cash - noninterest bearing	$	12,076	$	3,268
Cash - interest bearing	—		10,759
Investment in wholly-owned subsidiaries	217,514		202,976
Other assets	1,423		1,214
Total Assets	$	231,013	$	218,217
Liabilities and Stockholders' Equity
Current liabilities	$	1,102	$	1,351
Guaranteed preferred beneficial interest in junior subordinated debentures	12,372		12,372
Subordinated notes - 4.75% and 6.25%, respectively	19,526		23,000
Total Liabilities	33,000		36,723
Stockholders' Equity
Common stock	59		59
Additional paid in capital	95,965		95,474
Retained earnings	97,944		85,059
Accumulated other comprehensive income	4,504		1,504
Unearned ESOP shares	(459)		(602)
Total Stockholders’ Equity	198,013		181,494
Total Liabilities and Stockholders’ Equity	$	231,013	$	218,217

Schedule of Condensed Income Statement

Condensed Statements of Income

(dollars in thousands)	Years Ended December 31,
	2020		2019
Interest and Dividend Income
Dividends from subsidiary	$	17,000	$	4,500
Interest income	46		65
Interest expense	779		2,023
Net Interest Income	16,267		2,542
Miscellaneous expenses	(2,302)		(2,408)
Income before income taxes and equity in undistributed net income of subsidiary	13,965		134
Federal and state income tax benefit	647		954
Equity in undistributed net income of subsidiary	1,524		14,184
Net Income	$	16,136	$	15,272

Schedule of Condensed Cash Flow Statement

Condensed Statements of Cash Flows

(dollars in thousands)	Years Ended December 31,
	2020		2019
Cash Flows from Operating Activities
Net income	$	16,136	$	15,272
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of subsidiary	(1,524)		(14,184)
Amortization of debt issuance costs	10		—
Stock based compensation	343		329
(Increase) decrease in other assets	(169)		164
(Increase) decrease in deferred income tax benefit	(41)		11
(Decrease) increase in current liabilities	(248)		126
Net Cash Provided by Operating Activities	14,507		1,718
Net Cash Provided by Investing Activities	—		—
Cash Flows from Financing Activities
Dividends paid	(2,819)		(2,668)
Proceeds from public offering	—		10,632
Capital to subsidiary	(10,000)		—
Proceeds from subordinated notes - 4.75%	19,516		—
Payment of subordinated notes - 6.25%	(23,000)		—
Net change in unearned ESOP shares	143		116
Repurchase of common stock	(298)		(17)
Net Cash (Used in) Provided by Financing Activities	(16,458)		8,063
(Decrease) Increase in Cash	(1,951)		9,781
Cash at Beginning of Year	14,027		4,246
Cash at End of Year	$	12,076	$	14,027