Condensed Financial Statements - Parent Company Only

12 Months Ended

Dec. 31, 2021

CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY

Balance Sheets


(dollars in thousands)	December 31,
	2021		2020
Assets
Cash - noninterest bearing	$	3,097	$	12,076

Investment in wholly-owned subsidiaries	236,933		217,514
Other assets	1,092		1,423
Total Assets	$	241,122	$	231,013

Liabilities and Stockholders' Equity
Current liabilities	$	1,107	$	1,102
Guaranteed preferred beneficial interest in junior subordinated debentures	12,372		12,372
Subordinated notes - 4.75%	19,510		19,526
Total Liabilities	32,989		33,000

Stockholders' Equity
Common stock	57		59
Additional paid in capital	96,896		95,965
Retained earnings	113,448		97,944
Accumulated other comprehensive (loss) income	(1,952)		4,504
Unearned ESOP shares	(316)		(459)
Total Stockholders’ Equity	208,133		198,013

Total Liabilities and Stockholders’ Equity	$	241,122	$	231,013

Condensed Statements of Income


(dollars in thousands)	Years Ended December 31,
	2021		2020
Interest and Dividend Income
Dividends from subsidiary	$	3,500	$	17,000
Interest income	28		46
Interest expense	1,305		779
Net Interest Income	2,223		16,267
Miscellaneous expenses	(2,531)		(2,302)
Income before income taxes and equity in undistributed net income of subsidiary	(308)		13,965
Federal and state income tax benefit	822		647
Equity in undistributed net income of subsidiary	25,372		1,524
Net Income	$	25,886	$	16,136

Condensed Statements of Cash Flows


(dollars in thousands)	Years Ended December 31,
	2021		2020
Cash Flows from Operating Activities
Net income	$	25,886	$	16,136
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of subsidiary	(25,372)		(1,524)
Amortization of debt issuance costs	(16)		10
Stock based compensation	260		343
Decrease (increase) decrease in other assets	316		(169)
Decrease (increase) in deferred income tax benefit	15		(41)
Increase (decrease) in current liabilities	5		(248)
Net Cash Provided by Operating Activities	1,094		14,507



Net Cash Provided by Investing Activities	—		—

Cash Flows from Financing Activities
Dividends paid	(3,170)		(2,819)

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		143
Repurchase of common stock	(7,046)		(298)
Net Cash Used by Financing Activities	(10,073)		(16,458)
Decrease in Cash	(8,979)		(1,951)
Cash at Beginning of Year	12,076		14,027
Cash at End of Year	$	3,097	$	12,076