Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Parent Company Only Financial Statements

Schedule Of Condensed Balance Sheet

	December 31,		December 31,
(dollars in thousands)	2019		2018
Assets
Cash and cash equivalents	$	73,647	$	8,207
Land, premises and equipment, net		318		433
Investment in subsidiaries		274,878		250,252
Deferred income taxes, net		998		933
Other assets		1,034		1,538
Total assets	$	350,875	$	261,363
Liabilities and Stockholders’ Equity
Long‑term debt	$	58,769	$	58,824
Accrued expenses and other liabilities		6,378		5,585
Total liabilities		65,147		64,409
Commitments and contingent liabilities ESOP‑owned shares		—		34,494
Stockholders’ equity		285,728		196,954
Less: ESOP‑owned shares		—		(34,494)
Total stockholders’ equity		285,728		162,460
Total liabilities and stockholders’ equity	$	350,875	$	261,363

Condensed Income Statement

	Year ended December 31,
(dollars in thousands)	2019		2018		2017
Income
Dividends from subsidiaries	$	15,000	$	11,470	$	7,845
Other income		15		14		16
Total operating income		15,015		11,484		7,861
Expenses		5,999		5,964		5,038
Income before equity in undistributed income		9,016		5,520		2,823
Equity in undistributed income of subsidiaries		19,089		18,852		10,755
Income before income taxes		28,105		24,372		13,578
Income tax benefit		1,435		1,494		1,423
Net income	$	29,540	$	25,866	$	15,001

Condensed Cash Flow Statement

	Year ended December 31,
(dollars in thousands)	2019		2018		2017
Operating activities
Net income	$	29,540	$	25,866	$	15,001
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed income of subsidiaries		(19,089)		(18,852)		(10,755)
Depreciation and amortization		115		116		116
Stock‑based compensation cost		251		370		315
Other, net		2,676		1,314		4,904
Net cash provided by operating activities		13,493		8,814		9,581
Investing activities
Investment in bank subsidiary		—		—		—
Acquisitions, net cash acquired		—		—		—
Net cash provided by investing activities		—		—		—
Financing activities
Cash dividends paid on common stock		(8,909)		(7,456)		(6,729)
Repurchase of common stock		(1,948)		(356)		(294)
Proceeds from the issuance of common stock in initial public offering net of issuance costs		62,804		—		—
Net cash provided by financing activities		51,947		(7,812)		(7,023)
Change in cash and cash equivalents		65,440		1,002		2,558
Cash and cash equivalents at beginning of period		8,207		7,205		4,647
Cash and cash equivalents at end of period	$	73,647	$	8,207	$	7,205