Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Parent Company Only Financial Statements

Schedule of Parent Company Condensed Balance Sheets

	December 31,		December 31,
(dollars in thousands)	2022		2021
Assets
Cash and cash equivalents	$	84,017	$	81,753
Land, premises and equipment, net		—		87
Investment in subsidiaries		338,595		342,538
Deferred income taxes, net		904		1,000
Other assets		487		655
Total assets	$	424,003	$	426,033
Liabilities and Stockholders’ Equity
Long‑term debt	$	58,843	$	58,933
Accrued expenses and other liabilities		8,288		7,697
Total liabilities		67,131		66,630
Stockholders’ equity		356,872		359,403
Total stockholders’ equity		356,872		359,403
Total liabilities and stockholders’ equity	$	424,003	$	426,033

Schedule of Parent Company Condensed Statements of Income

	Year ended December 31,
(dollars in thousands)	2022		2021		2020
Income
Dividends from subsidiaries	$	18,500	$	16,000	$	16,000
Other income		16		4		10
Total operating income		18,516		16,004		16,010
Expenses		6,583		5,293		6,057
Income before equity in undistributed income		11,933		10,711		9,953
Equity in undistributed income of subsidiaries		26,424		40,642		33,208
Income before income taxes		38,357		51,353		43,161
Income tax benefit		1,648		1,328		1,514
Net income	$	40,005	$	52,681	$	44,675

Schedule of Parent Company Condensed Statements of Cash Flows

	Year ended December 31,
(dollars in thousands)	2022		2021		2020
Operating activities
Net income	$	40,005	$	52,681	$	44,675
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed income of subsidiaries		(26,424)		(40,642)		(33,208)
Depreciation and amortization		87		115		116
Stock‑based compensation cost		1,904		3,095		1,927
Other, net		419		1,266		413
Net cash provided by operating activities		15,991		16,515		13,923
Investing activities
Investment in bank subsidiary		—		—		—
Net cash (paid) for business combinations		(189)		—		—
Net cash provided by investing activities		(189)		—		—
Financing activities
Cash dividends paid on common stock		(12,800)		(10,751)		(10,387)
Repurchase of common stock		(738)		(712)		(482)
Net cash provided by financing activities		(13,538)		(11,463)		(10,869)
Change in cash and cash equivalents		2,264		5,052		3,054
Cash and cash equivalents at beginning of period		81,753		76,701		73,647
Cash and cash equivalents at end of period	$	84,017	$	81,753	$	76,701