Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Parent Company Financial Information [Abstract]

Condensed Balance Sheet, Parent Only

(Dollars in thousands)	2021		2020
Assets
Cash	$	13,092	$	16,653
Investment in subsidiaries		376,453		201,462
Other assets		5,712		3,204
Total assets	$	395,257	$	221,319
Liabilities
Accrued interest payable	$	551	$	482
Other liabilities		1,251		1,389
Long-term debt		42,762		24,429
Total liabilities		44,564		26,300
Stockholders’ equity
Common stock		198		118
Additional paid in capital		200,473		52,167
Retained earnings		149,966		141,205
Accumulated other comprehensive income		56		1,529
Total stockholders’ equity		350,693		195,019
Total liabilities and stockholders’ equity	$	395,257	$	221,319

Condensed Statement of Operations, Parent Only

(Dollars in thousands)	2021		2020
Income
Dividends from subsidiaries	$	25,000	$	—
Gain on company owned life insurance		110		152
Total income		25,110		152
Expenses
Interest expense		1,560		522
Salaries and employee benefits		423		349
Legal and professional fees		2,465		600
Other operating expenses		384		251
Total expenses		4,832		1,722
Income (loss) before income tax (benefit) and equity in
undistributed net income of subsidiaries		20,278		(1,570)
Income tax expense		(990)		(343)
Income (Loss) before (deficit) equity in undistributed net income of subsidiaries		19,288		(1,913)
(Deficit) equity in undistributed net income of subsidiaries		(5,900)		16,957
Net income	$	13,388	$	15,044

Condensed Cash Flow, Parent Only

(Dollars in thousands)	2021		2020
Cash flows from operating activities:
Net income	$	15,368	$	15,730
Adjustments to reconcile net income to cash
provided by operating activities:
Deficit (equity) in undistributed net income of subsidiaries		5,900		(16,957)
Amortization of debt issuance costs		123		40
Stock-based compensation expense		378		263
Company owned life insurance income		(110)		(152)
Acquisition accounting adjustments		31		—
Net (increase) in other assets		(1,552)		(250)
Net (decrease) increase in other liabilities		(142)		1,485
Net cash provided by operating activities		19,996		159
Cash flows from investing activities:
Purchase of company owned life insurance		(192)		(319)
Acquisition of business activity, net of cash paid		(15,945)		—
Net cash (used in) investing activities		(16,137)		(319)
Cash flows from financing activities:
Proceeds from the issuance of subordinated debt, net of issuance costs		—		24,389
Common stock dividends paid		(6,607)		(5,950)
Retirement of common stock		(819)		(9,112)
Exercise of stock options		6		3
Repurchase of shares for tax withholding on exercised options
and vested restricted stock		—		(39)
Net cash (used in) provided by financing activities		(7,420)		9,291
Net (decrease) increase in cash and cash equivalents		(3,561)		9,131
Cash and cash equivalents at beginning of year		16,653		7,522
Cash and cash equivalents at end of year	$	13,092	$	16,653