Condensed Parent Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Information

(Dollars in thousands) 

CONDENSED BALANCE SHEETS
December 31, 2019 and 2018
(Dollars in thousands)
	2019		2018
ASSETS:
Cash	$	13,155	$	13,684
Investment in subsidiaries	337,503		308,422
Other assets	1,996		99
Total assets	$	352,654	$	322,205
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Other liabilities	$	646	$	17
Other borrowings	39,261		39,177
Total liabilities	39,907		39,194
Stockholders’ equity	312,747		283,011
Total liabilities and stockholders’ equity	$	352,654	$	322,205

CONDENSED STATEMENTS OF INCOME
Years ended December 31, 2019 and 2018
(Dollars in thousands)
	2019		2018
INCOME:
Interest income	$	—	$	21
Merger termination fee	6,400		—
Total income	6,400		21
EXPENSES:
Interest expense	2,341		1,005
Other operating expenses	2,755		2,822
Total expense	5,096		3,827
Income (loss) before equity in undistributed earnings of subsidiaries and income tax benefit	1,304		(3,806)
Income tax expense	(389)		(833)
Income before equity in undistributed net income of subsidiaries	915		(4,639)
Equity in undistributed earnings of subsidiaries	25,633		22,741
Net income	$	26,548	$	18,102

STATEMENTS OF CASH FLOWS
For the years ended December 31, 2019 and 2018
(Dollars in thousands)
	2019		2018
Cash flows from operating activities:
Net income	$	26,548	$	18,102
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed income of subsidiary	(25,633)		(22,741)
Other assets	(1,894)		568
Other liabilities	712		1,063
Net cash used in operating activities	(267)		(3,008)
Cash flows from investing activities:
Net cash paid for business combinations	—		(5,930)
Equity contribution to subsidiary	—		(12,000)
Net cash used in investing activities	—		(17,930)
Cash flows from financing activities:
Repayment of note payable	—		(10,000)
Issuance of subordination debt	—		39,158
Proceeds from issuance of common stock	438		1,528
Cash dividends paid	(700)		—
Net cash (used) provided by financing activities	(262)		30,686
Net change in cash and cash equivalents	(529)		9,748
Cash and cash equivalents, beginning of year	13,684		3,936
Cash and cash equivalents, end of period	$	13,155	$	13,684