Condensed Parent Information

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Information

Note 20. Condensed Parent Information

CONDENSED BALANCE SHEETS

December 31, 2021 and 2020

(Dollars in thousands)

	2021		2020
ASSETS:
Cash	$	11,445	$	8,062
Investment in subsidiary		462,788		384,743
Other assets		5,380		4,413
Total assets	$	479,613	$	397,218
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Other liabilities	$	753	$	704
Other borrowings		49,430		39,346
Total liabilities		50,183		40,050
Shareholders’ equity		429,430		357,168
Total liabilities and shareholders’ equity	$	479,613	$	397,218

CONDENSED STATEMENTS OF INCOME

Years ended December 31, 2021 and 2020

(Dollars in thousands)

	2021		2020
INCOME:
Interest income	$	—	$	—
Other income		2		—
Total income		2		—
EXPENSES:
Interest expense		2,512		2,334
Other operating expenses		1,109		1,625
Total expense		3,621		3,959
Income (loss) before equity in undistributed earnings of subsidiaries and income tax benefit		(3,619)		(3,959)
Income tax benefit (expense)		888		908
Income before equity in undistributed net income of subsidiaries		(2,731)		(3,051)
Equity in undistributed earnings of subsidiaries		37,521		27,383
Net income	$	34,790	$	24,332

STATEMENTS OF CASH FLOWS

For the years ended December 31, 2021 and 2020

(Dollars in thousands)

	2021		2020
Cash flows from operating activities:
Net income	$	34,790	$	24,332
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed income of subsidiary		(37,521)		(27,383)
Other assets		(652)		(2,417)
Other liabilities		127		143
Net cash used in operating activities		(3,256)		(5,325)
Cash flows from investing activities:
Net cash paid for business combinations		(6,130)		(6,713)
Equity contribution from subsidiary		10,000		13,900
Net cash provided by investing activities		3,870		7,187
Cash flows from financing activities:
Issuance of common stock		205		339
Proceeds from other borrowings		7,500		—
Cash dividends paid		(3,728)		(2,986)
Repurchase of common stock		(1,208)		(4,308)
Net cash (used in) provided by financing activities		2,769		(6,955)
Net change in cash and cash equivalents		3,383		(5,093)
Cash and cash equivalents, beginning of year		8,062		13,155
Cash and cash equivalents, end of period	$	11,445	$	8,062