Condensed Parent Information

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Information

Note 20. Condensed Parent Information

CONDENSED BALANCE SHEETS

December 31, 2022 and 2021

(Dollars in thousands)

	2022		2021
ASSETS:
Cash	$	6,202	$	11,445
Investment in subsidiary		475,457		462,788
Other assets		6,130		5,380
Total assets	$	487,789	$	479,613
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Other liabilities	$	822	$	753
Other borrowings		54,515		49,430
Total liabilities		55,337		50,183
Shareholders’ equity		432,452		429,430
Total liabilities and shareholders’ equity	$	487,789	$	479,613

CONDENSED STATEMENTS OF INCOME

Years ended December 31, 2022, 2021 and 2020

(Dollars in thousands)

	2022		2021		2020
INCOME:
Interest income	$	—	$	—	$	—
Other income		—		2		—
Total income		—		2		—
EXPENSES:
Interest expense		2,962		2,512		2,334
Other operating expenses		1,017		1,109		1,625
Total expense		3,979		3,621		3,959
Income (loss) before equity in undistributed earnings of subsidiaries and income tax benefit		(3,979)		(3,619)		(3,959)
Income tax expense		728		888		908
Income before equity in undistributed net income of subsidiaries		(3,251)		(2,731)		(3,051)
Equity in undistributed earnings of subsidiaries		46,273		37,521		27,383
Net income	$	43,022	$	34,790	$	24,332

STATEMENTS OF CASH FLOWS

For the years ended December 31, 2022, 2021 and 2020

(Dollars in thousands)

	2022		2021		2020
Cash flows from operating activities:
Net income	$	43,022	$	34,790	$	24,332
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed income of subsidiary		(46,273)		(37,521)		(27,383)
Other assets		(544)		(652)		(2,417)
Other liabilities		(1,915)		127		143
Net cash used in operating activities		(5,710)		(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 (used in) investing activities		—		3,870		7,187
Cash flows from financing activities:
Issuance of common stock, net of restricted shares withheld for taxes		191		205		339
Proceeds from other borrowings		5,000		7,500		—
Cash dividends paid		(4,724)		(3,728)		(2,986)
Repurchase of common stock		—		(1,208)		(4,308)
Net cash (used in) provided by financing activities		467		2,769		(6,955)
Net change in cash and cash equivalents		(5,243)		3,383		(5,093)
Cash and cash equivalents, beginning of year		11,445		8,062		13,155
Cash and cash equivalents, end of period	$	6,202	$	11,445	$	8,062