Condensed Parent Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Information

Note 20. Condensed Parent Information

CONDENSED BALANCE SHEETS

December 31, 2023 and 2022

(Dollars in thousands)

	2023		2022
ASSETS:
Cash	$	1,522	$	6,202
Investment in subsidiary		501,650		475,457
Other assets		7,890		6,130
Total assets	$	511,062	$	487,789
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Other liabilities	$	1,077	$	822
Other borrowings		50,099		54,515
Total liabilities		51,176		55,337
Shareholders’ equity		459,886		432,452
Total liabilities and shareholders’ equity	$	511,062	$	487,789

CONDENSED STATEMENTS OF INCOME

Years ended December 31, 2023, 2022 and 2021

(Dollars in thousands)

	2023		2022		2021
INCOME:
Dividends from SmartBank	$	10,000	$	—	$	—
Other income		—		—		2
Total income		10,000		—		2
EXPENSES:
Interest expense		3,597		2,962		2,512
Other operating expenses		937		1,017		1,109
Total expense		4,534		3,979		3,621
Income (loss) before equity in undistributed earnings of subsidiaries and income tax benefit		5,466		(3,979)		(3,619)
Income tax benefit (expense)		1,059		728		888
Income before equity in undistributed net income of subsidiaries		6,525		(3,251)		(2,731)
Equity in undistributed earnings of subsidiaries		22,068		46,273		37,521
Net income	$	28,593	$	43,022	$	34,790
Comprehensive income (loss)	$	38,010	$	6,255	$	34,050

STATEMENTS OF CASH FLOWS

For the years ended December 31, 2023, 2022 and 2021

(Dollars in thousands)

	2023		2022		2021
Cash flows from operating activities:
Net income	$	28,593	$	43,022	$	34,790
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed income of subsidiary		(22,068)		(46,273)		(37,521)
Other assets		(1,726)		(544)		(652)
Other liabilities		340		(1,915)		127
Net cash used in operating activities		5,139		(5,710)		(3,256)
Cash flows from investing activities:
Net cash paid for business combinations		—		—		(6,130)
Equity contribution from subsidiary		—		—		10,000
Net cash provided by (used in) investing activities		—		—		3,870
Cash flows from financing activities:
Issuance of common stock, net of restricted shares withheld for taxes		108		191		205
Proceeds from other borrowings		—		5,000		7,500
Repayment borrowings		(4,500)		—		—
Cash dividends paid		(5,427)		(4,724)		(3,728)
Repurchase of common stock		—		—		(1,208)
Net cash (used in) provided by financing activities		(9,819)		467		2,769
Net change in cash and cash equivalents		(4,680)		(5,243)		3,383
Cash and cash equivalents, beginning of year		6,202		11,445		8,062
Cash and cash equivalents, end of period	$	1,522	$	6,202	$	11,445