Parent Company only Condensed Financial Information (Tables) - Parent Company

12 Months Ended

Dec. 31, 2022

Condensed financial statements

Schedule of condensed balance sheets

Condensed Balance Sheets

	December 31,
	2022		2021
	(Dollars in thousands)
Assets
Cash and cash equivalents	$	20,974	$	19,487
Investment in subsidiary bank		649,545		616,108
Other assets		1,549		2,685
Total assets	$	672,068	$	638,280
Liabilities and Shareholders' Equity
Subordinated debt, net of issuance costs	$	39,350	$	39,925
Other liabilities		262		327
Shareholders' equity		632,456		598,028
Total liabilities and shareholders' equity	$	672,068	$	638,280

Schedule of condensed statements of income

Condensed Statements of Operations

	Year Ended December 31,
	2022		2021		2020
	(Dollars in thousands)
Dividend from subsidiary bank	$	32,000	$	32,000	$	32,000
Interest expense		(2,179)		(2,314)		(2,321)
Other expenses		(3,675)		(3,929)		(3,263)
Income before income taxes and equity in net income of subsidiary bank		26,146		25,757		26,416
Equity in undistributed net income of subsidiary bank		38,702		20,127		7,255
Income tax benefit		1,707		1,816		1,628
Net income	$	66,555	$	47,700	$	35,299

Schedule of condensed statements of cash flows

Condensed Statements of Cash Flows

	Year Ended December 31,
	2022		2021		2020
	(Dollars in thousands)
Cash flows from operating activities:
Net Income	$	66,555	$	47,700	$	35,299
Adjustments to reconcile net income to net cash provided by operations:
Amortization of restricted stock awards, net		2,583		1,940		1,689
Equity in undistributed net income of subsidiary bank		(38,702)		(20,127)		(7,255)
Net change in other assets and liabilities		1,222		(603)		(250)
Net cash provided by operating activities		31,658		28,910		29,483
Cash flows from financing activities:
Proceeds from issuance of long-term debt		39,274		—		—
Repayment of long-term debt		(40,000)		—		—
Payment of cash dividends		(31,495)		(31,270)		(31,079)
Proceeds from exercise of stock options		2,050		1,469		1,714
Net cash used in financing activities		(30,171)		(29,801)		(29,365)
Net increase (decrease) in cash and cash equivalents		1,487		(891)		118
Cash and cash equivalents, beginning of year		19,487		20,378		20,260
Cash and cash equivalents, end of year	$	20,974	$	19,487	$	20,378