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Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Statements Parent Company Financial Statements
PARENT COMPANY
BALANCE SHEETS
(dollars in thousands, except share amounts)December 31,
20212020
ASSETS
Cash and cash equivalents
$13,605 $23,868 
Investment in subsidiary bank
284,368 261,577 
Other assets
188 33 
Total Assets
$298,161 $285,478 
LIABILITIES
Accrued expenses and other liabilities
11 — 
Total Liabilities
$11 $— 
STOCKHOLDERS’ EQUITY
Preferred stock, no par value:
Authorized - 1,000,000 shares; None Issued and Outstanding
— — 
Common stock, no par value:
Authorized - 30,000,000 shares;
Issued and Outstanding - 7,180,155 and 7,325,333 shares, respectively
60,233 68,055 
Additional paid-in capital
1,814 1,545 
Retained earnings
239,876 208,957 
Accumulated other comprehensive income (loss)
(3,773)6,921 
Total Stockholders’ Equity
298,150 285,478 
Total Liabilities and Stockholders’ Equity
$298,161 $285,478 
PARENT COMPANY
STATEMENTS OF INCOME
(in thousands)Years ended December 31,
20212020
INCOME
Interest and dividend income from subsidiaries$— $— 
Total income— — 
EXPENSES
Technology expenses88 85 
Legal and professional expenses571 988 
Other operating expenses17 41 
Total expenses
676 1,114 
Income tax expense (benefit)(143)(233)
Income (Loss) Before Equity in Undistributed Earnings of Subsidiaries
(533)(881)
Equity in undistributed earnings of subsidiaries
33,485 29,026 
Net Income$32,952 $28,145 
PARENT COMPANY
STATEMENTS OF CASH FLOWS
(in thousands)Years Ended December 31,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$32,952 $28,145 
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Undistributed earnings of subsidiaries(33,485)(29,026)
Other operating activities, net181 358 
Net cash provided by (used in) operating activities(352)(523)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash provided by (used in) investing activities— — 
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock(7,878)(122)
Proceeds from exercise of stock options— 8 
Cash dividends(2,033)(1,759)
Net cash provided by (used in) financing activities(9,911)(1,873)
Net change in cash and cash equivalents(10,263)(2,396)
Cash and cash equivalents - beginning of year23,868 26,264 
Cash and cash equivalents - end of year$13,605 $23,868