Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

Condensed Balance Sheets

	December 31,
(Dollars in thousands)	2023		2022
Assets
Cash	$	8,590	$	31,085
Investment in subsidiaries	319,504		277,173
Debt and equity securities	2,400		4,904
Equity method investments	54,199		50,976
Other assets	14,835		11,033
Total assets	$	399,528	$	375,171
Liabilities and stockholders’ equity
Other liabilities	$	29,818	$	31,036
Senior term loan	6,786		9,765
Subordinated debt	73,540		73,286
Total liabilities	110,144		114,087
Total stockholders’ equity	289,384		261,084
Total liabilities and stockholders’ equity	$	399,528	$	375,171

Schedule of Condensed Statements of Income

Condensed Statements of Income

	Year ended December 31,
(Dollars in thousands)	2023		2022		2021
Income, dividends from the Bank	$	23,014	$	50,985	$	19,165
Operating expenses	27,002		27,774		22,458
Income (loss), before income taxes	(3,988)		23,211		(3,293)
Income taxes	(4,050)		(3,450)		(2,090)
Net income (loss)	62		26,661		(1,203)
Equity in undistributed income earnings of subsidiaries	31,170		(11,614)		40,324
Net income	$	31,232	$	15,047	$	39,121
Preferred dividends	$	—	$	—	$	35
Net income available to common shareholders	$	31,232	$	15,047	$	39,086

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

(Dollars in thousands)	2023		2022		2021
OPERATING ACTIVITIES
Net income	$	31,232	$	15,047	$	39,121
Equity in undistributed earnings of subsidiaries	(31,170)		11,614		(40,324)
Stock-based compensation	3,392		3,217		3,208
Depreciation and amortization	305		269		175
Other assets	(11,638)		(45,406)		(6,849)
Other liabilities	(2,887)		16,358		11,215
Net cash from operating activities	(10,766)		1,099		6,546
INVESTING ACTIVITIES
Investment in subsidiaries	150		(240)		(15,871)
Net cash from investing activities	150		(240)		(15,871)
FINANCING ACTIVITIES
Issuance of senior term loan, net of issuance costs	—		9,877		—
Issuance of subordinated debt, net of issuance costs	—		—		29,448
Preferred stock redemption	—		—		(7,334)
Stock option exercise proceeds	637		2,069		4,930
Withholding cash issued in lieu of restricted stock	(847)		(670)		(249)
Issuance of subsidiary membership units	—		—		500
Principal payments on senior term loan	(3,030)		(125)		—
Stock purchase from noncontrolling interest	—		(33)		—
Cash dividends paid on common stock	(8,639)		(8,355)		(6,038)
Cash dividends paid on preferred stock	—		—		(35)
Net cash from financing activities	(11,879)		2,763		21,222
Net change in cash	(22,495)		3,622		11,897
Cash at beginning of period	31,085		27,463		15,566
Cash at end of period	$	8,590	$	31,085	$	27,463