Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Financial Information of the Parent Company

Condensed financial information of the parent company only is presented in the following two tables:

Balance Sheets	December 31,
	2021		2020
	(Dollars in thousands)
Assets:
Cash	$	3,394	$	1,284
Investments in subsidiaries	274,532		243,093
Other assets	—		3
Total assets	$	277,926	$	244,380
Liabilities and Equity:
Subordinated debentures	$	42,732	$	42,542
Other liabilities	2,833		913
Equity	232,361		200,925
Total liabilities and equity	$	277,926	$	244,380
Statements of Income	Years ended December 31,
	2021		2020
	(Dollars in thousands)
Income:
Dividends from bank subsidiary	$	12,008	$	5,212
Total income	12,008		5,212
Expense:
Interest on subordinated debentures	$	2,394	$	1,321
Salary	160		160
Other expenses	142		139
Total expenses	2,696		1,620
Net Income	9,312		3,592
Equity in undistributed income of subsidiaries	31,448		24,836
Net income	40,760		28,428
Preferred stock dividend and discount accretion	(28)		(29)
Net income available to common shareholders	$	40,732	$	28,399

Statements of Cash Flows
	Years ended December 31,
	2021		2020
	(Dollars in thousands)
Cash Flows from Operating Activities
Net income	$	40,760	$	28,428
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(31,448)		(24,836)
Amortization of subordinate debt issuance costs	190		87
Changes in
Decrease (increase) in other assets	3		(1)
Increase in accrued interest payable and other accrued   liabilities	16		882
Other	21		30
Net cash provided by operating activities	9,542		4,590
Cash Flows from Investing Activities
Capital Contribution	—		(27,000)
Net cash used in investing activities	—		(27,000)
Cash Flows from Financing Activities
Issuance of subordinate debt	—		29,052
Subordinate debt interest payment	—		—
Proceeds from exercise of stock options	201		—
Payment of dividend on preferred stock and common stock	(7,633)		(7,444)
Net cash (used) provided in financing activities	(7,432)		21,608
Increase (decrease) in cash and cash equivalents	2,110		(802)
Cash and Cash Equivalents, January 1,	1,284		2,086
Cash and Cash Equivalents, December 31,	$	3,394	$	1,284