Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

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


Balance Sheets	December 31,

	2023		2022
	(Dollars in thousands)
Assets:
Cash	$	4,111	$	4,059
Investments in subsidiaries	326,464		308,030

Total assets	$	330,575	$	312,089
Liabilities and Equity:
Subordinated debentures	$	43,111	$	42,921
Other liabilities	3,147		3,134
Equity	284,317		266,034
Total liabilities and equity	$	330,575	$	312,089


Statements of Income	Years ended December 31,
	2023		2022
	(Dollars in thousands)
Income:
Dividends from bank subsidiary	$	11,772	$	10,766
Total income	11,772		10,766
Expense:
Interest on subordinated debentures	$	3,048	$	2,586
Salary	160		160
Other expenses	118		118
Total expenses	3,326		2,864
Net Income	8,446		7,902
Equity in undistributed income of subsidiaries	20,016		33,921
Net income	28,462		41,823
Preferred stock dividend and discount accretion	(26)		(27)
Net income available to common shareholders	$	28,436	$	41,796


Statements of Cash Flows
	Years ended December 31,
	2023		2022
	(Dollars in thousands)
Cash Flows from Operating Activities
Net income	$	28,462	$	41,823
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(20,016)		(33,921)
Amortization of subordinate debt issuance costs	190		190
Changes in
(Increase) decrease in other assets	—		(2)
Increase in accrued interest payable and other accrued liabilities	12		55

Net cash provided by operating activities	8,648		8,145



Cash Flows from Financing Activities


Proceeds from exercise of stock options	33		406
Payment of dividend on preferred stock and common stock	(8,629)		(7,886)
Net cash used in financing activities	(8,596)		(7,480)
Increase in cash and cash equivalents	52		665
Cash and Cash Equivalents, January 1,	4,059		3,394
Cash and Cash Equivalents, December 31,	$	4,111	$	4,059