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Condensed Financial Statements for Parent Company (Tables)
12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheets
The parent company’s condensed statements of financial condition as of December 31, 2023 and 2022, and the related condensed statements of income and comprehensive income, and condensed statements of cash flows for the years ended December 31, 2023, 2022, and 2021 are presented below:
Condensed Balance Sheets
December 31,
($ in thousands)20232022
Assets
Cash
$7,297 $6,549 
Investment in subsidiary341,595 328,832 
Other assets
56 61 
Total assets$348,948 $335,442 
Liabilities and Shareholders’ Equity
Other liabilities
$76 $— 
Total liabilities76 — 
Total shareholders’ equity348,872 335,442 
Total liabilities and shareholders’ equity$348,948 $335,442 
Condensed Statements of Income and Comprehensive Income
Condensed Statements of Income and Comprehensive Income
Year Ended December 31,
($ in thousands)202320222021
Income:
Dividends from subsidiary$18,846 $16,597 $18,375 
Other income— — 
Total income18,852 16,597 18,375 
Expense:
Other expense1,014 912 753 
Total expense1,014 912 753 
Income before taxes and equity in undistributed subsidiary income17,838 15,685 17,622 
Income tax benefit(293)(265)(223)
Income before equity in undistributed subsidiary income18,131 15,950 17,845 
Equity in undistributed subsidiary income12,574 19,037 22,258 
Net income30,705 34,987 40,103 
Other comprehensive income (loss), net of tax1,587 (10,665)(1,802)
Comprehensive income$32,292 $24,322 $38,301 
Condensed Statements of Cash Flows
Condensed Statements of Cash Flows
Year Ended December 31,
($ in thousands)202320222021
Cash flows from operating activities
Net income$30,705 $34,987 $40,103 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed subsidiary income(12,574)(19,037)(22,258)
Change in other assets(6)(11)
Net cash provided by operating activities18,136 15,944 17,834 
Cash flows from investing activities:
Capital contribution to subsidiary— (69,141)— 
Net cash used in investing activities— (69,141)— 
Cash flows from financing activities:
Issuance of preferred stock— 69,141 — 
Stock options exercised1,350 840 1,279 
Restricted stock surrendered due to employee tax liability(2)(8)(4)
Repurchase of common stock(8,828)(6,732)(10,876)
Cash dividends paid on common stock(9,908)(8,946)(6,655)
Net cash used in financing activities(17,388)54,295 (16,256)
Net increase in cash and cash equivalents748 1,098 1,578 
Cash and cash equivalents at beginning of year6,549 5,451 3,873 
Cash and cash equivalents at end of year$7,297 $6,549 $5,451