Condensed Financial Statements for Parent Company (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Condensed Financial Information Disclosure [Abstract] |
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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) | | 2023 | | 2022 | Assets | | | | | Cash | | $ | 7,297 | | | $ | 6,549 | | Investment in subsidiary | | 341,595 | | | 328,832 | | Other assets | | 56 | | | 61 | | Total assets | | $ | 348,948 | | | $ | 335,442 | | Liabilities and Shareholders’ Equity | | | | | Other liabilities | | $ | 76 | | | $ | — | | Total liabilities | | 76 | | | — | | Total shareholders’ equity | | 348,872 | | | 335,442 | | Total liabilities and shareholders’ equity | | $ | 348,948 | | | $ | 335,442 | | | | | | |
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Condensed Statements of Income and Comprehensive Income |
Condensed Statements of Income and Comprehensive Income | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | ($ in thousands) | | 2023 | | 2022 | | 2021 | Income: | | | | | | | Dividends from subsidiary | | $ | 18,846 | | | $ | 16,597 | | | $ | 18,375 | | Other income | | 6 | | | — | | | — | | Total income | | 18,852 | | | 16,597 | | | 18,375 | | Expense: | | | | | | | Other expense | | 1,014 | | | 912 | | | 753 | | Total expense | | 1,014 | | | 912 | | | 753 | | Income before taxes and equity in undistributed subsidiary income | | 17,838 | | | 15,685 | | | 17,622 | | Income tax benefit | | (293) | | | (265) | | | (223) | | Income before equity in undistributed subsidiary income | | 18,131 | | | 15,950 | | | 17,845 | | Equity in undistributed subsidiary income | | 12,574 | | | 19,037 | | | 22,258 | | Net income | | 30,705 | | | 34,987 | | | 40,103 | | Other comprehensive income (loss), net of tax | | 1,587 | | | (10,665) | | | (1,802) | | Comprehensive income | | $ | 32,292 | | | $ | 24,322 | | | $ | 38,301 | | | | | | | | |
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Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | ($ in thousands) | | 2023 | | 2022 | | 2021 | 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 | | 5 | | | (6) | | | (11) | | | | | | | | | Net cash provided by operating activities | | 18,136 | | | 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 exercised | | 1,350 | | | 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 equivalents | | 748 | | | 1,098 | | | 1,578 | | Cash and cash equivalents at beginning of year | | 6,549 | | | 5,451 | | | 3,873 | | Cash and cash equivalents at end of year | | $ | 7,297 | | | $ | 6,549 | | | $ | 5,451 | | | | | | | | |
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