PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2020

PARENT COMPANY.

Balance Sheets

Balance Sheets	December 31,
(Dollars in thousands)	2020		2019
Assets:
Cash and due from banks	$	35,645	$	44,130
Investment in subsidiary		513,012		493,951
Deferred tax asset, net		130		131
Other assets		548		438
Total assets	$	549,335	$	538,650
Liabilities:
Other liabilities	$	2,884	$	2,929
Total liabilities		2,884		2,929
Shareholders’ equity:
Common stock		255		258
Additional paid-in capital		339,334		346,559
Retained earnings		214,456		201,080
Treasury stock		(14,369)		(14,562)
Accumulated other comprehensive income		6,775		2,386
Total shareholders’ equity		546,451		535,721
Total liabilities and shareholders’ equity	$	549,335	$	538,650

Statements of Income

Statements of Income	Years Ended December 31,
(Dollars in thousands)	2020		2019		2018
Interest income
Other	$	—	$	5	$	187
Interest expense
Note payable		15		15		15
Junior subordinated debt		—		4		420
Total interest expense		15		19		435
Net interest expense		(15)		(14)		(248)
Noninterest income
Dividend income from subsidiary		10,350		8,901		7,800
Total noninterest income		10,350		8,901		7,800
Noninterest expense
Salaries and employee benefits		698		673		755
Professional and director fees		1,107		652		728
Data processing		100		13		44
Advertising, marketing and business development		45		—		—
Other expenses		206		209		208
Total noninterest expense		2,156		1,547		1,735
Income before income tax benefit and equity in undistributed income of subsidiary		8,179		7,340		5,817
Income tax benefit		(465)		(341)		(437)
Income before equity in undistributed income of subsidiary		8,644		7,681		6,254
Equity in undistributed income of subsidiary		17,717		42,836		41,035
Net income	$	26,361	$	50,517	$	47,289

Statements of Cash Flows

Statements of Cash Flows	Years Ended December 31,
(Dollars in thousands)	2020		2019		2018
Cash flows from operating activities:
Net income	$	26,361	$	50,517	$	47,289
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Equity in undistributed net income loss of subsidiary		(17,717)		(42,836)		(41,035)
Stock-based compensation expense		1,935		2,402		1,601
Deferred tax benefit (provision)		1		14		(4)
Change in operating assets and liabilities:
Other assets		(110)		473		1,549
Other liabilities		(23)		(180)		(836)
Total adjustments		(15,914)		(40,127)		(38,725)
Net cash provided by operating activities		10,447		10,390		8,564
Cash flows from investing activities:		—		—		—
Cash flows from financing activities:
Redemption of trust preferred securities		—		(1,571)		(5,155)
Dividends paid on common stock		(9,962)		(8,757)		(4,979)
Payments to tax authorities for stock-based compensation		(198)		(239)		(171)
Proceeds from exercise of stock options		133		121		294
Repurchase of common stock		(8,905)		(3)		—
Net cash used in financing activities		(18,932)		(10,449)		(10,011)
Net decrease in cash and cash equivalents		(8,485)		(59)		(1,447)
Cash and cash equivalents, beginning		44,130		44,189		45,636
Cash and cash equivalents, ending	$	35,645	$	44,130	$	44,189