Condensed Financial Information (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule Of Condensed Balance Sheet Of Parent Company Only

Condensed Balance Sheets 

	Year Ended December 31,
	2023		2022
Assets
Cash and cash equivalents	$	11,593	$	22,259
Investment in common stock of subsidiaries	444,221		440,645
Premises and equipment, net	—		58
Accrued income and other assets	14,127		8,567
Total assets	$	469,941	$	471,529
Liabilities and shareholders’ equity
Subordinated debt, net of unamortized discounts and debt issuance costs of $2,162 in 2023 and $2,468 in 2022	$	104,838	$	104,532
Accrued expenses and other liabilities	2,308		2,023
Total liabilities	107,146		106,555
Shareholders’ equity	362,795		364,974
Total liabilities and shareholders’ equity	$	469,941	$	471,529

Schedule Of Condensed Income Statement Of Parent Company Only

Condensed Statements of Income 

	Year Ended December 31,
	2023		2022		2021
Income
Dividends from bank subsidiary	$	12,000	$	8,000	$	—
Gain on sale of premises and equipment	—		—		2,523
Other	188		285		75
Total income	12,188		8,285		2,598
Expenses
Interest on borrowings	$	5,376	$	5,371	$	5,892
Salaries and employee benefits	1,203		1,147		1,037
Consulting and professional fees	1,572		1,814		2,178
Premises and equipment	126		201		548
Other	280		134		363
Total expenses	8,557		8,667		10,018
Income (loss) before income tax and equity in undistributed net income of subsidiaries	3,631		(382)		(7,420)
Income tax benefit	(1,817)		(1,874)		(1,687)
Income (loss) before equity in undistributed net income of subsidiaries	5,448		1,492		(5,733)
Equity in undistributed net income of subsidiaries	2,969		34,049		53,847
Net income	$	8,417	$	35,541	$	48,114

Comprehensive Income (Loss)

Condensed Statements of Comprehensive Income 

	Year Ended December 31,
	2023		2022		2021
Net income	$	8,417	$	35,541	$	48,114
Other comprehensive income (loss)
Securities available-for-sale
Net unrealized holding gains (losses) on securities available-for-sale recorded within other comprehensive income before income tax	7,339		(42,336)		(4,087)
Income tax provision (benefit)	1,682		(9,060)		(1,064)
Net effect on other comprehensive income (loss)	5,657		(33,276)		(3,023)
Securities held-to-maturity
Reclassification of securities from available-for-sale to held-to-maturity	—		(5,402)		—
Amortization of net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity	778		844		—
Income tax provision (benefit)	198		(1,039)		—
Net effect on other comprehensive income (loss)	580		(3,519)		—
Cash flow hedges
Net unrealized holding (losses) gains on cash flow hedging derivatives recorded within other comprehensive income before income tax	(2,566)		19,091		11,138
Income tax (benefit) provision	(590)		4,893		1,958
Net effect on other comprehensive (loss) income	(1,976)		14,198		9,180
Total other comprehensive income (loss)	4,261		(22,597)		6,157
Comprehensive income	$	12,678	$	12,944	$	54,271

Schedule Of Condensed Cash Flow Statement Of Parent Company Only

Condensed Statements of Cash Flows 

	Year Ended December 31,
	2023		2022		2021
Operating activities
Net income	$	8,417	$	35,541	$	48,114
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(2,969)		(34,049)		(53,847)
Depreciation and amortization	318		329		1,081
Share-based compensation expense	256		795		835
Gain on sale of premises and equipment	—		—		(2,523)
Net change in other assets	(1,819)		350		(31)
Net change in other liabilities	358		(490)		775
Net cash provided by (used in) operating activities	4,561		2,476		(5,596)
Investing activities
Net proceeds from sale of premises and equipment	—		—		8,116
Other investing activities	(3,578)		(2,727)		(3,561)
Net cash (used in) provided by investing activities	(3,578)		(2,727)		4,555
Financing activities
Cash dividends paid	(2,156)		(2,317)		(2,415)
Net proceeds from issuance of subordinated debt	—		—		58,658
Repayment of subordinated debt	—		—		(35,000)
Repayment of Bank loan	—		—		(3,000)
Repurchase of common stock	(9,340)		(27,780)		(4,436)
Other, net	(153)		(250)		(441)
Net cash (used in) provided by financing activities	(11,649)		(30,347)		13,366
Net (decrease) increase in cash and cash equivalents	(10,666)		(30,598)		12,325
Cash and cash equivalents at beginning of year	22,259		52,857		40,532
Cash and cash equivalents at end of year	$	11,593	$	22,259	$	52,857

The prior year Condensed Statements of Income and Condensed Statements of Cash Flows presented above were voluntarily revised to correct an immaterial error. As a result, the following changes were made to the 2022 statements:

• Dividends received from subsidiary are presented in total income.

• Equity in undistributed net income of subsidiaries reflects the difference in subsidiary income and dividends received.