PARENT ONLY BALANCE SHEETS, STATEMENTS OF OPERATIONS AND STATEMENTS OF CASH FLOWS

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

PARENT ONLY BALANCE SHEETS, STATEMENTS OF OPERATIONS AND STATEMENTS OF CASH FLOWS

PARENT ONLY BALANCE SHEETS, STATEMENTS OF OPERATIONS AND STATEMENTS OF CASH FLOWS

BALANCE SHEETS
	December 31,
(dollars in thousands)	2020		2019
ASSETS
Cash and due from bank	$	19,678	$	35,535
Equity securities	1,178		1,615
Accounts receivable	—		3
Due from bank subsidiary	909		712
Investment in bank subsidiary	271,619		255,141
Investment in trust	202		202
Investment in tax credit entity	—		87
Trademark intangible	100		100
Other assets	63		37
Total assets	$	293,749	$	293,432
LIABILITIES
Subordinated debt, net of unamortized issuance costs	$	42,897	$	42,826
Junior subordinated debt	5,949		5,897
Accounts payable	167		1,579
Accrued interest payable	606		465
Dividend payable	694		679
Deferred tax liability	152		10
Total liabilities	50,465		51,456
STOCKHOLDERS’ EQUITY
Common stock	10,609		11,229
Surplus	159,485		168,658
Retained earnings	71,385		60,198
Accumulated other comprehensive income	1,805		1,891
Total stockholders’ equity	243,284		241,976
Total liabilities and stockholders’ equity	$	293,749	$	293,432

STATEMENTS OF OPERATIONS
	For the year ended December 31,
(dollars in thousands)	2020		2019
REVENUE
Dividends received from bank subsidiary	$	—	$	6,600
Dividends on corporate stock	78		30
Partnership income	19		—
Change in the fair value of equity securities	258		327
Interest income from investment in trust	5		9
Total revenue	360		6,966
EXPENSE
Interest on borrowings	2,713		1,686
Management fees to bank subsidiary	360		360
Acquisition expense	72		31
Other expense	574		440
Total expense	3,719		2,517
(Loss) income before income taxes and equity in undistributed income of bank subsidiary	(3,359)		4,449
Equity in undistributed income of bank subsidiary	16,563		11,941
Income tax benefit	685		449
Net income	$	13,889	$	16,839

STATEMENTS OF CASH FLOWS
	For the year ended December 31,
(dollars in thousands)	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	13,889	$	16,839
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in undistributed earnings of bank subsidiary	(16,563)		(11,941)
Change in the fair value of equity securities	(258)		(327)
Amortization of debt issuance costs and purchase accounting adjustments	123		105
Net change in:
Due from bank subsidiary	(197)		(261)
Other assets	10		25
Deferred tax asset	142		62
Accrued other liabilities	(23)		2,776
Net cash (used in) provided by operating activities	(2,877)		7,278
CASH FLOWS FROM INVESTING ACTIVITIES
Capital contributed to bank subsidiary	—		(23,250)
Repayment of investment in and advances to subsidiary	—		8,000
Distributions from investments	77		82
Purchases of equity securities	(2,449)		(144)
Proceeds from the sale of equity securities	3,144		88
Net cash provided by (used in) investing activities	772		(15,224)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid on common stock	(2,686)		(2,167)
Proceeds from common stock offering, net of issuance costs	—		28,525
Payments to repurchase common stock	(11,112)		(8,326)
Proceeds from stock options	46		287
Proceeds from subordinated debt, net of costs	—		24,558
Net cash (used in) provided by financing activities	(13,752)		42,877
Net (decrease) increase in cash	(15,857)		34,931
Cash and cash equivalents, beginning of period	35,535		604
Cash and cash equivalents, end of period	$	19,678	$	35,535
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for:
Interest on borrowings	$	2,571	$	1,513