Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Balance Sheets of Parent Company

BALANCE SHEETS

December 31,	2018		2017
(dollars in thousands)
ASSETS:
Cash	$	1,263	$	1,981
Investment in subsidiary, at equity		322,775		283,881
Other assets		16,991		16,833
Total assets	$	341,029	$	302,695
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Liabilities	$	4,507	$	6,315
Subordinated debentures		36,083		36,083
Stockholders’ equity		300,439		260,297
Total liabilities and stockholders’ equity	$	341,029	$	302,695

Statements of Income of Parent Company

STATEMENTS OF INCOME

Year Ended December 31,	2018			2017			2016
(dollars in thousands)
Income:
Dividends from subsidiary	$	4,750		$	2,500		$	2,000
Interest income from deposits in bank		—			1			3
Other income		53			34			28
Total income		4,803			2,535			2,031
Interest expense		1,474			1,121			937
Operating expenses		225			209			220
Income before income taxes and equity in undistributed income of subsidiary		3,104			1,205			874
Benefit from income taxes		(347	)		(440	)		(383	)
Income before equity in undistributed income of subsidiary		3,451			1,645			1,257
Equity in undistributed income of subsidiary		32,762			20,656			23,277
Net income	$	36,213		$	22,301		$	24,534

Statements of Cash Flows of Parent Company

STATEMENTS OF CASH FLOWS

December 31,	2018			2017			2016
(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	36,213		$	22,301		$	24,534
Adjustments to reconcile net income to net cash provided by operating activities
Undistributed income of subsidiary		(32,762	)		(20,656	)		(23,277	)
Increase in other assets		(158	)		(6,498	)		(1,527	)
(Decrease) increase in liabilities		(1,808	)		6,266			9
Net cash provided by (used in) operating activities		1,485			1,413			(261	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid		(2,203	)		(2,200	)		(2,201	)
Net cash used in financing activities		(2,203	)		(2,200	)		(2,201	)
Net (decrease) in cash		(718	)		(787	)		(2,462	)
Cash at beginning of year		1,981			2,768			5,230
Cash at end of year	$	1,263		$	1,981		$	2,768