Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Balance Sheets of Parent Company

BALANCE SHEETS

December 31,	2019		2018
(dollars in thousands)
ASSETS:
Cash	$	3,177	$	1,263
Investment in subsidiary, at equity		353,489		322,775
Other assets		16,325		16,991
Total assets	$	372,991	$	341,029
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Liabilities	$	4,327	$	4,507
Subordinated debentures		36,083		36,083
Stockholders’ equity		332,581		300,439
Total liabilities and stockholders’ equity	$	372,991	$	341,029

Statements of Income of Parent Company

STATEMENTS OF INCOME

Year Ended December 31,	2019			2018			2017
(dollars in thousands)
Income:
Dividends from subsidiary	$	5,000		$	4,750		$	2,500
Interest income from deposits in bank		—			—			1
Other income		65			53			34
Total income		5,065			4,803			2,535
Interest expense		1,577			1,474			1,121
Operating expenses		215			225			209
Income before income taxes and equity in undistributed income of subsidiary		3,273			3,104			1,205
Benefit from income taxes		(363	)		(347	)		(440	)
Income before equity in undistributed income of subsidiary		3,636			3,451			1,645
Equity in undistributed income of subsidiary		36,063			32,762			20,656
Net income	$	39,699		$	36,213		$	22,301

Statements of Cash Flows of Parent Company

STATEMENTS OF CASH FLOWS

December 31,	2019			2018			2017
(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	39,699		$	36,213		$	22,301
Adjustments to reconcile net income to net cash provided by operating activities
Undistributed income of subsidiary		(36,063	)		(32,762	)		(20,656	)
Decrease (increase) in other assets		665			(158	)		(6,498	)
(Decrease) increase in liabilities		(180	)		(1,808	)		6,266
Net cash provided by (used in) operating activities		4,121			1,485			1,413
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid		(2,207	)		(2,203	)		(2,200	)
Net cash used in financing activities		(2,207	)		(2,203	)		(2,200	)
Net increase (decrease) in cash		1,914			(718	)		(787	)
Cash at beginning of year		1,263			1,981			2,768
Cash at end of year	$	3,177		$	1,263		$	1,981