Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Balance Sheets of Parent Company

BALANCE SHEETS

December 31,	2020		2019
(dollars in thousands)
ASSETS:
Cash	$	5,141	$	3,177
Investment in subsidiary, at equity		389,724		353,489
Other assets		15,920		16,325
Total assets	$	410,785	$	372,991
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Liabilities	$	4,293	$	4,327
Subordinated debentures		36,083		36,083
Stockholders’ equity		370,409		332,581
Total liabilities and stockholders’ equity	$	410,785	$	372,991

Statements of Income of Parent Company

STATEMENTS OF INCOME

Year Ended December 31,	2020			2019			2018
(dollars in thousands)
Income:
Dividends from subsidiary	$	5,000		$	5,000		$	4,750
Other income		25			65			53
Total income		5,025			5,065			4,803
Interest expense		951			1,577			1,474
Operating expenses		235			215			225
Income before income taxes and equity in undistributed income of subsidiary		3,839			3,273			3,104
Benefit from income taxes		(244	)		(363	)		(347	)
Income before equity in undistributed income of subsidiary		4,083			3,636			3,451
Equity in undistributed income of subsidiary		38,126			36,063			32,762
Net income	$	42,209		$	39,699		$	36,213

Statements of Cash Flows of Parent Company

STATEMENTS OF CASH FLOWS

December 31,	2020			2019			2018
(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	42,209		$	39,699		$	36,213
Adjustments to reconcile net income to net cash provided by operating activities
Undistributed income of subsidiary		(38,126	)		(36,063	)		(32,762	)
Decrease (increase) in other assets		405			665			(158	)
(Decrease) increase in liabilities		(34	)		(180	)		(1,808	)
Net cash provided by (used in) operating activities		4,454			4,121			1,485
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid		(2,490	)		(2,207	)		(2,203	)
Net cash used in financing activities		(2,490	)		(2,207	)		(2,203	)
Net (decrease) in cash		1,964			1,914			(718	)
Cash at beginning of year		3,177			1,263			1,981
Cash at end of year	$	5,141		$	3,177		$	1,263