Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Parent Company Only Financial Statements

Schedule of Parent Company Condensed Balance Sheets

	December 31,		December 31,
(dollars in thousands)	2020		2019
Assets
Cash and cash equivalents	$	76,701	$	73,647
Land, premises and equipment, net		202		318
Investment in subsidiaries		316,789		274,878
Deferred income taxes, net		1,007		998
Other assets		589		1,034
Total assets	$	395,288	$	350,875
Liabilities and Stockholders’ Equity
Long‑term debt	$	58,735	$	58,769
Accrued expenses and other liabilities		6,390		6,378
Total liabilities		65,125		65,147
Stockholders’ equity		330,163		285,728
Total stockholders’ equity		330,163		285,728
Total liabilities and stockholders’ equity	$	395,288	$	350,875

Schedule of Parent Company Condensed Statements of Income

	Year ended December 31,
(dollars in thousands)	2020		2019		2018
Income
Dividends from subsidiaries	$	16,000	$	15,000	$	11,470
Other income		10		15		14
Total operating income		16,010		15,015		11,484
Expenses		6,057		5,999		5,964
Income before equity in undistributed income		9,953		9,016		5,520
Equity in undistributed income of subsidiaries		33,208		19,089		18,852
Income before income taxes		43,161		28,105		24,372
Income tax benefit		1,514		1,435		1,494
Net income	$	44,675	$	29,540	$	25,866

Schedule of Parent Company Condensed Statements of Cash Flows

	Year ended December 31,
(dollars in thousands)	2020		2019		2018
Operating activities
Net income	$	44,675	$	29,540	$	25,866
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed income of subsidiaries		(33,208)		(19,089)		(18,852)
Depreciation and amortization		116		115		116
Stock‑based compensation cost		1,927		251		370
Other, net		414		2,676		1,314
Net cash provided by operating activities		13,924		13,493		8,814
Investing activities
Investment in bank subsidiary		—		—		—
Acquisitions, net cash acquired		—		—		—
Net cash provided by investing activities		—		—		—
Financing activities
Cash dividends paid on common stock		(10,387)		(8,909)		(7,456)
Repurchase of common stock		(483)		(1,948)		(356)
Proceeds from the issuance of common stock in initial public offering net of issuance costs		—		62,804		—
Net cash provided by financing activities		(10,870)		51,947		(7,812)
Change in cash and cash equivalents		3,054		65,440		1,002
Cash and cash equivalents at beginning of period		73,647		8,207		7,205
Cash and cash equivalents at end of period	$	76,701	$	73,647	$	8,207