CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2020


	December 31
	2020		2019
ASSETS	(dollars in thousands)
Cash and cash equivalents	$	44,149	$	4,978
Investment in subsidiaries:
Bank		397,201		363,860
Non-bank		1,165		1,201
Other assets		1,140		1,081
Total assets	$	443,655	$	371,120

LIABILITIES
Subordinated notes	$	39,238	$	—
Junior subordinated debentures		37,648		37,583
Other liabilities		2,852		619
Total liabilities		79,738		38,202

STOCKHOLDERS' EQUITY		363,917		332,918
Total liabilities and stockholders' equity	$	443,655	$	371,120


	Years ended December 31
	2020		2019		2018
INCOME	(dollars in thousands)
Dividends received from subsidiaries:
Bank	$	17,600	$	109,969	$	44,446
Non-bank		36		385		941
Undistributed earnings from subsidiaries:
Bank		22,462		(41,202)		23,239
Non-bank		(36)		(151)		(1,984)
Other income		215		52		1
Total income		40,277		69,053		66,643

EXPENSES
Interest expense		2,189		1,922		1,795
Other expense		2,519		1,025		1,085
Total expenses		4,708		2,947		2,880
INCOME BEFORE INCOME TAX BENEFIT		35,569		66,106		63,763
INCOME TAX BENEFIT		(1,276)		(759)		(36)
NET INCOME	$	36,845	$	66,865	$	63,799


	Year ended December 31
	2020		2019		2018
CASH FLOWS FROM OPERATING ACTIVITIES	(dollars in thousands)
Net income	$	36,845	$	66,865	$	63,799
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of consolidated subsidiaries		(22,426)		41,353		(21,255)
Stock-based compensation		351		—		—
Amortization of discount and issuance costs on subordinated notes and debentures		92		66		66
Changes in other assets and liabilities, net		1,633		(1,912)		700
Net cash provided by operating activities		16,495		106,372		43,310


CASH FLOWS FROM INVESTING ACTIVITIES
Capital contribution to bank subsidiary		—		(17,000)		—
Capital contribution to non-bank subsidiary		—		(100)		—
Purchase of securities		(17)		—		—
Net cash used in investing activities		(17)		(17,100)		—


CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of subordinated notes, net of issuance costs		39,211		—		—
Issuance of common stock		—		138,493		—
Repurchase of common stock		—		—		(907)
Cash dividends and dividend equivalents paid		(16,518)		(224,956)		(42,621)
Net cash provided by (used in) financing activities		22,693		(86,463)		(43,528)

NET CHANGE IN CASH AND EQUIVALENTS		39,171		2,809		(218)
CASH AND CASH EQUIVALENTS
Beginning of year		4,978		2,169		2,387
End of year	$	44,149	$	4,978	$	2,169