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Condensed Parent Information

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Information

Note 21. Condensed Parent Information

CONDENSED BALANCE SHEETS

December 31, 2024 and 2023

(Dollars in thousands)

​	​	​	​	​	​	​
​		2024			2023
ASSETS:		​			​
Cash	​	$	3,064	​	$	1,522
Investment in subsidiary	​		522,891	​		501,650
Other assets	​		9,482	​		7,890
​	​	​	​	​	​	​
Total assets	​	$	535,437	​	$	511,062
​	​	​	​	​	​	​
LIABILITIES AND SHAREHOLDERS’ EQUITY:	​			​
Other liabilities	​	$	405	​	$	1,077
Borrowings	​	​	4,000	​	​	8,000
Subordinated debt	​		39,684	​		42,099
​	​	​	​	​	​	​
Total liabilities	​		44,089	​		51,176
​	​	​	​	​	​	​
Shareholders’ equity	​		491,348	​		459,886
​	​	​	​	​	​	​
Total liabilities and shareholders’ equity	​	$	535,437	​	$	511,062

​

​

CONDENSED STATEMENTS OF INCOME

Years ended December 31, 2024, 2023 and 2022

(Dollars in thousands)

​	​	​	​	​	​	​	​	​	​
​		2024			2023		​	2022
INCOME:	​	​	​	​	​	​	​	​	​
Dividends from SmartBank	​	$	22,500	​	$	10,000	​	$	—
Interest income	​	​	9	​	​	—	​	​	—
Other income	​		—	​		—	​		—
Total income	​		22,509	​		10,000	​		—
​	​	​	​	​	​	​	​	​	​
EXPENSES:	​			​			​
Interest expense	​		3,924	​		3,597	​		2,962
Other operating expenses	​		1,029	​		937	​		1,017
Total expense	​		4,953	​		4,534	​		3,979
​	​	​	​	​	​	​	​	​	​
Income (loss) before equity in undistributed earnings of subsidiaries and income tax benefit	​		17,556	​		5,466	​		(3,979)
Income tax benefit	​		1,207	​		1,059	​		728
Income (loss) before equity in undistributed net income of subsidiaries	​		18,763	​		6,525	​		(3,251)
Equity in undistributed earnings of subsidiaries	​		17,378	​		22,068	​		46,273
Net income	​	$	36,141	​	$	28,593	​	$	43,022
Comprehensive income (loss)	​	$	38,377	​	$	38,010	​	$	6,255

​

​

​

​

STATEMENTS OF CASH FLOWS

For the years ended December 31, 2024, 2023 and 2022

(Dollars in thousands)

​	​	​	​	​	​	​	​	​	​
​		2024			2023		​	2022
Cash flows from operating activities:		​			​		​	​
Net income	​	$	36,141	​	$	28,593	​	$	43,022
Adjustments to reconcile net income to net cash (used in) provided by operating activities:	​			​			​
Equity in undistributed income of subsidiary	​		(17,378)	​		(22,068)	​		(46,273)
Other assets	​		(1,591)	​		(1,726)	​		(544)
Other liabilities	​		(586)	​		340	​		(1,915)
Net cash provided by (used in) operating activities	​		16,586	​		5,139	​		(5,710)
​	​	​	​	​	​	​	​	​	​
Cash flows from investing activities:	​			​			​
Net cash provided by (used in) investing activities	​		—	​		—	​		—
​	​	​	​	​	​	​	​	​	​
Cash flows from financing activities:	​			​			​
Issuance of common stock	​		68	​		165	​		397
Restricted shares withheld for taxes	​	​	(223)	​	​	(57)	​	​	(206)
Proceeds from other borrowings	​	​	2,000	​	​	—	​	​	5,000
Repayment borrowings	​	​	(8,500)	​	​	(4,500)	​	​	—
Cash dividends paid	​		(5,422)	​		(5,427)	​		(4,724)
Repurchase of common stock	​	​	(2,967)	​	​	—	​	​	—
Net cash (used in) provided by financing activities	​		(15,044)	​		(9,819)	​		467
​	​	​	​	​	​	​	​	​	​
Net change in cash and cash equivalents	​		1,542	​		(4,680)	​		(5,243)
​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents, beginning of year	​		1,522	​		6,202	​		11,445
​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents, end of period	​	$	3,064	​	$	1,522	​	$	6,202

​

X

- References

No definition available.

+ Details

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X

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

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