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v3.20.4

Parent Company Only Financial Statements (Tables) | 12 Months Ended
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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

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