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v3.23.1

Parent Company Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Parent Company Financial Information [Abstract] |
Condensed Balance Sheet, Parent Only | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2022 |  | 2021
Assets |  | ​ |  |  | ​ |
Cash | ​ | $ | 7,145 | ​ | $ | 13,092
Investment in subsidiaries | ​ |  | 396,897 | ​ |  | 376,453
Other assets | ​ |  | 5,392 | ​ |  | 5,712
Total assets | ​ | $ | 409,434 | ​ | $ | 395,257
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ |  |  | ​ |  |
Accrued interest payable | ​ | $ | 744 | ​ | $ | 551
Other liabilities | ​ |  | 1,333 | ​ |  | 1,251
Long-term debt | ​ | ​ | 43,072 | ​ | ​ | 42,762
Total liabilities | ​ |  | 45,149 | ​ |  | 44,564
​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders’ equity | ​ |  |  | ​ |  |
Common stock | ​ |  | 199 | ​ |  | 198
Additional paid in capital | ​ |  | 201,494 | ​ |  | 200,473
Retained earnings | ​ |  | 171,613 | ​ |  | 149,966
Accumulated other comprehensive (loss) income | ​ |  | (9,021) | ​ |  | 56
Total stockholders’ equity | ​ |  | 364,285 | ​ |  | 350,693
​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities and stockholders’ equity | ​ | $ | 409,434 | ​ | $ | 395,257
​
Condensed Statement of Operations, Parent Only | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2022 |  | 2021
Income |  | ​ |  |  | ​ |
Dividends from subsidiaries | ​ | $ | 5,500 | ​ | $ | 25,000
Company owned life insurance income | ​ |  | 67 | ​ |  | 110
Total income | ​ |  | 5,567 | ​ |  | 25,110
​ | ​ | ​ | ​ | ​ | ​ | ​
Expenses | ​ |  |  | ​ |  |
Interest expense | ​ |  | 2,451 | ​ |  | 1,560
Salaries and employee benefits | ​ |  | 324 | ​ |  | 423
Legal and professional fees | ​ | ​ | 1,654 | ​ | ​ | 2,465
Other operating expenses | ​ |  | 540 | ​ |  | 384
Total expenses | ​ |  | 4,969 | ​ |  | 4,832
​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income tax (benefit) and equity (deficit) in | ​ |  |  | ​ |  |
undistributed net income of subsidiaries | ​ |  | 598 | ​ |  | 20,278
Income tax (benefit) | ​ |  | (1,059) | ​ |  | (990)
Income before (deficit) equity in undistributed net income of subsidiaries | ​ |  | 1,657 | ​ |  | 21,268
​ | ​ | ​ | ​ | ​ | ​ | ​
Equity (deficit) in undistributed net income of subsidiaries | ​ |  | 29,520 | ​ |  | (5,900)
Net income | ​ | $ | 31,177 | ​ | $ | 15,368
​
Condensed Cash Flow, Parent Only | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2022 |  | 2021
Cash flows from operating activities: |  | ​ |  |  | ​ |
Net income | ​ | $ | 31,177 | ​ | $ | 15,368
Adjustments to reconcile net income to cash | ​ |  |  | ​ |  |
provided by operating activities: | ​ |  |  | ​ |  |
(Equity) deficit in undistributed net income of subsidiaries | ​ |  | (29,521) | ​ |  | 5,900
Amortization of debt issuance costs | ​ | ​ | 122 | ​ | ​ | 123
Stock-based compensation expense | ​ |  | 636 | ​ |  | 378
Company owned life insurance income | ​ |  | (67) | ​ |  | (110)
Acquisition accounting adjustments | ​ | ​ | 188 | ​ |  | 31
Net decrease (increase) in other assets | ​ |  | 387 | ​ |  | (1,552)
Net increase (decrease) increase in other liabilities | ​ |  | 275 | ​ |  | (142)
Net cash provided by operating activities | ​ |  | 3,197 | ​ |  | 19,996
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ |  |  | ​ |  |
Purchase of company owned life insurance | ​ | ​ | — | ​ | ​ | (192)
Acquisition of business activity, net of cash paid | ​ | ​ | — | ​ | ​ | (15,945)
Net cash (used in) investing activities | ​ |  | — | ​ |  | (16,137)
​ | ​ |  |  | ​ |  |
Cash flows from financing activities: | ​ |  |  | ​ |  |
Common stock dividends paid | ​ |  | (9,530) | ​ |  | (6,607)
Retirement of common stock | ​ | ​ | — | ​ | ​ | (819)
Issuance of common stock | ​ | ​ | 386 | ​ | ​ | —
Exercise of stock options | ​ | ​ | — | ​ | ​ | 6
Net cash (used in) financing activities | ​ |  | (9,144) | ​ |  | (7,420)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net (decrease) in cash and cash equivalents | ​ |  | (5,947) | ​ |  | (3,561)
Cash and cash equivalents at beginning of year | ​ |  | 13,092 | ​ |  | 16,653
Cash and cash equivalents at end of year | ​ | $ | 7,145 | ​ | $ | 13,092

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