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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

​

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)		2020			2019
Assets		​			​
Cash	​	$	10,741	​	$	29,223
Investment in subsidiaries	​		464,645	​		427,536
Premises and equipment	​		756	​		687
Other assets	​		1,934	​		4,586
Total assets	​	$	478,076	​	$	462,032
​	​	​	​	​	​	​
Liabilities and Shareholders Equity	​			​
Subordinated notes	​	$	59,961	​	$	59,920
Accrued expenses	​		6,774	​		5,705
Shareholders equity	​		411,341	​		396,407
Total liabilities and shareholders equity	​	$	478,076	​	$	462,032

Condensed Income Statement

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
(in thousands)		2020			2019			2018
Income:	​	​	​	​	​	​	​	​	​
Dividends from subsidiaries	​	$	8,024	​	$	21,734	​	$	23,705
Other income	​		742	​		337	​		31
Total income	​		8,766	​		22,071	​		23,736
Interest expense	​		2,750	​		2,188	​		2,121
Non-interest expense	​		4,465	​		3,208	​		3,147
Total expense	​		7,215	​		5,396	​		5,268
Income before taxes and equity in undistributed income of subsidiaries	​		1,552	​		16,675	​		18,468
Income tax benefit	​		(1,539)	​		(1,100)	​		(1,136)
Income before equity in undistributed income of subsidiaries	​		3,091	​		17,775	​		19,604
Equity in undistributed income of subsidiaries	​		30,153	​		4,845	​		13,333
Net income	​	$	33,244	​	$	22,620	​	$	32,937

Condensed Cash Flow Statement

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
(in thousands)		2020			2019			2018
Cash flows from operating activities:	​	​	​	​	​	​	​	​	​
Net income	​	$	33,244	​	$	22,620	​	$	32,937
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	​			​			​
Equity in undistributed income of subsidiaries	​		(30,153)	​		(4,845)	​		(13,333)
Other, net	​		3,840	​		(1,040)	​		(1,457)
Net cash provided by operating activities	​		6,931	​		16,735	​		18,147
​	​	​	​	​	​	​	​	​	​
Cash flows from investing activities:	​			​			​
Acquisitions, net of cash paid	​		—	​		—	​		—
Purchase of securities	​		—	​		—	​		(7)
Capital contribution to subsidiary	​		—	​		(8,000)	​		—
Net cash used in investing activities	​		—	​		(8,000)	​		(7)
​	​	​	​	​	​	​	​	​	​
Cash flows from financing activities:	​			​			​
Proceeds from issuance of subordinated debt	​		—	​		40,000	​		—
Repayment of subordinated debt	​		—	​		(17,000)	​		—
Net proceeds from common stock	​		2,192	​		883	​		951
Net proceeds from reissuance of treasury stock	​		(14,188)	​		(22)	​		686
Common stock cash dividends paid	​		(13,417)	​		(13,366)	​		(12,184)
Net cash (used in) provided by financing activities	​		(25,413)	​		10,495	​		(10,547)
​	​	​	​	​	​	​	​	​	​
Net change in cash and cash equivalents	​		(18,482)	​		19,230	​		7,593
Cash and cash equivalents at beginning of year	​		29,223	​		9,993	​		2,400
Cash and cash equivalents at end of year	​	$	10,741	​	$	29,223	​	$	9,993

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- References

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- Definition

Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph i
-Subsection 10

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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

+ References

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-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph i
-Subsection 10

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