XML 62 R45.htm IDEA: XBRL DOCUMENT
v3.22.0.1

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY |
Condensed Balance Sheets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(in thousands) |  | 2021 |  | 2020
Assets |  | ​ |  |  | ​ |
Cash | ​ | $ | 2,572 | ​ | $ | 10,741
Investment in subsidiaries(1) | ​ |  | 479,914 | ​ |  | 460,369
Premises and equipment | ​ |  | 792 | ​ |  | 756
Other assets | ​ |  | 7,078 | ​ |  | 1,934
Total assets | ​ | $ | 490,356 | ​ | $ | 473,800
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Shareholders’ Equity | ​ |  |  | ​ |  |
Subordinated notes | ​ | $ | 60,124 | ​ | $ | 59,961
Accrued expenses | ​ |  | 6,085 | ​ |  | 6,774
Shareholders’ equity(1) | ​ |  | 424,147 | ​ |  | 407,065
Total liabilities and shareholders’ equity(1) | ​ | $ | 490,356 | ​ | $ | 473,800
​
(1) | Prior period has been revised, see Note 1 – Summary of Significant Accounting Policies – Revision of Previously Issued Financial Statements.
Condensed Income Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(in thousands) |  | 2021 |  | 2020 |  | 2019
Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends from subsidiaries | ​ | $ | 15,557 | ​ | $ | 8,024 | ​ | $ | 21,734
Other income | ​ |  | 740 | ​ |  | 742 | ​ |  | 337
Total income | ​ |  | 16,297 | ​ |  | 8,766 | ​ |  | 22,071
Interest expense | ​ |  | 2,632 | ​ |  | 2,750 | ​ |  | 2,188
Non-interest expense | ​ |  | 5,455 | ​ |  | 4,465 | ​ |  | 3,208
Total expense | ​ |  | 8,087 | ​ |  | 7,215 | ​ |  | 5,396
Income before taxes and equity in undistributed income of subsidiaries | ​ |  | 8,210 | ​ |  | 1,552 | ​ |  | 16,675
Income tax benefit | ​ |  | (1,741) | ​ |  | (1,539) | ​ |  | (1,100)
Income before equity in undistributed income of subsidiaries | ​ |  | 9,951 | ​ |  | 3,091 | ​ |  | 17,775
Equity in undistributed income of subsidiaries | ​ |  | 29,348 | ​ |  | 30,153 | ​ |  | 4,845
Net income | ​ | $ | 39,299 | ​ | $ | 33,244 | ​ | $ | 22,620
Condensed Cash Flow Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(in thousands) |  | 2021 |  | 2020 |  | 2019
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 39,299 | ​ | $ | 33,244 | ​ | $ | 22,620
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Equity in undistributed income of subsidiaries | ​ |  | (29,348) | ​ |  | (30,153) | ​ |  | (4,845)
Other, net | ​ |  | (5,582) | ​ |  | 3,840 | ​ |  | (1,040)
Net cash provided by operating activities | ​ |  | 4,369 | ​ |  | 6,931 | ​ |  | 16,735
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Acquisitions, net of cash paid | ​ |  | — | ​ |  | — | ​ |  | —
Purchase of securities | ​ |  | — | ​ |  | — | ​ |  | —
Capital contribution to subsidiary | ​ |  | — | ​ |  | — | ​ |  | (8,000)
Net cash (used in) investing activities | ​ |  | — | ​ |  | — | ​ |  | (8,000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from issuance of subordinated debt | ​ |  | — | ​ |  | — | ​ |  | 40,000
Repayment of subordinated debt | ​ |  | — | ​ |  | — | ​ |  | (17,000)
Net proceeds from common stock | ​ |  | 1,534 | ​ |  | 2,192 | ​ |  | 883
Net proceeds from reissuance of treasury stock | ​ |  | — | ​ |  | (14,188) | ​ |  | (22)
Common stock cash dividends paid | ​ |  | (14,072) | ​ |  | (13,417) | ​ |  | (13,366)
Net cash (used in) provided by financing activities | ​ |  | (12,538) | ​ |  | (25,413) | ​ |  | 10,495
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net change in cash and cash equivalents | ​ |  | (8,169) | ​ |  | (18,482) | ​ |  | 19,230
Cash and cash equivalents at beginning of year | ​ |  | 10,741 | ​ |  | 29,223 | ​ |  | 9,993
Cash and cash equivalents at end of year | ​ | $ | 2,572 | ​ | $ | 10,741 | ​ | $ | 29,223

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements 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 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements 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 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration