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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables) | 12 Months Ended
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Dec. 31, 2023
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY |
Condensed Balance Sheets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(in thousands) |  | 2023 |  | 2022
Assets |  | ​ |  |  | ​ |
Cash | ​ | $ | 7,850 | ​ | $ | 7,350
Investment in subsidiaries | ​ |  | 484,574 | ​ |  | 447,937
Premises and equipment | ​ |  | 785 | ​ |  | 765
Other assets | ​ |  | 5,070 | ​ |  | 3,130
Total assets | ​ | $ | 498,279 | ​ | $ | 459,182
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Shareholders’ Equity | ​ |  |  | ​ |  |
Subordinated notes | ​ | $ | 60,461 | ​ | $ | 60,289
Accrued expenses | ​ |  | 5,759 | ​ |  | 5,443
Shareholders’ equity | ​ |  | 432,059 | ​ |  | 393,450
Total liabilities and shareholders’ equity | ​ | $ | 498,279 | ​ | $ | 459,182
​
Condensed Income Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(in thousands) |  | 2023 |  | 2022 |  | 2021
Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends from subsidiaries | ​ | $ | 23,156 | ​ | $ | 20,682 | ​ | $ | 15,557
Other income | ​ |  | 1,142 | ​ |  | 976 | ​ |  | 740
Total income | ​ |  | 24,298 | ​ |  | 21,658 | ​ |  | 16,297
Interest expense | ​ |  | 3,691 | ​ |  | 2,981 | ​ |  | 2,632
Non-interest expense | ​ |  | 5,834 | ​ |  | 5,183 | ​ |  | 5,455
Total expense | ​ |  | 9,525 | ​ |  | 8,164 | ​ |  | 8,087
Income before taxes and equity in undistributed income of subsidiaries | ​ |  | 14,773 | ​ |  | 13,493 | ​ |  | 8,210
Income tax benefit | ​ |  | (1,985) | ​ |  | (1,709) | ​ |  | (1,741)
Income before equity in undistributed income of subsidiaries | ​ |  | 16,758 | ​ |  | 15,202 | ​ |  | 9,951
Equity in undistributed income of subsidiaries | ​ |  | 28,094 | ​ |  | 28,355 | ​ |  | 29,348
Net income | ​ | $ | 44,852 | ​ | $ | 43,557 | ​ | $ | 39,299
Condensed Cash Flow Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(in thousands) |  | 2023 |  | 2022 |  | 2021
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 44,852 | ​ | $ | 43,557 | ​ | $ | 39,299
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Equity in undistributed income of subsidiaries | ​ |  | (28,094) | ​ |  | (28,355) | ​ |  | (29,348)
Other, net | ​ |  | (1,537) | ​ |  | 3,187 | ​ |  | (5,582)
Net cash provided by operating activities | ​ |  | 15,221 | ​ |  | 18,389 | ​ |  | 4,369
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Acquisitions, net of cash paid | ​ |  | — | ​ |  | — | ​ |  | —
Purchase of securities | ​ |  | — | ​ |  | — | ​ |  | —
Capital contribution to subsidiary | ​ |  | — | ​ |  | — | ​ |  | —
Net cash (used in) investing activities | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from issuance of subordinated debt | ​ |  | — | ​ |  | — | ​ |  | —
Repayment of subordinated debt | ​ |  | — | ​ |  | — | ​ |  | —
Net proceeds from common stock | ​ |  | 1,845 | ​ |  | 1,723 | ​ |  | 1,534
Net proceeds from reissuance of treasury stock | ​ |  | — | ​ |  | — | ​ |  | —
Common stock cash dividends paid | ​ |  | (16,566) | ​ |  | (15,334) | ​ |  | (14,072)
Net cash used in financing activities | ​ |  | (14,721) | ​ |  | (13,611) | ​ |  | (12,538)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net change in cash and cash equivalents | ​ |  | 500 | ​ |  | 4,778 | ​ |  | (8,169)
Cash and cash equivalents at beginning of year | ​ |  | 7,350 | ​ |  | 2,572 | ​ |  | 10,741
Cash and cash equivalents at end of year | ​ | $ | 7,850 | ​ | $ | 7,350 | ​ | $ | 2,572
​

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