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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)

12 Months Ended

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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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/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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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/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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