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Parent Company financial statements (Tables) | 12 Months Ended
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Dec. 31, 2022
Parent Company financial statements |
Condensed Balance Sheets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2022 |  | 2021 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 359 | ​ | $ | 4,044 | ​
Equity securities | ​ | ​ | 110 | ​ | ​ | 140 | ​
Investment in bank subsidiary | ​ |  | 346,734 | ​ |  | 368,427 | ​
Other assets | ​ |  | 1,295 | ​ |  | 703 | ​
Total assets | ​ | $ | 348,498 | ​ | $ | 373,314 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subordinated debt | ​ | $ | 33,000 | ​ | $ | 33,000 | ​
Accrued interest payable | ​ | ​ | 148 | ​ | ​ | 148 | ​
Other liabilities | ​ | ​ | ​ | ​ | ​ | 40 | ​
Stockholders’ equity | ​ |  | 315,350 | ​ |  | 340,126 | ​
Total liabilities and stockholders’ equity | ​ | $ | 348,498 | ​ | $ | 373,314 | ​
Condensed Statements of Income and Comprehensive Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2022 |  | 2021 |  | 2020 |
Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends from subsidiaries | ​ | $ | 11,325 | ​ | $ | 17,593 | ​ | $ | 10,518 | ​
Other income | ​ | ​ | 3 | ​ | ​ | 4 | ​ | ​ | 8 | ​
Net gain realized on sale of equity securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 29 | ​
Unrealized holding gains (losses) on equity securities | ​ |  | (31) | ​ |  | 2 | ​ |  | (35) | ​
Total income | ​ |  | 11,297 | ​ |  | 17,599 | ​ |  | 10,520 | ​
Expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense on subordinated debt | ​ | ​ | 1,774 | ​ | ​ | 1,774 | ​ | ​ | 1,035 | ​
Other expenses | ​ |  | 1,188 | ​ |  | 222 | ​ |  | 200 | ​
Total expenses | ​ |  | 2,962 | ​ |  | 1,996 | ​ |  | 1,235 | ​
Income before taxes and undistributed income | ​ |  | 8,335 | ​ |  | 15,603 | ​ |  | 9,285 | ​
Income tax benefit | ​ | ​ | (624) | ​ |  | (410) | ​ |  | (255) | ​
Income before undistributed income of subsidiaries | ​ |  | 8,959 | ​ |  | 16,013 | ​ |  | 9,540 | ​
Equity in undistributed net income of subsidiaries | ​ |  | 29,131 | ​ |  | 27,506 | ​ |  | 19,814 | ​
Net income | ​ | $ | 38,090 | ​ | $ | 43,519 | ​ | $ | 29,354 | ​
Condensed Statements of Cash Flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2022 |  | 2021 |  | 2020 |
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 38,090 | ​ | $ | 43,519 | ​ | $ | 29,354 | ​
Adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net losses (gains) on investment securities | ​ |  | 31 | ​ |  | (2) | ​ |  | 6 | ​
Undistributed net income of subsidiaries | ​ |  | (29,131) | ​ |  | (27,506) | ​ |  | (19,814) | ​
Increase in other assets | ​ |  | (591) | ​ |  | (429) | ​ | ​ | (255) | ​
Increase (decrease) in other liabilities | ​ |  | (40) | ​ |  | ​ | ​ |  | 148 | ​
Stock based compensation | ​ |  | 534 | ​ |  | 546 | ​ |  | 570 | ​
Net cash provided by operating activities | ​ |  | 8,893 | ​ |  | 16,128 | ​ |  | 10,009 | ​
Cash flows from investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sale of equity securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 279 | ​
Net cash provided by investing activities | ​ |  | ​ | ​ |  | ​ | ​ |  | 279 | ​
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from subordinated debentures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 33,000 | ​
Investment in subsidiary | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (30,000) | ​
Retirement of common stock | ​ |  | (1,253) | ​ | ​ | (2,361) | ​ | ​ | (6,893) | ​
Cash dividends paid | ​ |  | (11,325) | ​ |  | (10,792) | ​ |  | (10,518) | ​
Net cash used in financing activities | ​ |  | (12,578) | ​ |  | (13,153) | ​ |  | (14,411) | ​
Increase (decrease) in cash and cash equivalents | ​ |  | (3,685) | ​ |  | 2,975 | ​ |  | (4,123) | ​
Cash and cash equivalents at beginning of year | ​ |  | 4,044 | ​ |  | 1,069 | ​ |  | 5,192 | ​
Cash and cash equivalents at end of year | ​ | $ | 359 | ​ | $ | 4,044 | ​ | $ | 1,069 | ​

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