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Parent Company financial statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Parent Company financial statements |
Condensed Balance Sheets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2023 |  | 2022 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 188 | ​ | $ | 359 | ​
Equity securities | ​ | ​ | 98 | ​ | ​ | 110 | ​
Investment in bank subsidiary | ​ |  | 372,348 | ​ |  | 346,734 | ​
Other assets | ​ |  | 936 | ​ |  | 1,295 | ​
Total assets | ​ | $ | 373,570 | ​ | $ | 348,498 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subordinated debt | ​ | $ | 33,000 | ​ | $ | 33,000 | ​
Accrued interest payable | ​ | ​ | 148 | ​ | ​ | 148 | ​
Stockholders’ equity | ​ |  | 340,422 | ​ |  | 315,350 | ​
Total liabilities and stockholders’ equity | ​ | $ | 373,570 | ​ | $ | 348,498 | ​
CONDENSED STATEMENTS OF INCOME | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2021 |
Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends from subsidiaries | ​ | $ | 20,158 | ​ | $ | 11,325 | ​ | $ | 17,593 | ​
Other income | ​ | ​ | 4 | ​ | ​ | 3 | ​ | ​ | 4 | ​
Unrealized holding (losses) gains on equity securities | ​ |  | (11) | ​ |  | (31) | ​ |  | 2 | ​
Total income | ​ |  | 20,151 | ​ |  | 11,297 | ​ |  | 17,599 | ​
Expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquisition related expenses | ​ | ​ | 1,580 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense on subordinated debt | ​ | ​ | 1,774 | ​ | ​ | 1,774 | ​ | ​ | 1,774 | ​
Other expenses | ​ |  | 1,538 | ​ |  | 1,188 | ​ |  | 222 | ​
Total expenses | ​ |  | 4,892 | ​ |  | 2,962 | ​ |  | 1,996 | ​
Income before taxes and undistributed income | ​ |  | 15,259 | ​ |  | 8,335 | ​ |  | 15,603 | ​
Income tax benefit | ​ | ​ | (857) | ​ |  | (624) | ​ |  | (410) | ​
Income before undistributed income of subsidiaries | ​ |  | 16,116 | ​ |  | 8,959 | ​ |  | 16,013 | ​
Equity in undistributed net income of subsidiaries | ​ |  | 11,264 | ​ |  | 29,131 | ​ |  | 27,506 | ​
Net income | ​ | $ | 27,380 | ​ | $ | 38,090 | ​ | $ | 43,519 | ​
Condensed Statements of Cash Flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2021 |
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 27,380 | ​ | $ | 38,090 | ​ | $ | 43,519 | ​
Adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net losses (gains) on investment securities | ​ |  | 11 | ​ |  | 31 | ​ |  | (2) | ​
Undistributed net income of subsidiaries | ​ |  | (11,264) | ​ |  | (29,131) | ​ |  | (27,506) | ​
Decrease (increase) in other assets | ​ |  | 359 | ​ |  | (591) | ​ | ​ | (429) | ​
Decrease in other liabilities | ​ |  | ​ | ​ |  | (40) | ​ |  | ​ | ​
Stock based compensation | ​ |  | 888 | ​ |  | 534 | ​ |  | 546 | ​
Net cash provided by operating activities | ​ |  | 17,374 | ​ |  | 8,893 | ​ |  | 16,128 | ​
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement of common stock | ​ |  | (5,886) | ​ | ​ | (1,253) | ​ | ​ | (2,361) | ​
Cash dividends paid | ​ |  | (11,659) | ​ |  | (11,325) | ​ |  | (10,792) | ​
Net cash used in financing activities | ​ |  | (17,545) | ​ |  | (12,578) | ​ |  | (13,153) | ​
(Decrease) increase in cash and cash equivalents | ​ |  | (171) | ​ |  | (3,685) | ​ |  | 2,975 | ​
Cash and cash equivalents at beginning of year | ​ |  | 359 | ​ |  | 4,044 | ​ |  | 1,069 | ​
Cash and cash equivalents at end of year | ​ | $ | 188 | ​ | $ | 359 | ​ | $ | 4,044 | ​
​

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