XML 53 R31.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Parent Company Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2023
Parent Company Financial Information |
Parent Company Financial Information | Note 25: Parent Company Financial Information The following information presents the condensed balance sheets of the Company as of December 31, 2023 and 2022, and the condensed statements of income and cash flows of the Company for the years ended December 31, 2023, 2022 and 2021: Condensed Balance Sheets ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
(dollars in thousands) |  | 2023 |  | 2022
ASSETS | ​ | ​ | ​ | ​ | ​ | ​
Cash and Cash Equivalents | ​ | $ | 27,733 | ​ | $ | 37,414
Investment in Subsidiaries | ​ |  | 488,355 | ​ |  | 447,931
Premises and Equipment, Net | ​ |  | 3,760 | ​ |  | 844
Other Assets | ​ |  | 2,772 | ​ |  | 3,180
Total Assets | ​ | $ | 522,620 | ​ | $ | 489,369
LIABILITIES AND EQUITY | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES | ​ | ​ | ​ | ​ | ​ | ​
Notes Payable | ​ | $ | 13,750 | ​ | $ | 13,750
Subordinated Debentures, Net of Issuance Costs | ​ |  | 79,288 | ​ |  | 78,905
Accrued Interest Payable | ​ |  | 1,765 | ​ |  | 452
Other Liabilities | ​ |  | 2,302 | ​ |  | 2,198
Total Liabilities | ​ |  | 97,105 | ​ |  | 95,305
SHAREHOLDERS’ EQUITY | ​ | ​ | ​ | ​ | ​ | ​
Preferred Stock—$0.01 par value | ​ | ​ | ​ | ​ | ​ | ​
Preferred Stock—Authorized 10,000,000 | ​ | ​ | 66,514 | ​ | ​ | 66,514
Common Stock—$0.01 par value | ​ | ​ | ​ | ​ | ​ | ​
Voting Common Stock—Authorized 75,000,000 | ​ |  | 277 | ​ |  | 278
Additional Paid‑In Capital | ​ |  | 96,320 | ​ |  | 96,529
Retained Earnings | ​ |  | 280,650 | ​ |  | 248,685
Accumulated Other Comprehensive Income (Loss) | ​ |  | (18,246) | ​ |  | (17,942)
Total Shareholders’ Equity | ​ |  | 425,515 | ​ |  | 394,064
Total Liabilities and Shareholders' Equity | ​ | $ | 522,620 | ​ | $ | 489,369
​ Condensed Statements of Income ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
(dollars in thousands) |  | 2023 |  | 2022 | ​ | 2021
INCOME | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividend Income | ​ | $ | — | ​ | $ | 1,585 | ​ | $ | 1,350
Interest Income | ​ |  | 3 | ​ |  | — | ​ |  | —
Other Income | ​ |  | 118 | ​ |  | 129 | ​ |  | 117
Total Income | ​ |  | 121 | ​ |  | 1,714 | ​ |  | 1,467
EXPENSE | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest Expense | ​ |  | 5,126 | ​ |  | 4,890 | ​ |  | 4,691
Other Expenses | ​ |  | 1,757 | ​ |  | 1,570 | ​ |  | 1,972
Total Interest Expense | ​ |  | 6,883 | ​ |  | 6,460 | ​ |  | 6,663
LOSS BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS | ​ |  | (6,762) | ​ |  | (4,746) | ​ |  | (5,196)
Income Tax Benefit | ​ |  | 1,894 | ​ |  | 1,792 | ​ |  | 1,847
LOSS BEFORE EQUITY IN UNDISTRIBUTED EARNINGS | ​ |  | (4,868) | ​ |  | (2,954) | ​ |  | (3,349)
Equity in Undistributed Earnings | ​ |  | 44,828 | ​ |  | 56,346 | ​ |  | 49,036
NET INCOME | ​ | $ | 39,960 | ​ | $ | 53,392 | ​ | $ | 45,687
​ Condensed Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
(dollars in thousands) |  | 2023 |  | 2022 | ​ | 2021
CASH FLOWS FROM OPERATING ACTIVITIES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | $ | 39,960 | ​ | $ | 53,392 | ​ | $ | 45,687
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in Undistributed Earnings of Subsidiaries | ​ |  | (44,828) | ​ |  | (56,346) | ​ |  | (49,036)
Changes in Other Assets and Liabilities | ​ |  | (738) | ​ |  | (193) | ​ |  | 634
Net Cash Used by Operating Activities | ​ |  | (5,606) | ​ |  | (3,147) | ​ |  | (2,715)
CASH FLOWS FROM INVESTING ACTIVITIES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in Subsidiaries | ​ |  | — | ​ |  | (25,000) | ​ |  | (25,000)
Proceeds from Bridgewater Risk Management, Inc. Liquidation | ​ | ​ | 4,143 | ​ | ​ | — | ​ | ​ | —
Net Cash Provided (Used) by Investing Activities | ​ |  | 4,143 | ​ |  | (25,000) | ​ |  | (25,000)
CASH FLOWS FROM FINANCING ACTIVITIES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Principal Payments on Notes Payable | ​ |  | — | ​ |  | — | ​ |  | (11,000)
Proceeds from Notes Payable | ​ | ​ | — | ​ | ​ | 13,750 | ​ | ​ | —
Proceeds from Issuance of Subordinated Debt | ​ |  | — | ​ |  | — | ​ |  | 29,309
Redemption of Subordinated Debt | ​ | ​ | — | ​ | ​ | (13,750) | ​ | ​ | (11,250)
Stock Options Exercised | ​ | ​ | 963 | ​ | ​ | 577 | ​ | ​ | 724
Stock Repurchases and Repurchases for Tax Withholding on Equity Awards | ​ | ​ | (5,127) | ​ | ​ | (11,513) | ​ | ​ | (2,740)
Issuance of Preferred Stock | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 66,514
Preferred Stock Dividends Paid | ​ | ​ | (4,054) | ​ | ​ | (4,054) | ​ | ​ | (1,171)
Net Cash Provided (Used) by Financing Activities | ​ |  | (8,218) | ​ |  | (14,990) | ​ |  | 70,386
NET CHANGE IN CASH AND CASH EQUIVALENTS | ​ |  | (9,681) | ​ |  | (43,137) | ​ |  | 42,671
Cash and Cash Equivalents Beginning | ​ |  | 37,414 | ​ |  | 80,551 | ​ |  | 37,880
Cash and Cash Equivalents Ending | ​ | $ | 27,733 | ​ | $ | 37,414 | ​ | $ | 80,551
​

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

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration