XML 75 R53.htm IDEA: XBRL DOCUMENT v3.24.0.1

Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Parent Company Financial Information

Schedule of 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

Schedule of 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

Schedule of 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

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))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

+ Details

Name:	srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix:	srt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ Details

Name:	srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix:	srt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ Details

Name:	srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix:	srt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration