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Condensed Financial Statements of Parent Company | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Statements of Parent Company | Note 21 – Condensed Financial Statements of Parent Company Information relative to the parent company’s condensed balance sheets at December 31, 2022 and 2021 and the related condensed statements of income and cash flows for the years ended December 31, 2022, 2021 and 2020 are presented below: Condensed Balance Sheets
|  | December 31,
(Dollars in thousands) |  | 2022 |  | 2021
Assets |  |  |  |
Cash |  | $ | 31,085 |  |  | $ | 27,463 |
Investment in subsidiaries |  | 277,173 |  |  | 322,002 |
Debt and equity securities |  | 4,904 |  |  | — |
Equity method investments |  | 50,976 |  |  | — |
Other assets |  | 11,033 |  |  | 13,715 |
Total assets |  | $ | 375,171 |  |  | $ | 363,180 |
Liabilities and stockholders’ equity |  |  |  |
Other liabilities |  | $ | 31,036 |  |  | $ | 15,822 |
Senior term loan |  | 9,765 |  |  | — |
Subordinated debt |  | 73,286 |  |  | 73,030 |
Total liabilities |  | 114,087 |  |  | 88,852 |
Total stockholders’ equity |  | 261,084 |  |  | 274,328 |
Total liabilities and stockholders’ equity |  | $ | 375,171 |  |  | $ | 363,180 |
Condensed Statements of Income
|  | Year ended December 31,
(Dollars in thousands) |  | 2022 |  | 2021 |  | 2020
Income, dividends from the Bank |  | $ | 50,985 |  |  | $ | 19,165 |  |  | $ | 6,688 |
Operating expenses |  | 27,774 |  |  | 22,458 |  |  | 16,804 |
Income (loss), before income taxes |  | 23,211 |  |  | (3,293) |  |  | (10,116) |
Income tax benefit |  | (3,450) |  |  | (2,090) |  |  | (2,082) |
Net income (loss) |  | 26,661 |  |  | (1,203) |  |  | (8,034) |
Equity in undistributed income earnings of subsidiaries |  | (11,614) |  |  | 40,324 |  |  | 45,445 |
Net income |  | $ | 15,047 |  |  | $ | 39,121 |  |  | $ | 37,411 |
Preferred dividends |  | $ | — |  |  | $ | 35 |  |  | $ | 461 |
Net income available to common shareholders |  | $ | 15,047 |  |  | $ | 39,086 |  |  | $ | 36,950 |
Condensed Statements of Cash Flows
(Dollars in thousands) |  | 2022 |  | 2021 |  | 2020
OPERATING ACTIVITIES |  |  |  |  |  |
Net income |  | $ | 15,047 |  |  | $ | 39,121 |  |  | $ | 37,411 |
Equity in undistributed earnings of subsidiaries |  | 11,614 |  |  | (40,324) |  |  | (45,445) |
Stock-based compensation |  | 3,217 |  |  | 3,208 |  |  | 2,278 |
Depreciation and amortization |  | 269 |  |  | 175 |  |  | 12 |
Other assets |  | (45,406) |  |  | (6,849) |  |  | (2,101) |
Other liabilities |  | 16,358 |  |  | 11,215 |  |  | 1,755 |
Net cash from operating activities |  | 1,099 |  |  | 6,546 |  |  | (6,090) |
INVESTING ACTIVITIES |  |  |  |  |  |
Investment in subsidiaries |  | (240) |  |  | (15,871) |  |  | (3,713) |
Net cash from investing activities |  | (240) |  |  | (15,871) |  |  | (3,713) |
FINANCING ACTIVITIES |  |  |  |  |  |
Proceeds from stock issuance |  | — |  |  | — |  |  | 240 |
Issuance of senior term loan, net of issuance costs |  | 9,877 |  |  | — |  |  | — |
Issuance of subordinated debt, net of issuance costs |  | — |  |  | 29,448 |  |  | 40,000 |
Common stock repurchased |  | — |  |  | — |  |  | (15,657) |
Preferred stock redemption |  | — |  |  | (7,334) |  |  | — |
Common stock options exercised |  | 1,399 |  |  | 4,930 |  |  | 4,464 |
Withholding cash issued in lieu of restricted stock |  | — |  |  | (249) |  |  | — |
Issuance of subsidiary membership units |  | — |  |  | 500 |  |  | — |
Principal payments on senior term loan |  | (125) |  |  | — |  |  | — |
Stock purchase from noncontrolling interest |  | (33) |  |  | — |  |  | — |
Cash dividends paid on common stock |  | (8,355) |  |  | (6,038) |  |  | (4,275) |
Cash dividends paid on preferred stock |  | — |  |  | (35) |  |  | (461) |
Net cash from financing activities |  | 2,763 |  |  | 21,222 |  |  | 24,311 |
Net change in cash |  | 3,622 |  |  | 11,897 |  |  | 14,508 |
Cash at beginning of period |  | 27,463 |  |  | 15,566 |  |  | 1,058 |
Cash at end of period |  | $ | 31,085 |  |  | $ | 27,463 |  |  | $ | 15,566 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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