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Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | 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 | 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 | 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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