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Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Parent Company Financial Statements

Schedule of parent only consolidated balance sheets

​

​	​	​	​	​	​
​	​	December 31,		​	December 31,
(dollars in thousands, except per share data)		2020			2019
Cash and due from banks	​	$	213	​	148
Investments in subsidiaries	​	​	180,288	​	159,643
Other assets	​	​	360	​	40
Total assets	​	$	180,861	​	159,831
​	​	​	​	​	​
Liabilities:	​	​	​	​	​
Subordinated debentures	​	​	38,904	​	39,058
Accrued interest payable	​	​	6	​	78
Other liabilities	​	​	329	​	—
Total liabilities	​	​	39,239	​	39,136
Stockholders’ equity:	​	​	​	​	​
Common stock, $1 par value. Authorized 10,000,000 shares; issued 6,455,566 and 6,407,685 as of December 31, 2020 and December 31, 2019	​	​	6,456	​	6,408
Surplus	​	​	81,196	​	80,196
Treasury Stock- 320,000 and 3,375 shares at December 31, 2020 and December 31, 2019, respectively	​	​	(5,828)	​	(3)
Unearned common stock held by employee stock ownership plan	​	​	(1,768)	​	—
Retained earnings	​	​	59,010	​	34,097
Accumulated other comprehensive loss	​	​	2,556	​	(3)
Total stockholders’ equity	​	​	141,622	​	120,695
Total liabilities and stockholders’ equity	​	$	180,861	​	159,831

Schedule of parent only consolidated statements of operations

​

​	​	​	​	​	​
​	​	Year ended
​	​	December 31,
(dollars in thousands, except per share data)		2020			2019
Dividends from Bank	​	$	11,512	​	—
Net interest and other income	​	​	10	​	—
Total operating income	​	​	11,522	​	—
Interest expense	​	​	2,202	​	81
Income before equity in undistributed income of subsidiaries	​	​	9,320	​	(81)
Equity in undistributed income of subsidiaries	​	​	17,118	​	10,562
Income before income taxes	​	​	26,438	​	10,481
Income tax expense	​	​	—	​	—
Net income	​	​	26,438	​	10,481
Total other comprehensive income	​	​	2,559	​	387
Total comprehensive income	​	$	28,997	​	10,868

Schedule of parent only consolidated statements of cash flows

​

​	​	​	​	​	​
​	​	Year ended
​	​	December 31,
(dollars in thousands)		2020			2019
Net income	​	$	26,438	​	10,481
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	​	​	​	​	​
Equity in undistributed income of subsidiaries	​	​	(17,181)	​	(10,562)
Share-based compensation	​	​	232	​	—
(Decrease) increase in accrued interest payable	​	​	(72)	​	78
Increase in other assets	​	​	(320)	​	(40)
Increase in other liabilities	​	​	32	​	—
Net cash provided by (used in) operating activities	​	​	9,129	​	(43)
Cash flows from investing activities:	​	​	​	​	​
Investment in subsidiaries	​	​	—	​	(38,804)
Net cash used in investing activities	​	​	—	​	(38,804)
Cash flows from financing activities:	​	​	​	​	​
Net activity from subordinated debt	​	​	(231)	​	39,051
Net purchase of treasury stock through publicly announced plans	​	​	(5,703)	​	(62)
Dividends paid	​	​	(1,525)	​	—
Purchase of common shares for ESOP	​	​	(2,000)	​	—
Share based awards and exercises	​	​	395	​	6
Net cash (used in) provided by financing activities	​	​	(9,064)	​	38,995
Net change in cash and cash equivalents	​	​	65	​	148
Cash and cash equivalents at beginning of period	​	​	148	​	—
Cash and cash equivalents at end of period	​	$	213	​	148

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- 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/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

+ References

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-Section 3
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