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Parent Company Condensed Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Financial Statements

The following is condensed financial information of the parent company as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018:

 

Condensed Balance Sheets

 

       
(Dollars in thousands)  As of December 31, 
   2020   2019 
Assets:        
Cash and cash equivalents  $105   $173 
Investment securities   212    239 
Investment in subsidiaries   146,896    129,049 
Other   1,217    929 
Total assets  $148,430   $130,390 
Liabilities and stockholders’ equity:          
Subordinated debentures  $21,651   $21,651 
Other   107    132 
Stockholders’ equity   126,672    108,607 
Total liabilities and stockholders’ equity  $148,430   $130,390 

 

Condensed Statements of Earnings

 

          
(Dollars in thousands)  Years ended December 31, 
   2020   2019   2018 
Dividends from Bank  $6,900   $4,500   $3,200 
Interest income   21    31    29 
Other non-interest income   7    7    7 
Interest expense   (614)   (970)   (1,078)
Other expense, net   (352)   (304)   (325)
Earnings before equity in undistributed earnings   5,962    3,264    1,833 
Increase in undistributed equity of Bank   13,087    6,801    7,567 
Increase in undistributed equity of Nonbank subsidiary   248    338    740 
Earnings before income taxes   19,297    10,403    10,140 
Income tax benefit   (196)   (259)   (286)
Net earnings   19,493    10,662    10,426 
Other comprehensive income (loss)   4,208    9,230    (3,579)
Total comprehensive income  $23,701   $19,892   $6,847 

 

 

Condensed Statements of Cash Flows

 

          
(Dollars in thousands)  Years ended December 31, 
   2020   2019   2018 
Cash flows from operating activities:               
Net earnings  $19,493   $10,662   $10,426 
Increase in undistributed equity of subsidiaries   (13,335)   (7,139)   (8,307)
Amortization of purchase accounting adjustment on subordinated debentures   -    -    167 
Other   (312)   23    381 
Net cash provided by operating activities   5,846    3,546    2,667 
                
Cash flows from investing activities:               
Purchase of investment securities   (2)   (1)   - 
Proceeds from sales of investments   28    -    7 
Net cash provided by (used in) investing activities   26    (1)   7 
                
Cash flows from financing activities:               
Proceeds from exercise of stock options   42    36    534 
Payment of dividends   (3,633)   (3,508)   (3,325)
Purchase of treasury stock   (2,349)   -    - 
Net cash used in financing activities   (5,940)   (3,472)   (2,791)
Net (decrease) increase in cash   (68)   73    (117)
Cash at beginning of year   173    100    217 
Cash at end of year  $105   $173   $100