CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)
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12 Months Ended |
Dec. 31, 2021 |
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY |
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Condensed Balance Sheets |
| | | | | | | | | December 31, | | December 31, | Condensed Balance Sheets | | 2021 | | 2020 | ASSETS | | | | | | | Cash and cash equivalents | | $ | 18,124 | | $ | 14,270 | Investment in subsidiaries | | | 233,417 | | | 157,377 | Loans, net | | | 1,978 | | | 2,021 | Other assets | | | 3,611 | | | 4,075 | Total assets | | $ | 257,130 | | $ | 177,743 | LIABILITIES | | | | | | | Subordinated notes | | $ | 39,031 | | $ | 24,291 | Other liabilities(1) | | | (942) | | | (1,510) | Total liabilities | | | 38,089 | | | 22,781 | SHAREHOLDERS’ EQUITY | | | | | | | Total shareholders’ equity | | | 219,041 | | | 154,962 | Total liabilities and shareholders’ equity | | $ | 257,130 | | $ | 177,743 |
_________________________________________________ (1) As of December 31, 2021 and December 31, 2020, taxes payable was in a receivable position as a result of timing of tax payments.
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Condensed Statements of Income |
| | | | | | | | | Year Ended December 31, | Condensed Statements of Income | | 2021 | | 2020 | Income | | | | | | | Interest income | | $ | 60 | | $ | 87 | Non-interest income | | | — | | | (1) | Total income | | | 60 | | | 86 | Expense | | | | | | | Interest expense | | | 1,549 | | | 854 | Non-interest expense | | | 285 | | | 355 | Total expense | | | 1,834 | | | 1,209 | Loss before income tax and equity in undistributed income of subsidiaries | | | (1,774) | | | (1,123) | Income tax benefit | | | 119 | | | (85) | Loss before equity in undistributed income of subsidiaries | | | (1,655) | | | (1,208) | Equity in undistributed income to subsidiaries | | | 22,265 | | | 25,742 | Net income | | $ | 20,610 | | $ | 24,534 |
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Condensed Statements of Cash Flows |
| | | | | | | | | Year Ended December 31, | Condensed Statements of Cash Flows | | 2021 | | 2020 | Cash flows from operating activities | | | | | | | Net income | | $ | 20,610 | | $ | 24,534 | Adjustments: | | | | | | | Depreciation and amortization | | | 73 | | | 12 | Current and deferred income tax expense/(benefit) | | | 301 | | | (3,003) | Stock-based compensation | | | 2,903 | | | 2,544 | Undistributed equity in subsidiaries | | | (22,265) | | | (25,742) | Change in other assets | | | 678 | | | (32) | Change in other liabilities | | | 53 | | | (42) | Net cash provided by/(used in) operating activities | | | 2,353 | | | (1,729) | Cash flows from investing activities | | | | | | | Net cash paid on acquisition | | | (11,501) | | | — | Investment in subsidiaries | | | (2,913) | | | (10,453) | Loan and note receivable originations and principal collections | | | 43 | | | 70 | Net cash used in investing activities | | | (14,371) | | | (10,383) | Cash flows from financing activities | | | | | | | Proceeds from subordinated notes | | | 14,667 | | | 17,719 | Repurchase of common stock | | | — | | | (377) | Settlement of restricted stock | | | (501) | | | (261) | Proceeds from the exercise of stock options | | | 1,706 | | | — | Net cash provided by financing activities | | | 15,872 | | | 17,081 | | | | | | | | Net change in cash and cash equivalents | | | 3,854 | | | 4,969 | Cash and cash equivalents, beginning of year | | | 14,270 | | | 9,301 | Cash and cash equivalents, end of year | | $ | 18,124 | | $ | 14,270 | | | | | | | | Supplemental cash flow information: | | | | | | | Interest paid on borrowed funds | | $ | 1,549 | | $ | 854 | | | | | | | | Supplemental noncash disclosures: | | | | | | | Common stock issued for Teton acquisition | | | 39,818 | | | — | Segment collapse impact to investment in subsidiary | | | — | | | 2,454 | Segment collapse impact to deferred income tax (benefit)/expense | | | — | | | 640 | Segment collapse impact to other assets | | | — | | | (3,202) | Segment collapse impact to other liabilities | | | — | | | 108 |
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