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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)
12 Months Ended
Dec. 31, 2021
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY  
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.

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

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