PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

PARENT COMPANY FINANCIAL INFORMATION

Schedule of condensed balance sheets

Condensed Statements of Financial Condition

	At December 31,
	2019		2018
Assets
Cash and due from banks	$	1,836	$	3,547
Loans, net of allowance for loan losses		776		776
Investments		620		620
Investment in subsidiary bank, at equity		340,733		304,141
Other assets		1,106		1,380
Total assets	$	345,071	$	310,464
Liabilities and Stockholders’ Equity
Trust preferred securities payable		20,620		20,620
Subordinated debt payable, net of issuance costs		24,601		24,545
Other liabilities		726		782
Total liabilities		45,947		45,947
Stockholders’ equity:
Preferred stock		3		3
Common stock		82		82
Surplus		216,468		213,490
Retained earnings		81,364		51,415
Accumulated other comprehensive loss, net of tax		1,207		(473)
Total equity		299,124		264,517
Total liabilities and stockholders’ equity	$	345,071	$	310,464

Schedule of condensed statements of income

Condensed Statements of Operation

	Year Ended December 31,
	2019		2018
Income:
Loans	$	17	$	17
Securities and money market funds		27		—
Total interest income		44		17
Interest expense:
Trust preferred securities payable		908		846
Subordinated debt interest expense		1,618		1,619
Total interest expense		2,526		2,465
Net interest expense		(2,482)		(2,448)
Provision for loan losses		—		—
Net interest income after provision for loan losses		(2,482)		(2,448)
Other expense		3,865		1,275
Loss before undistributed earnings of subsidiary bank		(6,347)		(3,723)
Equity in undistributed earnings of subsidiary bank		35,209		28,094
Income before income tax expense		28,862		24,371
Income tax benefit		1,272		1,183
Net income	$	30,134	$	25,554
Comprehensive income	$	31,746	$	25,287

Schedule of condensed statement of cash flows

Condensed Statement of Cash Flows

	Year Ended December 31,
	2019		2018
Cash Flows From Operating Activities:
Net income	$	30,134	$	25,554
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Undistributed earnings of subsidiary bank		(35,209)		(28,094)
Non-employee stock based compensation		400		440
Amortization of trust preferred issuance costs		56		56
Stock based compensation expense		2,667		1,711
Decrease (increase) in other assets		274		(2,910)
Increase (decrease) in other liabilities		56		(167)
Net cash used in operating activities		(1,622)		(3,410)
Cash Flows From Investing Activities:
Investments in subsidiary bank		—		—
Net cash used in Investing activities		—		—
Cash Flows From Financing Activities:
Proceeds from issuance of common stock, net		—		(33)
Redemption of common stock for tax withholdings for restricted stock vesting		(89)		(131)
Proceeds from exercise of stock options		—		360
Net cash provided by financing activities		(89)		196
Net (decrease) increase in cash and cash equivalents		(1,711)		(3,214)
Cash and cash equivalents, beginning of year		3,547		6,761
Cash and cash equivalents, end of year	$	1,836	$	3,547