PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

PARENT COMPANY FINANCIAL INFORMATION

Schedule of condensed balance sheets

Condensed Statements of Financial Condition

	At December 31,
	2021		2020
Assets
Cash and due from banks	$	32,328	$	15
Loans, net of allowance for loan losses		776		776
Investments		620		620
Investment in subsidiary bank, at equity		569,327		385,510
Other assets		6		22
Total assets		603,057		386,943
Liabilities and Stockholders’ Equity
Trust preferred securities		20,620		20,620
Subordinated debt payable, net of issuance costs		24,712		24,657
Other liabilities		736		879
Total liabilities		46,068		46,156
Stockholders’ Equity
Preferred stock		—		3
Common stock		109		82
Surplus		382,999		218,899
Retained earnings		181,385		120,830
Accumulated other comprehensive income (loss), net of tax		(7,504)		973
Total equity		556,989		340,787
Total liabilities and stockholders’ equity	$	603,057	$	386,943

Schedule of condensed statements of income

Condensed Statements of Operations

	Year Ended December 31,
	2021		2020
Income
Loans	$	14	$	17
Securities and money market funds		13		18
Total interest income		27		35
Interest expense
Trust preferred securities		438		590
Subordinated debt		1,618		1,618
Total interest expense		2,056		2,208
Net interest expense		(2,029)		(2,173)
Provision for loan losses		—		—
Net interest expense after provision for loan losses		(2,029)		(2,173)
Other expense		1,288		2,338
Loss before undistributed earnings of subsidiary bank		(3,317)		(4,511)
Equity in undistributed earnings of subsidiary bank		62,798		42,844
Income before income tax benefit		59,481		38,333
Income tax benefit		1,074		1,133
Net income	$	60,555	$	39,466
Comprehensive income	$	52,078	$	39,232

Schedule of condensed statement of cash flows

Condensed Statement of Cash Flows

	Year Ended December 31,
	2021		2020
Cash Flows From Operating Activities
Net income	$	60,555	$	39,466
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Undistributed earnings of subsidiary bank		(58,798)		(42,844)
Cash dividend from subsidiary bank		4,000		—
Other operating adjustments		(746)		2,438
Net cash provided by (used in) operating activities		5,011		(940)
Cash Flows From Investing Activities
Investments in subsidiary bank		(132,000)		—
Net cash provided by (used in) investing activities		(132,000)		—
Cash Flows From Financing Activities
Redemption of common stock for tax withholdings for restricted stock vesting		(3,385)		(881)
Proceeds from issuance of common stock, net		162,687		—
Net cash provided by (used in) financing activities		159,302		(881)
Increase (decrease) in cash and cash equivalents		32,313		(1,821)
Cash and cash equivalents, beginning of year		15		1,836
Cash and cash equivalents, end of year	$	32,328	$	15