Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Condensed Financial Information

Parent Company Only Condensed Financial Information

The following are the unconsolidated financial statements for the Parent Company on a stand-alone basis. These condensed financial statements should be read in conjunction with the Consolidated Financial Statements and accompanying Notes. The Parent Company's principal sources of funds are cash dividends paid by the Bank to the Parent Company.

Condensed Balance Sheets

As of December 31,

	2021		2020
Assets
Cash and cash equivalents	$	11,141	$	16,948
Deferred tax assets	12,813		11,996
Prepaid expenses and other assets	10,621		6,870
Investment in and advances to subsidiaries	571,330		527,158
Total assets	$	605,905	$	562,972
Liabilities
Convertible notes payable, net	$	19,442	$	18,696
Subordinated debt, net	50,016		49,666
Accrued expenses and other liabilities	12,409		8,823
Total liabilities	81,867		77,185
Total stockholders’ equity	524,038		485,787
Total liabilities and stockholders’ equity	$	605,905	$	562,972

Condensed Statements of Income and Comprehensive Income

For the years ended December 31,

	2021		2020		2019
Income:
Dividends received from subsidiary bank	$	—	$	—	$	32,000
Interest income, $44, $65 and $87 from subsidiaries, respectively	56		80		110
Total income	56		80		32,110
Expense:
Interest expense	4,609		3,592		2,591
Salary and employee benefits	1,305		1,046		848
Occupancy and equipment	2		4		5
Merger related expenses	1,663		—		—
Other noninterest expenses, net	778		57		2,512
Total expenses	8,357		4,699		5,956
Loss before income taxes and undistributed earnings from subsidiaries	(8,301)		(4,619)		26,154
Equity in undistributed earnings from subsidiaries	49,729		50,996		(7,163)
Income before income taxes	41,428		46,377		18,991
Benefit from income taxes	(1,736)		(1,208)		(1,512)
Net income	$	43,164	$	47,585	$	20,503
Other comprehensive (loss) income, net	(7,455)		7,261		12,493
Comprehensive income	$	35,709	$	54,846	$	32,996

Condensed Statements of Cash Flows

For the years ended December 31,

	2021		2020		2019
Cash flows from operating activities:
Net income	$	43,164	$	47,585	$	20,503
Adjustments to reconcile income to net cash (used in) provided by operating activities:
Amortization and accretion	1,095		1,055		1,023
(Equity) deficit in undistributed income of subsidiaries	(49,729)		(50,996)		7,163
Changes in operating assets and liabilities:
Other assets	(4,250)		(2,761)		(1,639)
Other liabilities	3,479		3,866		2,684
Net cash (used in) provided by operating activities	(6,241)		(1,251)		29,734
Cash flows from investing activities:
Payments for investments in and advances to subsidiaries	500		225		340
Contributions to subsidiaries	—		(17,000)		—
Net cash provided by (used in) investing activities	500		(16,775)		340
Cash flows from financing activities:
Proceeds from other borrowings	—		—		6,000
Repayments of other borrowings	—		(6,000)		(11,000)
Proceeds from Subordinated debt	—		39,067		—
Proceeds from issuance of common stock, net of issuance costs	(66)		—		1,268
Issuance of treasury stock	—		(31)		358
Purchase of treasury stock	—		(1,564)		(36,706)
Net cash provided by (used in) financing activities	(66)		31,472		(40,080)
Net (decrease) increase in cash and cash equivalents	(5,807)		13,446		(10,006)
Cash and cash equivalents, beginning of year	16,948		3,502		13,508
Cash and cash equivalents, end of year	$	11,141	$	16,948	$	3,502