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Note 21 - Parent Company Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2020
Notes Tables |
Condensed Balance Sheet | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 88,610 | ​ | $ | 59,529
Interest-bearing deposits at financial institutions | ​ |  | 7,200 | ​ |  | 5,601
Investment in bank subsidiaries | ​ |  | 655,232 | ​ |  | 570,698
Investment in nonbank subsidiaries | ​ |  | 4,540 | ​ |  | 13,239
Premises and equipment, net | ​ |  | 9,242 | ​ |  | 9,424
Goodwill | ​ | ​ | — | ​ | ​ | 682
Intangibles | ​ | ​ | — | ​ | ​ | 1,503
Other assets | ​ |  | 7,225 | ​ |  | 15,150
Total assets | ​ | $ | 772,049 | ​ | $ | 675,826
​ | ​ |  |  | ​ |  |
Liabilities and Stockholders' Equity | ​ |  |  | ​ |  |
Liabilities: | ​ |  |  | ​ |  |
Subordinated notes | ​ | $ | 113,691 | ​ | $ | 63,531
Junior subordinated debentures | ​ |  | 37,993 | ​ |  | 37,838
Other liabilities | ​ |  | 26,572 | ​ |  | 39,106
Total liabilities | ​ |  | 178,256 | ​ |  | 140,475
​ | ​ |  |  | ​ |  |
Stockholders' Equity: | ​ |  |  | ​ |  |
Common stock | ​ |  | 15,806 | ​ |  | 15,828
Additional paid-in capital | ​ |  | 275,807 | ​ |  | 274,785
Retained earnings | ​ |  | 300,804 | ​ |  | 245,836
Accumulated other comprehensive loss | ​ |  | 1,376 | ​ |  | (1,098)
Total stockholders' equity | ​ |  | 593,793 | ​ |  | 535,351
Total liabilities and stockholders' equity | ​ | $ | 772,049 | ​ | $ | 675,826
Condensed Income Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total interest income | ​ | $ | 29 | ​ | $ | 77 | ​ | $ | 88
Equity in net income of bank subsidiaries | ​ |  | 79,624 | ​ |  | 69,966 | ​ |  | 55,209
Equity in net income of nonbank subsidiaries | ​ |  | (261) | ​ |  | 6,797 | ​ |  | (436)
Other | ​ |  | 289 | ​ |  | 314 | ​ |  | (322)
Total income | ​ |  | 79,681 | ​ |  | 77,154 | ​ |  | 54,539
​ | ​ |  |  | ​ |  |  | ​ |  |
Interest expense | ​ |  | 6,662 | ​ |  | 5,836 | ​ |  | 3,637
Salaries and employee benefits | ​ |  | 11,825 | ​ |  | 8,739 | ​ |  | 6,598
Professional fees | ​ |  | 2,558 | ​ |  | 1,545 | ​ |  | 1,872
Acquisition costs | ​ |  | — | ​ |  | — | ​ |  | 1,654
Post-acquisition compensation, transition and integration costs | ​ |  | 145 | ​ |  | 3,171 | ​ |  | 165
Disposition costs | ​ | ​ | 312 | ​ | ​ | 1,606 | ​ | ​ | —
Goodwill impairment | ​ |  | 500 | ​ |  | 3,000 | ​ |  | —
Other | ​ |  | 2,505 | ​ |  | 2,147 | ​ |  | 1,026
Total expenses | ​ |  | 24,507 | ​ |  | 26,044 | ​ |  | 14,952
​ | ​ |  |  | ​ |  |  | ​ |  |
Income before income tax benefit | ​ |  | 55,174 | ​ |  | 51,110 | ​ |  | 39,587
​ | ​ |  |  | ​ |  |  | ​ |  |
Income tax benefit | ​ |  | 5,408 | ​ |  | 6,298 | ​ |  | 3,533
Net income | ​ | $ | 60,582 | ​ | $ | 57,408 | ​ | $ | 43,120
Condensed Cash flow Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | (dollars in thousands)
Cash Flows from Operating Activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 60,582 | ​ | $ | 57,408 | ​ | $ | 43,120
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Earnings of bank subsidiaries | ​ | ​ | (79,624) | ​ |  | (69,966) | ​ |  | (55,209)
Earnings (losses) of nonbank subsidiaries | ​ |  | 261 | ​ |  | (6,797) | ​ |  | 436
Distributions from bank subsidiaries | ​ |  | — | ​ |  | — | ​ |  | 34,500
Distributions from nonbank subsidiaries | ​ |  | 40 | ​ |  | 45,058 | ​ |  | 63
Deferred income taxes | ​ | ​ | 6,909 | ​ | ​ | 2,498 | ​ | ​ | 1,292
Accretion of acquisition fair value adjustments | ​ |  | 378 | ​ |  | 305 | ​ |  | 183
Depreciation | ​ |  | 454 | ​ |  | 327 | ​ |  | 249
Stock-based compensation expense | ​ |  | 2,150 | ​ |  | 2,469 | ​ |  | 1,443
Loss on sale of subsidiary | ​ | ​ | 158 | ​ | ​ | — | ​ | ​ | —
Goodwill impairment | ​ | ​ | 500 | ​ | ​ | 3,000 | ​ | ​ | —
Decrease (increase) in other assets | ​ |  | 1,663 | ​ |  | (2,472) | ​ |  | 940
Increase (decrease) in other liabilities | ​ |  | (14,966) | ​ |  | 7,814 | ​ |  | (7,226)
Net cash provided by (used in) operating activities | ​ |  | (21,495) | ​ |  | 39,644 | ​ |  | 19,791
​ | ​ |  |  | ​ |  |  | ​ |  |
Cash Flows from Investing Activities: | ​ |  |  | ​ |  |  | ​ |  |
Net increase in interest-bearing deposits at financial institutions | ​ |  | (1,599) | ​ |  | (4,600) | ​ |  | (1,000)
Capital infusion, bank subsidiaries | ​ |  | — | ​ |  | (8,600) | ​ |  | (3,500)
Capital infusion, non-bank subsidiaries | ​ | ​ | — | ​ | ​ | (100) | ​ | ​ | —
Net cash received in dissolution of subsidiary | ​ | ​ | 8,450 | ​ | ​ | — | ​ | ​ | —
Net cash paid for acquisitions | ​ |  | — | ​ |  | — | ​ |  | (5,183)
Net cash received in sale of subsidiary | ​ | ​ | 195 | ​ | ​ | — | ​ | ​ | —
Purchase of premises and equipment | ​ |  | (272) | ​ |  | (2,861) | ​ |  | (2,257)
Net cash provided by (used in) investing activities | ​ |  | 6,774 | ​ |  | (16,161) | ​ |  | (11,940)
​ | ​ |  |  | ​ |  |  | ​ |  |
Cash Flows from Financing Activities: | ​ |  |  | ​ |  |  | ​ |  |
Activity in other borrowings: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from other borrowings | ​ | ​ | — | ​ |  | — | ​ |  | 9,000
Paydown on revolving line of credit | ​ |  | — | ​ | ​ | (9,000) | ​ | ​ | —
Prepayments | ​ |  | — | ​ | ​ | (21,313) | ​ | ​ | —
Calls, maturities and scheduled payments | ​ | ​ | — | ​ |  | (1,799) | ​ |  | (12,550)
Proceeds from subordinated notes | ​ | ​ | 50,000 | ​ | ​ | 63,393 | ​ | ​ | —
Payment of cash dividends on common and preferred stock | ​ |  | (3,779) | ​ |  | (3,767) | ​ |  | (3,300)
Proceeds from issuance of common stock, net | ​ |  | 1,360 | ​ |  | 1,926 | ​ |  | 1,279
Repurchase and cancellation of shares | ​ |  | (3,779) | ​ |  | — | ​ |  | —
Net cash provided by (used in) financing activities | ​ |  | 43,802 | ​ |  | 29,440 | ​ |  | (5,571)
​ | ​ |  |  | ​ |  |  | ​ |  |
Net increase in cash and due from banks | ​ |  | 29,081 | ​ |  | 52,923 | ​ |  | 2,280
​ | ​ |  |  | ​ |  |  | ​ |  |
Cash and due from banks: | ​ |  |  | ​ |  |  | ​ |  |
Beginning | ​ |  | 59,529 | ​ |  | 6,606 | ​ |  | 4,326
Ending | ​ | $ | 88,610 | ​ | $ | 59,529 | ​ | $ | 6,606

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