XML 43 R30.htm IDEA: XBRL DOCUMENT
v3.22.4

Parent Company Only Condensed Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2022
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,
| 2022 |  | 2021
Assets |  |  |
Cash and cash equivalents | $ | 17,312 |  |  | $ | 11,141 |
Deferred tax assets | 13,791 |  |  | 12,813 |
Prepaid expenses and other assets | 12,996 |  |  | 10,621 |
Investment in and advances to subsidiaries | 823,449 |  |  | 571,330 |
Total assets | $ | 867,548 |  |  | $ | 605,905 |
Liabilities |  |  |
Convertible notes payable, net | $ | 5,355 |  |  | $ | 19,442 |
Subordinated debt, net | 74,880 |  |  | 50,016 |
Accrued expenses and other liabilities | 12,777 |  |  | 12,409 |
Total liabilities | 93,012 |  |  | 81,867 |
Total stockholders’ equity | 774,536 |  |  | 524,038 |
Total liabilities and stockholders’ equity | $ | 867,548 |  |  | $ | 605,905 |
Condensed Statements of Income and Comprehensive Income For the years ended December 31,
| 2022 |  | 2021 |  | 2020
Income: |  |  |  |  |
Dividends received from subsidiaries | $ | 8,700 |  |  | $ | — |  |  | $ | — |
Interest income, $2, $44 and $65 from subsidiaries, respectively | 22 |  |  | 56 |  |  | 80 |
Total income | 8,722 |  |  | 56 |  |  | 80 |
Expense: |  |  |  |  |
Interest expense | 5,684 |  |  | 4,609 |  |  | 3,592 |
Salary and employee benefits | 1,143 |  |  | 1,305 |  |  | 1,046 |
Occupancy and equipment | 83 |  |  | 2 |  |  | 4 |
Merger related expenses | 1,598 |  |  | 1,663 |  |  | — |
Other noninterest expenses, net | 1,380 |  |  | 778 |  |  | 57 |
Total expenses | 9,888 |  |  | 8,357 |  |  | 4,699 |
Loss before income taxes and undistributed earnings from subsidiaries | (1,166) |  |  | (8,301) |  |  | (4,619) |
Equity in undistributed earnings from subsidiaries | 58,047 |  |  | 49,729 |  |  | 50,996 |
Income before income taxes | 56,881 |  |  | 41,428 |  |  | 46,377 |
Benefit from income taxes | (2,301) |  |  | (1,736) |  |  | (1,208) |
Net income | $ | 59,182 |  |  | $ | 43,164 |  |  | $ | 47,585 |
Other comprehensive (loss) income, net | (45,647) |  |  | (7,455) |  |  | 7,261 |
Comprehensive income | $ | 13,535 |  |  | $ | 35,709 |  |  | $ | 54,846 |
Condensed Statements of Cash Flows For the years ended December 31,
| 2022 |  | 2021 |  | 2020
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 59,182 |  |  | $ | 43,164 |  |  | $ | 47,585 |
Adjustments to reconcile income to net cash provided by (used in) operating activities: |  |  |  |  |
Amortization and accretion | 1,529 |  |  | 1,095 |  |  | 1,055 |
(Equity) deficit in undistributed income of subsidiaries | (58,047) |  |  | (49,729) |  |  | (50,996) |
Changes in operating assets and liabilities: |  |  |  |  |
Other assets | (1,442) |  |  | (4,250) |  |  | (2,761) |
Other liabilities | 293 |  |  | 3,479 |  |  | 3,866 |
Net cash provided by (used in) operating activities | 1,515 |  |  | (6,241) |  |  | (1,251) |
Cash flows from investing activities: |  |  |  |  |
Payments for investments in and advances to subsidiaries | 125 |  |  | 500 |  |  | 225 |
Cash paid in excess of cash acquired in connection with Pioneer Merger | (4,140) |  |  | — |  |  | — |
Contributions to subsidiaries | — |  |  | — |  |  | (17,000) |
Net cash provided by (used in) provided by investing activities | (4,015) |  |  | 500 |  |  | (16,775) |
Cash flows from financing activities: |  |  |  |  |
Repayments of convertible notes payable | (15,217) |  |  | — |  |  | — |
Repayments of other borrowings | — |  |  | — |  |  | (6,000) |
Proceeds from subordinated debt | 24,466 |  |  | — |  |  | 39,067 |
Proceeds from issuance of common stock, net of issuance costs | (578) |  |  | (66) |  |  | — |
Issuance of treasury stock | — |  |  | — |  |  | (31) |
Purchase of treasury stock | — |  |  | — |  |  | (1,564) |
Net cash provided by (used in) financing activities | 8,671 |  |  | (66) |  |  | 31,472 |
Net increase (decrease) in cash and cash equivalents | 6,171 |  |  | (5,807) |  |  | 13,446 |
Cash and cash equivalents, beginning of year | 11,141 |  |  | 16,948 |  |  | 3,502 |
Cash and cash equivalents, end of year | $ | 17,312 |  |  | $ | 11,141 |  |  | $ | 16,948 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration