XML 70 R57.htm IDEA: XBRL DOCUMENT
v3.22.4

Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | 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 | 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 | 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 Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration