Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

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

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

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