XML 72 R59.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets As of December 31,
| 2023 |  | 2022
Assets |  |  |
Cash and cash equivalents | $ | 34,050 |  |  | $ | 17,312 |
Deferred tax assets | 11,026 |  |  | 13,791 |
Prepaid expenses and other assets | 16,179 |  |  | 12,996 |
Investment in and advances to subsidiaries | 906,504 |  |  | 823,449 |
Total assets | $ | 967,759 |  |  | $ | 867,548 |
Liabilities |  |  |
Convertible notes payable, net | $ | — |  |  | $ | 5,355 |
Subordinated debt, net | 75,313 |  |  | 74,880 |
Accrued expenses and other liabilities | 15,249 |  |  | 12,777 |
Total liabilities | 90,562 |  |  | 93,012 |
Total stockholders’ equity | 877,197 |  |  | 774,536 |
Total liabilities and stockholders’ equity | $ | 967,759 |  |  | $ | 867,548 |
Schedule of Condensed Statements of Income and Comprehensive Income | Condensed Statements of Income and Comprehensive Income For the years ended December 31,
| 2023 |  | 2022 |  | 2021
Income: |  |  |  |  |
Dividends received from subsidiaries | $ | 26,595 |  |  | $ | 8,700 |  |  | $ | — |
Interest income, $0, $2 and $44 from subsidiaries, respectively | 36 |  |  | 22 |  |  | 56 |
Total income | 26,631 |  |  | 8,722 |  |  | 56 |
Expense: |  |  |  |  |
Interest expense | 5,049 |  |  | 5,684 |  |  | 4,609 |
Salary and employee benefits | 1,888 |  |  | 1,143 |  |  | 1,305 |
Occupancy and equipment | 189 |  |  | 83 |  |  | 2 |
Merger related expenses | — |  |  | 1,598 |  |  | 1,663 |
Other noninterest expenses, net | 2,039 |  |  | 1,380 |  |  | 778 |
Total expenses | 9,165 |  |  | 9,888 |  |  | 8,357 |
Income (loss) before income taxes and undistributed earnings from subsidiaries | 17,466 |  |  | (1,166) |  |  | (8,301) |
Equity in undistributed earnings from subsidiaries | 83,837 |  |  | 58,047 |  |  | 49,729 |
Income before income taxes | 101,303 |  |  | 56,881 |  |  | 41,428 |
Benefit from income taxes | (2,230) |  |  | (2,301) |  |  | (1,736) |
Net income | $ | 103,533 |  |  | $ | 59,182 |  |  | $ | 43,164 |
Other comprehensive income (loss), net | 976 |  |  | (45,647) |  |  | (7,455) |
Comprehensive income | $ | 104,509 |  |  | $ | 13,535 |  |  | $ | 35,709 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows For the years ended December 31,
| 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 103,533 |  |  | $ | 59,182 |  |  | $ | 43,164 |
Adjustments to reconcile income to net cash provided by (used in) operating activities: |  |  |  |  |
Amortization and accretion | 533 |  |  | 1,529 |  |  | 1,095 |
(Equity) deficit in undistributed income of subsidiaries | (83,837) |  |  | (58,047) |  |  | (49,729) |
Changes in operating assets and liabilities: |  |  |  |  |
Other assets | (419) |  |  | (1,442) |  |  | (4,250) |
Other liabilities | 2,911 |  |  | 293 |  |  | 3,479 |
Net cash provided by (used in) operating activities | 22,721 |  |  | 1,515 |  |  | (6,241) |
Cash flows from investing activities: |  |  |  |  |
Payments for investments in and advances to subsidiaries | — |  |  | 125 |  |  | 500 |
Cash paid to acquire FEIF Capital Partners, LLC (for further information, see Note 20 - Transactions with Related Parties) | (150) |  |  | — |  |  | — |
Cash paid in excess of cash acquired in connection with Pioneer Merger | — |  |  | (4,140) |  |  | — |
Contributions to subsidiaries | (210) |  |  | — |  |  | — |
Net cash (used in) provided by investing activities | (360) |  |  | (4,015) |  |  | 500 |
Cash flows from financing activities: |  |  |  |  |
Repayments of convertible notes payable | (5,456) |  |  | (15,217) |  |  | — |
Proceeds from subordinated debt | — |  |  | 24,466 |  |  | — |
Proceeds from issuance of common stock, net of issuance costs | (167) |  |  | (578) |  |  | (66) |
Net cash (used in) provided by financing activities | (5,623) |  |  | 8,671 |  |  | (66) |
Net increase (decrease) in cash and cash equivalents | 16,738 |  |  | 6,171 |  |  | (5,807) |
Cash and cash equivalents, beginning of year | 17,312 |  |  | 11,141 |  |  | 16,948 |
Cash and cash equivalents, end of year | $ | 34,050 |  |  | $ | 17,312 |  |  | $ | 11,141 |

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 -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + 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 -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + 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 -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration