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CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS |
Schedule of condensed parent company only balance sheets |
|  | December 31
|  | 2020 |  | 2019
ASSETS |  | (dollars in thousands)
Cash and cash equivalents |  | $ | 44,149 |  | $ | 4,978
Investment in subsidiaries: |  |  |  |  |  |
Bank |  |  | 397,201 |  |  | 363,860
Non-bank |  |  | 1,165 |  |  | 1,201
Other assets |  |  | 1,140 |  |  | 1,081
Total assets |  | $ | 443,655 |  | $ | 371,120
LIABILITIES |  |  |  |  |  |
Subordinated notes |  | $ | 39,238 |  | $ | —
Junior subordinated debentures |  |  | 37,648 |  |  | 37,583
Other liabilities |  |  | 2,852 |  |  | 619
Total liabilities |  |  | 79,738 |  |  | 38,202
STOCKHOLDERS' EQUITY |  |  | 363,917 |  |  | 332,918
Total liabilities and stockholders' equity |  | $ | 443,655 |  | $ | 371,120
Schedule of condensed parent company only statements of income |
|  | Years ended December 31
|  | 2020 |  | 2019 |  | 2018
INCOME |  | (dollars in thousands)
Dividends received from subsidiaries: |  |  |  |  |  |  |  |  |
Bank |  | $ | 17,600 |  | $ | 109,969 |  | $ | 44,446
Non-bank |  |  | 36 |  |  | 385 |  |  | 941
Undistributed earnings from subsidiaries: |  |  |  |  |  |  |  |  |
Bank |  |  | 22,462 |  |  | (41,202) |  |  | 23,239
Non-bank |  |  | (36) |  |  | (151) |  |  | (1,984)
Other income |  |  | 215 |  |  | 52 |  |  | 1
Total income |  |  | 40,277 |  |  | 69,053 |  |  | 66,643
EXPENSES |  |  |  |  |  |  |  |  |
Interest expense |  |  | 2,189 |  |  | 1,922 |  |  | 1,795
Other expense |  |  | 2,519 |  |  | 1,025 |  |  | 1,085
Total expenses |  |  | 4,708 |  |  | 2,947 |  |  | 2,880
INCOME BEFORE INCOME TAX BENEFIT |  |  | 35,569 |  |  | 66,106 |  |  | 63,763
INCOME TAX BENEFIT |  |  | (1,276) |  |  | (759) |  |  | (36)
NET INCOME |  | $ | 36,845 |  | $ | 66,865 |  | $ | 63,799
Schedule of condensed parent company only statements of cash flows |
|  | Year ended December 31
|  | 2020 |  | 2019 |  | 2018
CASH FLOWS FROM OPERATING ACTIVITIES |  | (dollars in thousands)
Net income |  | $ | 36,845 |  | $ | 66,865 |  | $ | 63,799
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Undistributed earnings of consolidated subsidiaries |  |  | (22,426) |  |  | 41,353 |  |  | (21,255)
Stock-based compensation |  |  | 351 |  |  | — |  |  | —
Amortization of discount and issuance costs on subordinated notes and debentures |  |  | 92 |  |  | 66 |  |  | 66
Changes in other assets and liabilities, net |  |  | 1,633 |  |  | (1,912) |  |  | 700
Net cash provided by operating activities |  |  | 16,495 |  |  | 106,372 |  |  | 43,310
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital contribution to bank subsidiary |  |  | — |  |  | (17,000) |  |  | —
Capital contribution to non-bank subsidiary |  |  | — |  |  | (100) |  |  | —
Purchase of securities |  |  | (17) |  |  | — |  |  | —
Net cash used in investing activities |  |  | (17) |  |  | (17,100) |  |  | —
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of subordinated notes, net of issuance costs |  |  | 39,211 |  |  | — |  |  | —
Issuance of common stock |  |  | — |  |  | 138,493 |  |  | —
Repurchase of common stock |  |  | — |  |  | — |  |  | (907)
Cash dividends and dividend equivalents paid |  |  | (16,518) |  |  | (224,956) |  |  | (42,621)
Net cash provided by (used in) financing activities |  |  | 22,693 |  |  | (86,463) |  |  | (43,528)
NET CHANGE IN CASH AND EQUIVALENTS |  |  | 39,171 |  |  | 2,809 |  |  | (218)
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |
Beginning of year |  |  | 4,978 |  |  | 2,169 |  |  | 2,387
End of year |  | $ | 44,149 |  | $ | 4,978 |  | $ | 2,169

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