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CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2021
CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS |
Schedule of condensed parent company only balance sheets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021 |  | December 31, 2020
ASSETS | ​ | (dollars in thousands)
Cash and cash equivalents | ​ | $ | 25,752 | ​ | $ | 44,149
Investment in subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | 461,339 | ​ | ​ | 397,201
Non-bank | ​ | ​ | 1,165 | ​ | ​ | 1,165
Other assets | ​ | ​ | 1,283 | ​ | ​ | 1,140
Total assets | ​ | $ | 489,539 | ​ | $ | 443,655
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES | ​ | ​ | ​ | ​ | ​ | ​
Subordinated notes | ​ | $ | 39,316 | ​ | $ | 39,238
Junior subordinated debentures | ​ | ​ | 37,714 | ​ | ​ | 37,648
Other liabilities | ​ | ​ | 628 | ​ | ​ | 2,852
Total liabilities | ​ | ​ | 77,658 | ​ | ​ | 79,738
​ | ​ | ​ | ​ | ​ | ​ | ​
STOCKHOLDERS' EQUITY | ​ | ​ | 411,881 | ​ | ​ | 363,917
Total liabilities and stockholders' equity | ​ | $ | 489,539 | ​ | $ | 443,655
Schedule of condensed parent company only statements of income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31
​ |  | 2021 |  | 2020 | ​ | 2019
INCOME | ​ | (dollars in thousands)
Dividends received from subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | $ | 20,000 | ​ | $ | 17,600 | ​ | $ | 109,969
Non-bank | ​ | ​ | — | ​ | ​ | 36 | ​ | ​ | 385
Undistributed earnings from subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | 41,227 | ​ | ​ | 22,462 | ​ | ​ | (41,202)
Non-bank | ​ | ​ | — | ​ | ​ | (36) | ​ | ​ | (151)
Other income | ​ | ​ | 454 | ​ | ​ | 215 | ​ | ​ | 52
Total income | ​ | ​ | 61,681 | ​ | ​ | 40,277 | ​ | ​ | 69,053
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | ​ | 3,305 | ​ | ​ | 2,189 | ​ | ​ | 1,922
Other expense | ​ | ​ | 3,741 | ​ | ​ | 2,519 | ​ | ​ | 1,025
Total expenses | ​ | ​ | 7,046 | ​ | ​ | 4,708 | ​ | ​ | 2,947
INCOME BEFORE INCOME TAX BENEFIT | ​ | ​ | 54,635 | ​ | ​ | 35,569 | ​ | ​ | 66,106
INCOME TAX BENEFIT | ​ | ​ | (1,636) | ​ | ​ | (1,276) | ​ | ​ | (759)
NET INCOME | ​ | $ | 56,271 | ​ | $ | 36,845 | ​ | $ | 66,865
Schedule of condensed parent company only statements of cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31
​ |  | 2021 |  | 2020 |  | 2019
CASH FLOWS FROM OPERATING ACTIVITIES | ​ | (dollars in thousands)
Net income | ​ | $ | 56,271 | ​ | $ | 36,845 | ​ | $ | 66,865
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Undistributed earnings of consolidated subsidiaries | ​ | ​ | (41,227) | ​ | ​ | (22,426) | ​ | ​ | 41,353
Stock-based compensation | ​ | ​ | 764 | ​ | ​ | 351 | ​ | ​ | —
Amortization of discount and issuance costs on subordinated notes and debentures | ​ | ​ | 144 | ​ | ​ | 92 | ​ | ​ | 66
Net gain on sale of foreclosed assets | ​ | ​ | (74) | ​ | ​ | — | ​ | ​ | —
Changes in other assets and liabilities, net | ​ | ​ | (2,231) | ​ | ​ | 1,633 | ​ | ​ | (1,912)
Net cash provided by operating activities | ​ | ​ | 13,647 | ​ | ​ | 16,495 | ​ | ​ | 106,372
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CASH FLOWS FROM INVESTING ACTIVITIES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital contribution to bank subsidiary | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (17,000)
Capital contribution to non-bank subsidiary | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (100)
Purchase of securities | ​ | ​ | (48) | ​ | ​ | (17) | ​ | ​ | —
Proceeds from sale of foreclosed assets | ​ | ​ | 74 | ​ | ​ | — | ​ | ​ | —
Net cash paid for acquisition of NXT Bancorporation, Inc. | ​ | ​ | (10,411) | ​ | ​ | — | ​ | ​ | —
Net cash used in investing activities | ​ | ​ | (10,385) | ​ | ​ | (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 | ​ | ​ | (4,906) | ​ | ​ | — | ​ | ​ | —
Cash dividends and dividend equivalents paid | ​ | ​ | (16,753) | ​ | ​ | (16,518) | ​ | ​ | (224,956)
Net cash (used in) provided by financing activities | ​ | ​ | (21,659) | ​ | ​ | 22,693 | ​ | ​ | (86,463)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
NET CHANGE IN CASH AND EQUIVALENTS | ​ | ​ | (18,397) | ​ | ​ | 39,171 | ​ | ​ | 2,809
CASH AND CASH EQUIVALENTS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of year | ​ | ​ | 44,149 | ​ | ​ | 4,978 | ​ | ​ | 2,169
End of year | ​ | $ | 25,752 | ​ | $ | 44,149 | ​ | $ | 4,978

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