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CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS |
Schedule of condensed parent company only balance sheets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 |  | December 31, 2021
ASSETS | ​ | (dollars in thousands)
Cash and cash equivalents | ​ | $ | 24,278 | ​ | $ | 25,752
Investment in subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | 422,217 | ​ | ​ | 461,339
Non-bank | ​ | ​ | 1,165 | ​ | ​ | 1,165
Other assets | ​ | ​ | 5,338 | ​ | ​ | 1,283
Total assets | ​ | $ | 452,998 | ​ | $ | 489,539
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES | ​ | ​ | ​ | ​ | ​ | ​
Subordinated notes | ​ | $ | 39,395 | ​ | $ | 39,316
Junior subordinated debentures | ​ | ​ | 37,780 | ​ | ​ | 37,714
Other liabilities | ​ | ​ | 2,191 | ​ | ​ | 628
Total liabilities | ​ | ​ | 79,366 | ​ | ​ | 77,658
​ | ​ | ​ | ​ | ​ | ​ | ​
STOCKHOLDERS' EQUITY | ​ | ​ | 373,632 | ​ | ​ | 411,881
Total liabilities and stockholders' equity | ​ | $ | 452,998 | ​ | $ | 489,539
​
Schedule of condensed parent company only statements of income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31
​ |  | 2022 |  | 2021 | ​ | 2020
INCOME | ​ | (dollars in thousands)
Dividends received from subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | $ | 28,000 | ​ | $ | 20,000 | ​ | $ | 17,600
Non-bank | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 36
Undistributed earnings from subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | 35,044 | ​ | ​ | 41,227 | ​ | ​ | 22,462
Non-bank | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (36)
Other income | ​ | ​ | 51 | ​ | ​ | 454 | ​ | ​ | 215
Total income | ​ | ​ | 63,095 | ​ | ​ | 61,681 | ​ | ​ | 40,277
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EXPENSES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | ​ | 3,666 | ​ | ​ | 3,305 | ​ | ​ | 2,189
Other expense | ​ | ​ | 5,292 | ​ | ​ | 3,741 | ​ | ​ | 2,519
Total expenses | ​ | ​ | 8,958 | ​ | ​ | 7,046 | ​ | ​ | 4,708
INCOME BEFORE INCOME TAX BENEFIT | ​ | ​ | 54,137 | ​ | ​ | 54,635 | ​ | ​ | 35,569
INCOME TAX BENEFIT | ​ | ​ | (2,319) | ​ | ​ | (1,636) | ​ | ​ | (1,276)
NET INCOME | ​ | $ | 56,456 | ​ | $ | 56,271 | ​ | $ | 36,845
​
Schedule of condensed parent company only statements of cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31
​ |  | 2022 |  | 2021 |  | 2020
CASH FLOWS FROM OPERATING ACTIVITIES | ​ | (dollars in thousands)
Net income | ​ | $ | 56,456 | ​ | $ | 56,271 | ​ | $ | 36,845
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Undistributed earnings of consolidated subsidiaries | ​ | ​ | (35,044) | ​ | ​ | (41,227) | ​ | ​ | (22,426)
Stock-based compensation | ​ | ​ | 1,949 | ​ | ​ | 764 | ​ | ​ | 351
Amortization of discount and issuance costs on subordinated notes and debentures | ​ | ​ | 145 | ​ | ​ | 144 | ​ | ​ | 92
Net gain on sale of foreclosed assets | ​ | ​ | — | ​ | ​ | (74) | ​ | ​ | —
Changes in other assets and liabilities, net | ​ | ​ | 769 | ​ | ​ | (2,231) | ​ | ​ | 1,633
Net cash provided by operating activities | ​ | ​ | 24,275 | ​ | ​ | 13,647 | ​ | ​ | 16,495
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CASH FLOWS FROM INVESTING ACTIVITIES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital contribution to bank subsidiary | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Capital contribution to non-bank subsidiary | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Purchase of securities | ​ | ​ | — | ​ | ​ | (48) | ​ | ​ | (17)
Purchase of foreclosed assets from Heartland Bank | ​ | ​ | (2,325) | ​ | ​ | — | ​ | ​ | —
Proceeds from sale of foreclosed assets | ​ | ​ | — | ​ | ​ | 74 | ​ | ​ | —
Net cash paid for acquisition of NXT Bancorporation, Inc. | ​ | ​ | — | ​ | ​ | (10,411) | ​ | ​ | —
Net cash used in investing activities | ​ | ​ | (2,325) | ​ | ​ | (10,385) | ​ | ​ | (17)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CASH FLOWS FROM FINANCING ACTIVITIES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Issuance of subordinated notes, net of issuance costs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 39,211
Issuance of common stock | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Taxes paid related to the vesting of restricted stock units | ​ | ​ | (57) | ​ | ​ | — | ​ | ​ | —
Repurchase of common stock | ​ | ​ | (4,783) | ​ | ​ | (4,906) | ​ | ​ | —
Cash dividends and dividend equivalents paid | ​ | ​ | (18,584) | ​ | ​ | (16,753) | ​ | ​ | (16,518)
Net cash (used in) provided by financing activities | ​ | ​ | (23,424) | ​ | ​ | (21,659) | ​ | ​ | 22,693
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
NET CHANGE IN CASH AND EQUIVALENTS | ​ | ​ | (1,474) | ​ | ​ | (18,397) | ​ | ​ | 39,171
CASH AND CASH EQUIVALENTS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of year | ​ | ​ | 25,752 | ​ | ​ | 44,149 | ​ | ​ | 4,978
End of year | ​ | $ | 24,278 | ​ | $ | 25,752 | ​ | $ | 44,149

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