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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2020
PARENT COMPANY FINANCIAL INFORMATION |
Schedule of condensed balance sheets | Condensed Statements of Financial Condition
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At December 31,
​ |  | 2020 |  | 2019
Assets |  | ​ |  |  | ​ |
Cash and due from banks | ​ | $ | 15 | ​ | $ | 1,836
Loans, net of allowance for loan losses | ​ |  | 776 | ​ |  | 776
Investments | ​ |  | 620 | ​ |  | 620
Investment in subsidiary bank, at equity | ​ |  | 385,510 | ​ |  | 340,733
Other assets | ​ |  | 22 | ​ |  | 1,106
Total assets | ​ | $ | 386,943 | ​ | $ | 345,071
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity | ​ |  |  | ​ |  |
Trust preferred securities payable | ​ |  | 20,620 | ​ |  | 20,620
Subordinated debt payable, net of issuance costs | ​ |  | 24,657 | ​ |  | 24,601
Other liabilities | ​ |  | 879 | ​ |  | 726
Total liabilities | ​ |  | 46,156 | ​ |  | 45,947
​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders’ equity: | ​ |  |  | ​ |  |
Preferred stock | ​ |  | 3 | ​ |  | 3
Common stock | ​ |  | 82 | ​ |  | 82
Surplus | ​ |  | 218,899 | ​ |  | 216,468
Retained earnings | ​ |  | 120,830 | ​ |  | 81,364
Accumulated other comprehensive loss, net of tax | ​ |  | 973 | ​ |  | 1,207
Total equity | ​ |  | 340,787 | ​ |  | 299,124
Total liabilities and stockholders’ equity | ​ | $ | 386,943 | ​ | $ | 345,071
Schedule of condensed statements of income | Condensed Statements of Operation
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2020 |  | 2019 |
Income: |  | ​ |  |  | ​ |  |
Loans | ​ | $ | 17 | ​ | $ | 17 | ​
Securities and money market funds | ​ | ​ | 18 | ​ | ​ | 27 | ​
Total interest income | ​ |  | 35 | ​ |  | 44 | ​
Interest expense: | ​ |  |  | ​ |  |  | ​
Trust preferred securities payable | ​ |  | 590 | ​ |  | 908 | ​
Subordinated debt interest expense | ​ |  | 1,618 | ​ |  | 1,618 | ​
Total interest expense | ​ |  | 2,208 | ​ |  | 2,526 | ​
Net interest expense | ​ |  | (2,173) | ​ |  | (2,482) | ​
Provision for loan losses | ​ |  | — | ​ |  | — | ​
Net interest income after provision for loan losses | ​ |  | (2,173) | ​ |  | (2,482) | ​
Other expense | ​ |  | 2,338 | ​ |  | 3,865 | ​
Loss before undistributed earnings of subsidiary bank | ​ |  | (4,511) | ​ |  | (6,347) | ​
Equity in undistributed earnings of subsidiary bank | ​ |  | 42,844 | ​ |  | 35,209 | ​
Income before income tax expense | ​ |  | 38,333 | ​ |  | 28,862 | ​
Income tax benefit | ​ |  | 1,133 | ​ |  | 1,272 | ​
Net income | ​ | $ | 39,466 | ​ | $ | 30,134 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income | ​ | $ | 39,232 | ​ | $ | 31,746 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of condensed statement of cash flows | Condensed Statement of Cash Flows
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2020 | ​ | 2019
Cash Flows From Operating Activities: | ​ | ​ |  | ​ | ​ |
Net income | ​ | $ | 39,466 | ​ | $ | 30,134
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |
Undistributed earnings of subsidiary bank | ​ |  | (42,844) | ​ |  | (35,209)
Non-employee stock based compensation | ​ | ​ | 410 | ​ | ​ | 400
Amortization of trust preferred issuance costs | ​ |  | 56 | ​ |  | 56
Stock based compensation expense | ​ |  | 2,902 | ​ |  | 2,667
Decrease (increase) in other assets | ​ |  | (1,084) | ​ |  | 274
Increase (decrease) in other liabilities | ​ |  | 154 | ​ |  | 56
Net cash used in operating activities | ​ |  | (940) | ​ |  | (1,622)
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Investing Activities: | ​ |  |  | ​ |  |
Net cash used in Investing activities | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Financing Activities: | ​ |  |  | ​ |  |
Redemption of common stock for tax withholdings for restricted stock vesting | ​ | ​ | (881) | ​ | ​ | (89)
Net cash provided by financing activities | ​ |  | (881) | ​ |  | (89)
Net (decrease) increase in cash and cash equivalents | ​ |  | (1,821) | ​ |  | (1,711)
Cash and cash equivalents, beginning of year | ​ |  | 1,836 | ​ |  | 3,547
Cash and cash equivalents, end of year | ​ | $ | 15 | ​ | $ | 1,836
​ | ​ | ​ | ​ | ​ | ​ | ​

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