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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2020
PARENT COMPANY FINANCIAL INFORMATION |
PARENT COMPANY FINANCIAL INFORMATION | NOTE 19 — PARENT COMPANY FINANCIAL INFORMATION Condensed financial information for the Company (parent company only) is as follows (in thousands): 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
​ 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ 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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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