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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2022
PARENT COMPANY FINANCIAL INFORMATION |
PARENT COMPANY FINANCIAL INFORMATION | NOTE 23 — 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,
​ |  | 2022 |  | 2021
Assets |  | ​ |  |  | ​ |
Cash and due from banks | ​ | $ | 9,476 | ​ | $ | 32,328
Loans, net of allowance for loan losses | ​ |  | 776 | ​ |  | 776
Investments | ​ |  | 620 | ​ |  | 620
Investment in subsidiary bank, at equity | ​ |  | 584,522 | ​ |  | 569,327
Other assets | ​ |  | 1,520 | ​ |  | 6
Total assets | ​ | ​ | 596,914 | ​ | ​ | 603,057
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity | ​ |  |  | ​ |  |
Trust preferred securities | ​ |  | 20,620 | ​ |  | 20,620
Subordinated debt payable, net of issuance costs | ​ |  | — | ​ |  | 24,712
Other liabilities | ​ |  | 397 | ​ |  | 736
Total liabilities | ​ |  | 21,017 | ​ |  | 46,068
​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders’ Equity | ​ |  |  | ​ |  |
Preferred stock | ​ |  | — | ​ |  | —
Common stock | ​ |  | 109 | ​ |  | 109
Surplus | ​ |  | 389,276 | ​ |  | 382,999
Retained earnings | ​ |  | 240,810 | ​ |  | 181,385
Accumulated other comprehensive income (loss), net of tax | ​ |  | (54,298) | ​ |  | (7,504)
Total equity | ​ |  | 575,897 | ​ |  | 556,989
Total liabilities and stockholders’ equity | ​ | $ | 596,914 | ​ | $ | 603,057
​ ​ Condensed Statements of Operations
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
Income |  | ​ |  |  | ​ |  |  | ​ |
Loans | ​ | $ | 9 | ​ | $ | 14 | ​ | $ | 17
Securities and money market funds | ​ | ​ | 25 | ​ | ​ | 13 | ​ | ​ | 18
Total interest income | ​ |  | 34 | ​ |  | 27 | ​ |  | 35
Interest expense | ​ |  |  | ​ |  |  | ​ |  |
Trust preferred securities | ​ |  | 823 | ​ |  | 438 | ​ |  | 590
Subordinated debt | ​ |  | 605 | ​ |  | 1,618 | ​ |  | 1,618
Total interest expense | ​ |  | 1,428 | ​ |  | 2,056 | ​ |  | 2,208
Net interest expense | ​ |  | (1,394) | ​ |  | (2,029) | ​ |  | (2,173)
Provision for loan losses | ​ |  | — | ​ |  | — | ​ |  | —
Net interest expense after provision for loan losses | ​ |  | (1,394) | ​ |  | (2,029) | ​ |  | (2,173)
Other expense | ​ |  | 2,767 | ​ |  | 1,288 | ​ |  | 2,338
Loss before undistributed earnings of subsidiary bank | ​ |  | (4,161) | ​ |  | (3,317) | ​ |  | (4,511)
Equity in undistributed earnings of subsidiary bank | ​ |  | 62,357 | ​ |  | 62,798 | ​ |  | 42,844
Income before income tax benefit | ​ |  | 58,196 | ​ |  | 59,481 | ​ |  | 38,333
Income tax benefit | ​ |  | 1,229 | ​ |  | 1,074 | ​ |  | 1,133
Net income | ​ | $ | 59,425 | ​ | $ | 60,555 | ​ | $ | 39,466
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income | ​ | $ | 12,631 | ​ | $ | 52,078 | ​ | $ | 39,232
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ Condensed Statement of Cash Flows
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 | ​ | 2021 | ​ | 2020
Cash Flows From Operating Activities | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Net income | ​ | $ | 59,425 | ​ | $ | 60,555 | ​ | $ | 39,466
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Undistributed earnings of subsidiary bank | ​ |  | (62,357) | ​ |  | (58,798) | ​ |  | (42,844)
Cash dividend from subsidiary bank | ​ | ​ | — | ​ | ​ | 4,000 | ​ | ​ | —
Other operating adjustments | ​ | ​ | 6,351 | ​ | ​ | (746) | ​ | ​ | 2,438
Net cash provided by (used in) operating activities | ​ |  | 3,419 | ​ |  | 5,011 | ​ |  | (940)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Investing Activities | ​ |  |  | ​ |  |  | ​ |  |
Investments in subsidiary bank | ​ | ​ | — | ​ | ​ | (132,000) | ​ | ​ | —
Net cash provided by (used in) investing activities | ​ |  | — | ​ |  | (132,000) | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Financing Activities | ​ |  |  | ​ |  |  | ​ |  |
Redemption of common stock for tax withholdings for restricted stock vesting | ​ | ​ | (1,559) | ​ | ​ | (3,385) | ​ | ​ | (881)
Redemption of subordinated notes | ​ | ​ | (24,712) | ​ | ​ | — | ​ | ​ | —
Proceeds from issuance of common stock, net | ​ | ​ | — | ​ | ​ | 162,687 | ​ | ​ | —
Net cash provided by (used in) financing activities | ​ |  | (26,271) | ​ |  | 159,302 | ​ |  | (881)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increase (decrease) in cash and cash equivalents | ​ |  | (22,852) | ​ |  | 32,313 | ​ |  | (1,821)
Cash and cash equivalents, beginning of year | ​ |  | 32,328 | ​ |  | 15 | ​ |  | 1,836
Cash and cash equivalents, end of year | ​ | $ | 9,476 | ​ | $ | 32,328 | ​ | $ | 15
​

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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 https://asc.fasb.org/extlink&oid=126898705&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 https://asc.fasb.org/extlink&oid=126929396&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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