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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2022
PARENT COMPANY FINANCIAL INFORMATION |
Schedule of condensed balance sheets | 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
​
Schedule of condensed statements of income | ​ 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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
Schedule of condensed statement of cash flows | ​ 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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