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PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

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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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Paragraph (a)
-Subsection 04

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Paragraph (a)
-Subsection 04

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Paragraph (a)
-Subsection 04

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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