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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
PARENT COMPANY FINANCIAL INFORMATION |
Schedule of condensed balance sheets | Condensed Statements of Financial Condition
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At December 31,
​ |  | 2023 |  | 2022
Assets |  | ​ |  |  | ​ |
Cash and due from banks | ​ | $ | 16,946 | ​ | $ | 9,476
Loans, net of allowance for credit losses | ​ |  | — | ​ |  | 776
Investments | ​ |  | 620 | ​ |  | 620
Investment in subsidiary bank, at equity | ​ |  | 660,620 | ​ |  | 584,522
Other assets | ​ |  | 2,007 | ​ |  | 1,520
Total assets | ​ | ​ | 680,193 | ​ | ​ | 596,914
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity | ​ |  |  | ​ |  |
Trust preferred securities | ​ |  | 20,620 | ​ |  | 20,620
Other liabilities | ​ |  | 552 | ​ |  | 397
Total liabilities | ​ |  | 21,172 | ​ |  | 21,017
​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders’ Equity | ​ |  |  | ​ |  |
Common stock | ​ |  | 111 | ​ |  | 109
Surplus | ​ |  | 395,871 | ​ |  | 389,276
Retained earnings | ​ |  | 315,975 | ​ |  | 240,810
Accumulated other comprehensive income (loss), net of tax | ​ |  | (52,936) | ​ |  | (54,298)
Total equity | ​ |  | 659,021 | ​ |  | 575,897
Total liabilities and stockholders’ equity | ​ | $ | 680,193 | ​ | $ | 596,914
Schedule of condensed statements of income | ​ Condensed Statements of Operations
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Income |  | ​ |  |  | ​ |  |  | ​ |
Loans | ​ | $ | 3 | ​ | $ | 9 | ​ | $ | 14
Securities and money market funds | ​ | ​ | 46 | ​ | ​ | 25 | ​ | ​ | 13
Total interest income | ​ |  | 49 | ​ |  | 34 | ​ |  | 27
Interest expense | ​ |  |  | ​ |  |  | ​ |  |
Trust preferred securities | ​ |  | 1,514 | ​ |  | 823 | ​ |  | 438
Subordinated debt | ​ |  | — | ​ |  | 605 | ​ |  | 1,618
Total interest expense | ​ |  | 1,514 | ​ |  | 1,428 | ​ |  | 2,056
Net interest expense | ​ |  | (1,465) | ​ |  | (1,394) | ​ |  | (2,029)
Provision for credit losses | ​ |  | 4 | ​ |  | — | ​ |  | —
Net interest expense after provision for credit losses | ​ |  | (1,461) | ​ |  | (1,394) | ​ |  | (2,029)
Other expense | ​ |  | 5,227 | ​ |  | 2,767 | ​ |  | 1,288
Loss before undistributed earnings of subsidiary bank | ​ |  | (6,688) | ​ |  | (4,161) | ​ |  | (3,317)
Equity in undistributed earnings of subsidiary bank | ​ |  | 82,101 | ​ |  | 62,357 | ​ |  | 62,798
Income before income tax benefit | ​ |  | 75,413 | ​ |  | 58,196 | ​ |  | 59,481
Income tax benefit | ​ |  | 1,855 | ​ |  | 1,229 | ​ |  | 1,074
Net income | ​ | $ | 77,268 | ​ | $ | 59,425 | ​ | $ | 60,555
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income | ​ | $ | 78,630 | ​ | $ | 12,631 | ​ | $ | 52,078
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of condensed statement of cash flows | ​ Condensed Statement of Cash Flows
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 | ​ | 2022 | ​ | 2021
Cash Flows From Operating Activities | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Net income | ​ | $ | 77,268 | ​ | $ | 59,425 | ​ | $ | 60,555
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Undistributed earnings of subsidiary bank | ​ |  | (82,101) | ​ |  | (62,357) | ​ |  | (58,798)
Cash dividend from subsidiary bank | ​ | ​ | 5,000 | ​ | ​ | — | ​ | ​ | 4,000
Other operating adjustments | ​ | ​ | 9,697 | ​ | ​ | 6,351 | ​ | ​ | (746)
Net cash provided by (used in) operating activities | ​ |  | 9,864 | ​ |  | 3,419 | ​ |  | 5,011
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Investing Activities | ​ |  |  | ​ |  |  | ​ |  |
Investments in subsidiary bank | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (132,000)
Proceeds from loan payments | ​ | ​ | 776 | ​ | ​ | — | ​ | ​ | —
Net cash provided by (used in) investing activities | ​ |  | 776 | ​ |  | — | ​ |  | (132,000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Financing Activities | ​ |  |  | ​ |  |  | ​ |  |
Redemption of common stock for tax withholdings for restricted stock vesting | ​ | ​ | (3,170) | ​ | ​ | (1,559) | ​ | ​ | (3,385)
Redemption of subordinated notes | ​ | ​ | — | ​ | ​ | (24,712) | ​ | ​ | —
Proceeds from issuance of common stock, net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 162,687
Net cash provided by (used in) financing activities | ​ |  | (3,170) | ​ |  | (26,271) | ​ |  | 159,302
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increase (decrease) in cash and cash equivalents | ​ |  | 7,470 | ​ |  | (22,852) | ​ |  | 32,313
Cash and cash equivalents, beginning of year | ​ |  | 9,476 | ​ |  | 32,328 | ​ |  | 15
Cash and cash equivalents, end of year | ​ | $ | 16,946 | ​ | $ | 9,476 | ​ | $ | 32,328
​

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