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PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

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

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-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
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+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
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