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PARENT COMPANY ONLY (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
PARENT COMPANY ONLY |
Schedule of Parent Company Condense Balance Sheet | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
ASSETS |  | ​ |  |  | ​ |
Cash and due from banks | ​ | $ | 49,450 | ​ | $ | 756
Investment in bank subsidiary | ​ |  | 275,198 | ​ |  | 260,394
Interest receivable and other assets | ​ |  | 709 | ​ |  | 1,388
Total assets | ​ | $ | 325,357 | ​ | $ | 262,538
LIABILITIES AND SHAREHOLDERS' EQUITY | ​ |  |  | ​ |  |
Junior subordinated deferrable interest debentures, net | ​ | $ | 8,322 | ​ | $ | 8,242
Subordinated debt, net | ​ | ​ | 63,372 | ​ | ​ | —
Interest payable and other liabilities | ​ | ​ | 1,072 | ​ | ​ | 76
Total liabilities | ​ |  | 72,766 | ​ |  | 8,318
Shareholders' equity | ​ |  |  | ​ |  |
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding at both December 31, 2020 and 2019 | ​ |  | — | ​ |  | —
Common stock, no par value; 100,000,000 shares authorized; 11,295,397 and 12,444,632 shares issued and outstanding at December 31, 2020 and 2019, respectively | ​ |  | 167,242 | ​ |  | 184,043
Additional paid in capital | ​ |  | 287 | ​ |  | 287
Accumulated other comprehensive income, net of tax | ​ |  | 2,697 | ​ |  | 1,251
Retained earnings | ​ |  | 82,365 | ​ |  | 68,639
Total shareholders' equity | ​ |  | 252,591 | ​ |  | 254,220
Total liabilities and shareholders' equity | ​ | $ | 325,357 | ​ | $ | 262,538
Schedule of Parent company's Statements of Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
Income: |  | ​ |  |  | ​ |  | ​ | ​ |
Interest income | ​ | $ | 75 | ​ | $ | 210 | ​ | $ | 466
Earnings from bank subsidiary | ​ |  | 15,216 | ​ |  | 17,528 | ​ |  | 14,535
Dividends from statutory trusts | ​ |  | 6 | ​ |  | 18 | ​ |  | 2
Total income | ​ |  | 15,297 | ​ |  | 17,756 | ​ |  | 15,003
Expense: | ​ |  |  | ​ |  |  | ​ |  |
Subordinated debt | ​ |  | 1,405 | ​ |  | — | ​ |  | —
Other borrowings | ​ |  | 503 | ​ |  | 567 | ​ |  | 480
Total Interest expense | ​ |  | 1,908 | ​ |  | 567 | ​ |  | 480
Noninterest expense | ​ |  | 363 | ​ |  | 55 | ​ |  | 98
Total expense | ​ |  | 2,271 | ​ |  | 622 | ​ |  | 578
Income before provision for income taxes | ​ |  | 13,026 | ​ |  | 17,134 | ​ |  | 14,425
Income tax benefit | ​ |  | (700) | ​ |  | (184) | ​ |  | (68)
Net income | ​ | $ | 13,726 | ​ | $ | 17,318 | ​ | $ | 14,493
Schedule of Parent Company's Statements of cashflow | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
Cash flows from operating activities: |  | ​ |  |  | ​ |  | ​ | ​ |
Net income | ​ | $ | 13,726 | ​ | $ | 17,318 | ​ | $ | 14,493
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Income from bank subsidiary | ​ |  | (15,429) | ​ |  | (17,732) | ​ |  | (14,655)
Dividend from bank subsidiary | ​ |  | 18,740 | ​ |  | 20,200 | ​ |  | —
Depreciation of furniture, fixtures and equipment | ​ |  | — | ​ |  | 1 | ​ |  | 3
Income tax benefit | ​ |  | (700) | ​ |  | (184) | ​ |  | (68)
Accretion on junior subordinated debentures | ​ |  | 80 | ​ |  | 81 | ​ |  | 36
Stock-based compensation expense | ​ |  | 7 | ​ |  | 26 | ​ |  | 45
Decrease in interest receivable and other assets | ​ |  | 2,825 | ​ |  | 888 | ​ |  | (88)
Increase (decrease) in interest payable and other liabilities | ​ |  | 996 | ​ |  | (24) | ​ |  | (217)
Net cash provided by operating activities | ​ |  | 20,245 | ​ |  | 20,574 | ​ |  | (451)
Cash flows from investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Capital contribution to subsidiary | ​ |  | (2,654) | ​ |  | (34,543) | ​ |  | (644)
Net cash paid for acquisitions | ​ |  | (13,886) | ​ |  | (57,998) | ​ |  | (23,523)
Net cash provided by (used in) investing activities | ​ |  | (16,540) | ​ |  | (92,541) | ​ |  | (24,167)
Cash flows from financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Repayment of junior subordinated debentures | ​ | ​ | (1,575) | ​ | ​ | — | ​ | ​ | —
Proceeds from issuance of subordinated debt, net | ​ | ​ | 63,372 | ​ | ​ | — | ​ | ​ | —
Increase in other borrowings | ​ |  | 6,000 | ​ |  | — | ​ |  | —
Repayment of other borrowings | ​ |  | (6,000) | ​ |  | — | ​ |  | (6,000)
Restricted stock issued | ​ |  | 1,449 | ​ |  | 1,128 | ​ |  | 1,135
Issuance of shares | ​ | ​ | — | ​ | ​ | 44,598 | ​ | ​ | —
Repurchase of common stock | ​ |  | (18,257) | ​ |  | (10,957) | ​ |  | —
Proceeds from initial public offering, net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 66,761
Net cash provided by financing activities | ​ |  | 44,989 | ​ |  | 34,769 | ​ |  | 61,896
Increase (decrease) in cash and cash equivalents | ​ |  | 48,694 | ​ |  | (37,198) | ​ |  | 37,278
Cash and cash equivalents at beginning of period | ​ |  | 756 | ​ |  | 37,954 | ​ |  | 676
Cash and cash equivalents at end of period | ​ | $ | 49,450 | ​ | $ | 756 | ​ | $ | 37,954

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