Annual report pursuant to Section 13 and 15(d)

Parent Company Financial Statements (Tables)

v3.20.4
Parent Company Financial Statements (Tables)
12 Months Ended
Dec. 31, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Schedule of Condensed Financial Statements

Condensed Balance Sheets of the Company (Parent company only) for the periods presented are as follows:

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets:

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

24,231

 

 

$

4,631

 

Investment in bank subsidiary

 

 

371,647

 

 

 

336,576

 

Other assets

 

 

4,867

 

 

 

4,656

 

Total assets

 

$

400,745

 

 

$

345,863

 

Liabilities and stockholders' equity:

 

 

 

 

 

 

 

 

Borrowings

 

 

36,296

 

 

 

 

Other liabilities

 

 

3,670

 

 

 

158

 

Stockholders' equity

 

 

360,779

 

 

 

345,705

 

Total liabilities and stockholders' equity

 

$

400,745

 

 

$

345,863

 

 

Condensed Statements of Income of the Company (Parent company only) for the periods presented are as follows:

 

 

 

For the Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

 

 

$

4

 

 

 

1

 

Other noninterest income

 

 

 

 

 

74

 

 

 

25

 

Total income

 

 

 

 

 

78

 

 

 

26

 

Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on borrowings

 

 

1,250

 

 

 

406

 

 

 

170

 

Salaries and benefits

 

 

 

 

 

2

 

 

 

24

 

Stock-based compensation expense

 

 

979

 

 

 

665

 

 

 

672

 

Professional services

 

 

1,501

 

 

 

2,914

 

 

 

2,107

 

Directors fees

 

 

299

 

 

 

218

 

 

 

209

 

Other noninterest expense

 

 

42

 

 

 

61

 

 

 

178

 

Total expense

 

 

4,071

 

 

 

4,266

 

 

 

3,360

 

Income (loss) before income tax expense (benefit) and equity in

   undistributed income of subsidiary

 

 

(4,071

)

 

 

(4,188

)

 

 

(3,334

)

Income tax expense (benefit)

 

 

(649

)

 

 

(638

)

 

 

(795

)

Income (loss) before equity in undistributed income of

   subsidiaries

 

 

(3,422

)

 

 

(3,550

)

 

 

(2,539

)

Equity in income of subsidiary

 

 

34,733

 

 

 

24,686

 

 

 

12,517

 

Net income

 

$

31,311

 

 

$

21,136

 

 

$

9,978

 

Comprehensive income

 

$

31,649

 

 

$

19,949

 

 

$

12,333

 

 

Condensed Statements of Cash Flows of the Company (Parent company only) for periods presented are as follows:

 

 

 

For the Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

31,311

 

 

$

21,136

 

 

$

9,978

 

Adjustments to reconcile net income to net cash provided

   by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

(34,733

)

 

 

(24,686

)

 

 

(12,517

)

Stock-based compensation

 

 

979

 

 

 

665

 

 

 

672

 

Amortization of debt issuance costs

 

 

79

 

 

 

 

 

 

 

Net change in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Net change in other assets

 

 

(211

)

 

 

(2,616

)

 

 

1,622

 

Net change in other liabilities

 

 

1,956

 

 

 

(969

)

 

 

(1,031

)

Net cash provided by (used in) operating activities

 

 

(619

)

 

 

(6,470

)

 

 

(1,276

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Capital contribution

 

 

 

 

 

(11,000

)

 

 

 

Net cash paid in business combination

 

 

 

 

 

(50,278

)

 

 

(11,755

)

Net cash provided by (used in) investing activities

 

 

 

 

 

(61,278

)

 

 

(11,755

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds of borrowings, net

 

 

46,218

 

 

 

21,000

 

 

 

 

Repayment of borrowings

 

 

(10,000

)

 

 

(23,811

)

 

 

(7,788

)

Proceeds from capital raise, net

 

 

 

 

 

46,535

 

 

 

42,058

 

Cash dividends paid

 

 

(1,212

)

 

 

 

 

 

 

Purchase of treasury stock

 

 

(15,470

)

 

 

(289

)

 

 

 

Exercise of stock options and warrants

 

 

683

 

 

 

1,966

 

 

 

3,902

 

Net cash provided by (used in) financing activities

 

 

20,219

 

 

 

45,401

 

 

 

38,172

 

Net change in cash and cash equivalents

 

 

19,600

 

 

 

(22,347

)

 

 

25,141

 

Cash and cash equivalents at beginning of period

 

 

4,631

 

 

 

26,978

 

 

 

1,837

 

Cash and cash equivalents at end of period

 

$

24,231

 

 

$

4,631

 

 

$

26,978

 

Supplemental disclosure of noncash investing and financing

   activities:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of trust preferreds acquired in business combination

 

$

-

 

 

$

-

 

 

$

2,811

 

Dividends accrued not paid

 

 

1,556