Annual report pursuant to Section 13 and 15(d)

Parent Company Financial Statements

v3.22.0.1
Parent Company Financial Statements
12 Months Ended
Dec. 31, 2021
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Parent Company Financial Statements

NOTE 19. PARENT COMPANY FINANCIAL STATEMENTS

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

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

7,384

 

 

$

24,231

 

Investment in bank subsidiary

 

 

413,271

 

 

 

371,647

 

Other assets

 

 

10,018

 

 

 

4,867

 

Total assets

 

$

430,673

 

 

$

345,863

 

Liabilities and stockholders' equity:

 

 

 

 

 

 

 

 

Borrowings

 

 

36,452

 

 

 

36,296

 

Other liabilities

 

 

405

 

 

 

3,670

 

Stockholders' equity

 

 

393,816

 

 

 

360,779

 

Total liabilities and stockholders' equity

 

$

430,673

 

 

$

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,

 

 

 

2021

 

 

2020

 

 

2019

 

Income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

 

 

$

 

 

$

4

 

Other noninterest income

 

 

3

 

 

 

 

 

 

74

 

Total income

 

 

3

 

 

 

 

 

 

78

 

Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on borrowings

 

 

2,376

 

 

 

1,250

 

 

 

406

 

Salaries and benefits

 

 

 

 

 

 

 

 

2

 

Stock-based compensation expense

 

 

1,134

 

 

 

979

 

 

 

665

 

Professional services

 

 

1,968

 

 

 

1,501

 

 

 

2,914

 

Directors fees

 

 

314

 

 

 

299

 

 

 

218

 

Other noninterest expense

 

 

12

 

 

 

42

 

 

 

61

 

Total expense

 

 

5,804

 

 

 

4,071

 

 

 

4,266

 

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

   undistributed income of subsidiary

 

 

(5,801

)

 

 

(4,071

)

 

 

(4,188

)

Income tax expense (benefit)

 

 

(1,167

)

 

 

(649

)

 

 

(638

)

Income (loss) before equity in undistributed income of

   subsidiaries

 

 

(4,634

)

 

 

(3,422

)

 

 

(3,550

)

Equity in income of subsidiary

 

 

46,686

 

 

 

34,733

 

 

 

24,686

 

Net income

 

$

42,052

 

 

$

31,311

 

 

$

21,136

 

Comprehensive income

 

$

36,966

 

 

$

31,649

 

 

$

19,949

 

 

 

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

 

 

 

For the Years Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

42,052

 

 

$

31,311

 

 

$

21,136

 

Adjustments to reconcile net income to net cash

   used in operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

(46,686

)

 

 

(34,733

)

 

 

(24,686

)

Stock-based compensation

 

 

1,134

 

 

 

979

 

 

 

665

 

Amortization of debt issuance costs

 

 

155

 

 

 

79

 

 

 

 

Net change in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Net change in other assets

 

 

(5,155

)

 

 

(211

)

 

 

(2,616

)

Net change in other liabilities

 

 

(1,728

)

 

 

1,956

 

 

 

(969

)

Net cash used in operating activities

 

 

(10,228

)

 

 

(619

)

 

 

(6,470

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Capital contribution

 

 

 

 

 

 

 

 

(11,000

)

Net cash paid in business combination

 

 

 

 

 

-

 

 

 

(50,278

)

Net cash used in investing activities

 

 

 

 

 

-

 

 

 

(61,278

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds of borrowings

 

 

 

 

 

46,218

 

 

 

21,000

 

Repayment of borrowings

 

 

 

 

 

(10,000

)

 

 

(23,811

)

Proceeds from capital raise, net of transaction costs

 

 

 

 

 

 

 

 

46,535

 

Cash dividends paid

 

 

(8,766

)

 

 

(1,212

)

 

 

 

Purchase of treasury stock

 

 

(1,096

)

 

 

(15,470

)

 

 

(289

)

Exercise of stock options and warrants

 

 

3,243

 

 

 

683

 

 

 

1,966

 

Net cash provided by (used in) financing activities

 

 

(6,619

)

 

 

20,219

 

 

 

45,401

 

Net change in cash and cash equivalents

 

 

(16,847

)

 

 

19,600

 

 

 

(22,347

)

Cash and cash equivalents at beginning of year

 

 

24,231

 

 

 

4,631

 

 

 

26,978

 

Cash and cash equivalents at end of year

 

$

7,384

 

 

$

24,231

 

 

$

4,631

 

Supplemental disclosure of noncash investing and financing

   activities:

 

 

 

 

 

 

 

 

 

 

 

 

Dividends accrued not paid

 

$

-

 

 

$

1,556

 

 

$

-