| Schedule of Condensed 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:
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|
|
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:
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|
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:
|
|
|
|
|
|
|
|
|
|
|
|
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|
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
|
|
|
$
|
-
|
|
|