PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION [Abstract]

Condensed Balance Sheets

CONDENSED BALANCE SHEETS

	December 31,
	2020		2019
ASSETS	(In thousands except per share data)
Cash and cash equivalents	$	67,890	$	4,181
Investment in banking subsidiary		421,355		372,292
Investment in other subsidiary		51		51
Other assets		4,248		3,906
Total assets	$	493,544	$	380,430
LIABILITIES AND STOCKHOLDERS’ EQUITY
Debt	$	121,982	$	72,865
Accrued expenses and other liabilities		1,514		1,383
Stockholders’ equity		370,048		306,182
Total liabilities and stockholders’ equity	$	493,544	$	380,430

Condensed Statements of Income

CONDENSED STATEMENTS OF INCOME

	Years Ended December 31,
	2020			2019
Dividends	$	20,500		$	10,000
Other income		115			64
ESOP Contribution		—			(1,800	)
Interest expense		(3,390	)		(3,562	)
Other expense		(1,572	)		(2,221	)
Income before income tax and undistributed subsidiary income		15,653			2,481
Income tax (benefit)		(1,018	)		(1,498	)
Equity in undistributed subsidiary income		28,682			25,241
Net Income	$	45,353		$	29,220

Condensed Statements of Cash Flows

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2020			2019
Cash flows from operating activities:
Net income	$	45,353		$	29,220
Adjustments:
Equity in undistributed subsidiary income		(28,682	)		(25,241	)
Amortization of debt issuance costs		47			—
Stock based compensation		1,272			853
Change in other assets		(342	)		(1,601	)
Change in other liabilities		131			541
Release of unearned ESOP shares		—			—
Net cash from operating activities		17,779			3,772
Cash flows from investing activities:
Cash paid in business combination		—			(76,100	)
Net cash from investing activities		—			(76,100	)
Cash flows from financing activities:
Proceeds from long-term borrowings		49,070			—
Repayments of long-term borrowings		—			(7,530	)
Issuance of common stock		—			51,392
Payments to tax authorities for stock-based compensation		(319	)		(351	)
Payments to repurchase common stock		(293	)		—
Share based liability conversion		—			11,450
Cash dividends on common stock		(2,528	)		(1,079	)
Net cash from financing activities		45,930			53,882
Net change in cash and cash equivalents		63,709			(18,446	)
Beginning cash and cash equivalents		4,181			22,627
Ending cash and cash equivalents	$	67,890		$	4,181