PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

CONDENSED BALANCE SHEETS

	December 31,
	2021		2020
ASSETS
Cash and cash equivalents	$	96,243	$	67,890
Investment in banking subsidiary		429,119		421,355
Investment in other subsidiary		51		51
Other assets		6,013		4,248
Total assets	$	531,426	$	493,544

LIABILITIES AND STOCKHOLDERS’ EQUITY
Debt	$	122,168	$	121,982
Accrued expenses and other liabilities		1,831		1,514
Stockholders’ equity		407,427		370,048
Total liabilities and stockholders’ equity	$	531,426	$	493,544

CONDENSED STATEMENTS OF INCOME

	Years Ended December 31,
	2021			2020			2019
Dividends	$	48,250		$	20,500		$	10,000
Other income		26			115			64
ESOP Contribution		—			—			(1,800	)
Interest expense		(4,936	)		(3,390	)		(3,562	)
Other expense		(1,466	)		(1,572	)		(2,221	)
Income before income tax and undistributed subsidiary income		41,874			15,653			2,481
Income tax (benefit)		(1,339	)		(1,018	)		(1,498	)
Equity in undistributed subsidiary income		15,401			28,682			25,241
Net Income	$	58,614		$	45,353		$	29,220

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2021			2020			2019
Cash flows from operating activities:
Net income	$	58,614		$	45,353		$	29,220
Adjustments:
Equity in undistributed subsidiary income		(15,401	)		(28,682	)		(25,241	)
Amortization of debt issuance costs		186			47			—
Stock based compensation		1,639			1,272			853
Change in other assets		(1,765	)		(342	)		(1,601	)
Change in other liabilities		317			131			541
Net cash from operating activities		43,590			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		(625	)		(319	)		(351	)
Payments to repurchase common stock		(9,227	)		(293	)		—
Share based liability conversion		—			—			11,450
Cash dividends on common stock		(5,385	)		(2,528	)		(1,079	)
Net cash from financing activities		(15,237	)		45,930			53,882

Net change in cash and cash equivalents		28,353			63,709			(18,446	)
Beginning cash and cash equivalents		67,890			4,181			22,627
Ending cash and cash equivalents	$	96,243		$	67,890		$	4,181