CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2019

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Condensed Balance Sheets

	December 31,
Condensed Balance Sheets	2019		2018
ASSETS
Cash and cash equivalents	$	9,301	$	9,669
Investment in subsidiaries		122,792		110,675
Loans, net		2,091		2,091
Other assets		597		1,081
Total assets	$	134,781	$	123,516
LIABILITIES
Subordinated notes	$	6,560	$	6,560
Other liabilities		543		81
Total liabilities		7,103		6,641
SHAREHOLDERS’ EQUITY
Total shareholders’ equity		127,678		116,875
Total liabilities and shareholders’ equity	$	134,781	$	123,516

Condensed Statements of Income

	Year Ended December 31,
Condensed Statements of Income	2019		2018
Income
Interest income	$	93	$	178
Expense
Interest expense		476		791
Non-interest expense		267		173
Total expense		743		964
Loss before income tax and equity in undistributed income of subsidiaries		(650)		(786)
Income tax benefit		49		101
Loss before equity in undistributed income of subsidiaries		(601)		(685)
Equity in undistributed income to subsidiaries		8,610		6,332
Net income	$	8,009	$	5,647

Condensed Statements of Cash Flows

	Year Ended December 31,
Condensed Statements of Cash Flows	2019		2018
Cash flows from operating activities
Net income	$	8,009	$	5,647
Adjustments:
Deferred income tax expense		282		911
Stock-based compensation		2,291		1,857
Undistributed equity in subsidiaries		(8,610)		(6,332)
Change in other assets		665		369
Change in other liabilities		—		(3,183)
Net cash (used in) provided by operating activities		2,637		(731)
Cash flows from investing activities
Investment in subsidiaries		(2,152)		(1,284)
Payments received on promissory notes from related parties		—		3,701
Net cash (used in) provided by investing activities		(2,152)		2,417
Cash flows from financing activities
Repurchase of common stock		(743)		—
Settlement of restricted stock		(110)		(181)
Payment on redemption of subordinated notes		—		(6,875)
Proceeds from issuance of common stock, net		—		34,450
Redemption of preferred stock Series A-C		—		(20,783)
Redemption of convertible preferred stock Series D		—		(4,054)
Redemption costs		—		(131)
Dividends paid on preferred stock		—		(1,378)
Net cash (used in) provided by financing activities		(853)		1,048
Net change in cash and cash equivalents		(368)		2,734
Cash and cash equivalents, beginning of year		9,669		6,935
Cash and cash equivalents, end of year	$	9,301	$	9,669
Supplemental cash flow information:
Interest paid on borrowed funds	$	476	$	791
Supplemental noncash disclosures:
Reclass of promissory note to loans	$	—	$	2,091