Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

CONDENSED BALANCE SHEETS


	December 31,
	2019		2018
ASSETS
Cash and cash equivalents	$	3,625	$	3,364
Investment in banking subsidiary	463,496		426,979
Investment in other subsidiaries	3,527		1,919
Other assets	1,841		1,617
Total assets	$	472,489	$	433,879
LIABILITIES AND EQUITY
Subordinated notes	$	58,872	$	58,693
Accrued expenses and other liabilities	3,284		2,446
Shareholders’ equity	410,333		372,740
Total liabilities and shareholders’ equity	$	472,489	$	433,879

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	Year ended December 31,
	2019		2018		2017
Dividends from subsidiaries	$	5,500	$	5,925	$	4,000
Other income	249		203		171
Interest expense	4,328		4,328		4,321
Other expense	7,614		5,163		2,890
Loss before income tax and undistributed subsidiaries income	(6,193)		(3,363)		(3,040)
Income tax benefit	(2,855)		(2,229)		(2,671)
Equity in undistributed subsidiaries income	18,160		35,655		28,468
Net income	$	14,822	$	34,521	$	28,099
Comprehensive income	$	31,982	$	25,966	$	29,997

CONDENSED STATEMENTS OF CASH FLOWS


	Year ended December 31,
	2019		2018		2017
Cash flows from operating activities
Net income	$	14,822	$	34,521	$	28,099
Adjustments:
Equity in undistributed subsidiaries income	(18,160)		(35,655)		(28,468)
Amortization of debt issuance costs	179		178		178
Stock-based compensation	851		1,008		219
Change in other assets	(208)		(1,367)		728
Change in other liabilities	839		(1,908)		686
Net cash from operating activities	(1,677)		(3,223)		1,442
Cash flows from investing activities
Investments in subsidiaries	—		(26,512)		(1,359)
Net cash acquired from acquisition (See Note 2)	—		24,660		—
Net cash from investing activities	—		(1,852)		(1,359)
Cash flows from financing activities



Proceeds from exercise of common stock warrants	—		—		150
Proceeds from exercise of common stock options	5,307		3,047		1,615
Proceeds from issuance of common stock, net of offering costs	—		(242)		—
Divestment of common stock issued to 401(k) plan	—		(308)		(256)
Redemption of Series A preferred stock	—		—		—
Purchase of Treasury Stock	(717)		—		—
Dividends paid on common stock	(2,636)		—		—
Noncontrolling interest distributions	(16)		(16)		—
Net cash from financing activities	1,938		2,481		1,509
Net change in cash and cash equivalents	261		(2,594)		1,592
Beginning cash and cash equivalents	3,364		5,958		4,366
Ending cash and cash equivalents	$	3,625	$	3,364	$	5,958
Non-cash supplemental information:
Transfers from subsidiary stock based compensation expense to parent company only additional paid-in capital	$	5,066	$	5,561	$	2,583