Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Parent Company Only Condensed Financial Information

Schedule of Condensed Balance Sheets

	At December 31,
	2019		2018
ASSETS
Cash and cash equivalents	$	5,571	$	4,041
Investment in banking subsidiary		101,414		82,994
Loans		—		1,775
Equity investment without readily determinable fair value		2,410		2,410
Other assets		2,046		1,611
Total assets		111,441		92,831
LIABILITIES
Other liabilities		379		57
Total liabilities		379		57
STOCKHOLDERS’ EQUITY
Preferred stock		—		—
Common stock		77		75
Additional paid-in-capital		89,682		88,539
Retained earnings		20,917		6,774
Other comprehensive income (loss)		386		(2,614)
Total stockholders’ equity	$	111,062	$	92,774
Total liabilities and equity	$	111,441	$	92,831

Schedule of Condensed Statements of Income and Comprehensive income

	For the Years Ended December 31,
	2019		2018		2017
Interest income	$	95	$	156	$	—
Other expense		1,822		2,263		883
Loss before income tax and undistributed subsidiary income		(1,727)		(2,107)		(883)
Income tax benefit		450		563		388
Equity in undistributed subsidiary income		15,420		10,278		4,139
Net income	$	14,143	$	8,734	$	3,644
Comprehensive income	$	17,143	$	7,510	$	3,360

Schedule of Condensed Statements of Cash Flows

	For the Years Ended December 31,
	2019		2018		2017
Cash flows from operating activities:
Net income	$	14,143	$	8,734	$	3,644
Adjustments:
Stock compensation expense		1,095		1,503		554
Equity in undistributed subsidiary income		(15,420)		(10,278)		(4,139)
Change in other assets		(435)		(563)		(388)
Change in other liabilities		322		(9)		34
Net cash used in operating activities		(295)		(613)		(295)
Cash flows from investing activities
Investments in subsidiaries		—		(11,000)		(12,000)
Net change in loans		1,775		(1,775)		—
Purchase of equity investment without readily determinable fair value		—		(2,410)		—
Net cash provided by (used in) investing activities		1,775		(15,185)		(12,000)
Cash flows from financing activities:
Exercise of stock options		50		378		942
Proceeds from the issuance of common stock		—		—		26,341
Net cash provided by financing activities		50		378		27,283
Net change in cash and cash equivalents		1,530		(15,420)		14,988
Beginning cash and cash equivalents		4,041		19,461		4,473
Ending cash and cash equivalents	$	5,571	$	4,041	$	19,461