Parent company only financial statements

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Parent company only financial statements

Parent company only financial statements:

	As of December 31,
Balance sheet	2018			2017
Assets
Cash and cash equivalents(1)	$	17,400		$	25,789
Investments	—			1,129
Investments in Bank subsidiary(1)	679,097			595,625
Other assets	7,364			5,411
Goodwill	29			29
Total assets	703,890			627,983
Liabilities and shareholders' equity
Liabilities
Borrowings	$	30,930		$	30,930
Accrued expenses and other liabilities	1,103			324
Total liabilities	32,033			31,254
Shareholders' equity
Common stock	30,725			30,536
Additional paid-in capital	424,146			418,596
Retained earnings	221,213			147,449
Accumulated other comprehensive (loss) income	(4,227		)	148
Total shareholders' equity	671,857			596,729
Total liabilities and shareholders' equity	$	703,890		$	627,983

(1) Eliminates in Consolidation

	For the years ended For the Year Ended December 31,
Income Statements	2018			2017			2016
Income
Other interest income	$	—		$	41		$	33
Interest income from Bank subsidiary (1)	—			—			95
(Loss) gain on investments	—			(945		)	417
Gain on sale of other assets	297			—			—
Dividend income from Bank subsidiary (1)	—			—			14,875
Earnings from Bank subsidiary (1)	83,285			54,713			26,859
Total income	83,582			53,809			42,279
Expenses
Interest expense	1,651			1,491			1,393
Salaries, legal and professional fees	1,481			893			315
Other noninterest expense	960			296			168
Federal and state income tax benefit	(746		)	(1,269		)	(188		)
Total expenses	3,346			1,411			1,688
Net income	$	80,236		$	52,398		$	40,591

(1) Eliminates in Consolidation

	For the years ended For the Year Ended December 31,
Statement of Cash Flows	2018			2017			2016
Operating Activities
Net income	$	80,236		$	52,398		$	40,591
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiary bank	(83,285		)	(54,713		)	(26,859		)
Loss (gain) on investments	—			945			(417		)
Gain on sale of other assets	(297		)
Stock-based compensation expense	7,207			—			4,693
Increase in other assets	(441		)	(2,439		)	(427		)
Increase (decrease) in other liabilities	(7,737		)	(551		)	(5,251		)
Other, net	—			—			7
Net cash provided by operating activities	(4,317		)	(4,360		)	12,337
Investing Activities
Proceeds from sale of other assets	869			—			—
Other investments	—			—			724
Net cash provided by investing activities	869			—			724
Financing Activities
Equity contribution to Bank	—			(154,200		)	(20,000		)
Payment of dividends	(6,137		)	—			(69,300		)
Payment of borrowings	—			—			(10,075		)
Net proceeds from sale of common stock	1,196			153,356			116,054
Net cash (used in) provided by financing activities	(4,941		)	(844		)	16,679
Net (decrease) increase in cash and cash equivalents	(8,389		)	(5,204		)	29,740
Cash and cash equivalents at beginning of year	25,789			30,993			1,253
Cash and cash equivalents at end of year	$	17,400		$	25,789		$	30,993
Supplemental noncash disclosures:
Dividends declared not paid on restricted stock units	$	(226	)	$	—		$	—
Noncash dividend from Bank	572			—			—
Conversion of cash-settled to stock-settled compensation	—			—			5,388
Forgiveness of intercompany debt	—			—			6,024