Parent company only financial statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent company only financial statements

Parent company only financial statements:

	As of December 31,
Balance sheet	2019		2018
Assets
Cash and cash equivalents(1)	$	4,673	$	17,400
Investments in Bank subsidiary(1)	782,565		679,097
Other assets	6,292		7,364
Goodwill	29		29
Total assets	793,559		703,890
Liabilities and shareholders' equity
Liabilities
Borrowings	$	30,930	$	30,930
Accrued expenses and other liabilities	300		1,103
Total liabilities	31,230		32,033
Shareholders' equity
Common stock	31,034		30,725
Additional paid-in capital	425,633		424,146
Retained earnings	293,524		221,213
Accumulated other comprehensive (loss) income	12,138		(4,227		)
Total shareholders' equity	762,329		671,857
Total liabilities and shareholders' equity	$	793,559	$	703,890

(1) Eliminates in Consolidation

	For the years ended December 31,
Income Statements	2019			2018			2017
Income
Other interest income	$	—		$	—		$	41
Loss on investments	—			—			(945		)
(Loss) gain on other assets	(16		)	297			—
Other income	211			—			—
Total income	195			297			(904		)
Expenses
Interest expense	1,638			1,651			1,491
Salaries, legal and professional fees	1,056			1,481			893
Other noninterest expense	120			960			296
Total expenses	2,814			4,092			2,680
Loss before income tax benefit and equity in undistributed earnings of     bank subsidiary	(2,619		)	(3,795		)	(3,584		)
Federal and state income tax benefit	(683		)	(746		)	(1,269		)
Loss before equity in undistributed earnings of bank subsidiary	(1,936		)	(3,049		)	(2,315		)
Earnings from Bank subsidiary(1)	85,750			83,285			54,713
Net income	$	83,814		$	80,236		$	52,398

(1) Eliminates in Consolidation

	For the years ended December 31,
Statement of Cash Flows	2019			2018			2017
Operating Activities
Net income	$	83,814		$	80,236		$	52,398
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiary bank	(85,750		)	(83,285		)	(54,713		)
Loss on investments	—			—			945
Loss (gain) on other assets	16			(297		)	—
Stock-based compensation expense	7,089			7,207			—
Decrease (increase) in other assets	1,056			(441		)	(2,439		)
Decrease in other liabilities	(9,711		)	(7,737		)	(551		)
Net used in operating activities	(3,486		)	(4,317		)	(4,360		)
Investing Activities
Proceeds from sale of other assets	—			869			—
Net cash provided by investing activities	—			869			—
Financing Activities
Equity contribution to Bank	—			—			(154,200		)
Payment of dividends	(10,045		)	(6,137		)	—
Net proceeds from sale of common stock	804			1,196			153,356
Net cash used in financing activities	(9,241		)	(4,941		)	(844		)
Net decrease in cash and cash equivalents	(12,727		)	(8,389		)	(5,204		)
Cash and cash equivalents at beginning of year	17,400			25,789			30,993
Cash and cash equivalents at end of year	$	4,673		$	17,400		$	25,789
Supplemental noncash disclosures:
Dividends declared not paid on restricted stock units	$	149		$	226		$	—
Noncash dividend from Bank	—			572			—