Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Condensed Financial Information

The following are the unconsolidated financial statements for the Parent Company on a stand-alone basis. These condensed financial statements should be read in conjunction with the Consolidated Financial Statements and accompanying Notes. The Parent Company's principal sources of funds are cash dividends paid by the Bank to the Parent Company.

Condensed Balance Sheets

As of December 31,


	2023		2022
Assets
Cash and cash equivalents	$	34,050	$	17,312
Deferred tax assets	11,026		13,791
Prepaid expenses and other assets	16,179		12,996
Investment in and advances to subsidiaries	906,504		823,449
Total assets	$	967,759	$	867,548
Liabilities

Convertible notes payable, net	$	—	$	5,355
Subordinated debt, net	75,313		74,880
Accrued expenses and other liabilities	15,249		12,777
Total liabilities	90,562		93,012
Total stockholders’ equity	877,197		774,536
Total liabilities and stockholders’ equity	$	967,759	$	867,548

Condensed Statements of Income and Comprehensive Income

For the years ended December 31,


	2023		2022		2021
Income:
Dividends received from subsidiaries	$	26,595	$	8,700	$	—
Interest income, $0, $2 and $44 from subsidiaries, respectively	36		22		56

Total income	26,631		8,722		56
Expense:
Interest expense	5,049		5,684		4,609
Salary and employee benefits	1,888		1,143		1,305
Occupancy and equipment	189		83		2
Merger related expenses	—		1,598		1,663
Other noninterest expenses, net	2,039		1,380		778
Total expenses	9,165		9,888		8,357
Income (loss) before income taxes and undistributed earnings from subsidiaries	17,466		(1,166)		(8,301)
Equity in undistributed earnings from subsidiaries	83,837		58,047		49,729
Income before income taxes	101,303		56,881		41,428
Benefit from income taxes	(2,230)		(2,301)		(1,736)
Net income	$	103,533	$	59,182	$	43,164
Other comprehensive income (loss), net	976		(45,647)		(7,455)
Comprehensive income	$	104,509	$	13,535	$	35,709

Condensed Statements of Cash Flows

For the years ended December 31,


	2023		2022		2021
Cash flows from operating activities:
Net income	$	103,533	$	59,182	$	43,164
Adjustments to reconcile income to net cash provided by (used in) operating activities:
Amortization and accretion	533		1,529		1,095
(Equity) deficit in undistributed income of subsidiaries	(83,837)		(58,047)		(49,729)


Changes in operating assets and liabilities:
Other assets	(419)		(1,442)		(4,250)
Other liabilities	2,911		293		3,479
Net cash provided by (used in) operating activities	22,721		1,515		(6,241)
Cash flows from investing activities:
Payments for investments in and advances to subsidiaries	—		125		500
Cash paid to acquire FEIF Capital Partners, LLC (for further information, see Note 20 - Transactions with Related Parties)	(150)		—		—
Cash paid in excess of cash acquired in connection with Pioneer Merger	—		(4,140)		—
Contributions to subsidiaries	(210)		—		—

Net cash (used in) provided by investing activities	(360)		(4,015)		500
Cash flows from financing activities:
Repayments of convertible notes payable	(5,456)		(15,217)		—

Proceeds from subordinated debt	—		24,466		—

Proceeds from issuance of common stock, net of issuance costs	(167)		(578)		(66)


Net cash (used in) provided by financing activities	(5,623)		8,671		(66)
Net increase (decrease) in cash and cash equivalents	16,738		6,171		(5,807)
Cash and cash equivalents, beginning of year	17,312		11,141		16,948
Cash and cash equivalents, end of year	$	34,050	$	17,312	$	11,141