| Parent company financial statements |
Parent company financial statements: | | | | | | | | | | | | | | | | | | As of December 31, | | Balance sheet | | 2020 | | 2019 | | Assets | | | | | Cash and cash equivalents(1) | | $ | 5,310 | | | $ | 4,673 | | | Investments: | | | | | | Equity securities, at fair value | | 1,173 | | | — | | Investment in subsidiaries(1) | | 1,378,347 | | | 782,565 | | | Other assets | | 12,240 | | | 6,292 | | | Goodwill | | 29 | | | 29 | | | Total assets | | $ | 1,397,099 | | | $ | 793,559 | | | Liabilities and shareholders' equity | | | | | | Liabilities | | | | | | Borrowings | | $ | 106,299 | | | $ | 30,930 | | | Accrued expenses and other liabilities | | (489) | | | 300 | | | Total liabilities | | 105,810 | | | 31,230 | | | Shareholders' equity | | | | | | Common stock | | 47,222 | | | 31,034 | | | Additional paid-in capital | | 898,847 | | | 425,633 | | | Retained earnings | | 317,625 | | | 293,524 | | | Accumulated other comprehensive income | | 27,595 | | | 12,138 | | | Total shareholders' equity | | 1,291,289 | | | 762,329 | | | Total liabilities and shareholders' equity | | $ | 1,397,099 | | | $ | 793,559 | |
(1) Eliminates in Consolidation | | | | | | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | Income Statements | | 2020 | | 2019 | | 2018 | | Income | | | | | | | |
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Dividend income from subsidiaries(1) | | $ | 49,706 | | | $ | — | | | $ | — | | |
| Gain on investments | | 217 | | | — | | | — | | | (Loss) gain on other assets | | — | | | (16) | | | 297 | | | Other income | | 1,732 | | | 211 | | | — | | | Total income | | 51,655 | | | 195 | | | 297 | | | Expenses | | | | | | | | Interest expense | | 3,122 | | | 1,638 | | | 1,651 | | | Salaries, legal and professional fees | | 1,458 | | | 1,056 | | | 1,481 | | | Other noninterest expense | | 283 | | | 120 | | | 960 | | | Total expenses | | 4,863 | | | 2,814 | | | 4,092 | | Income (loss) before income tax benefit and equity in undistributed earnings of subsidiaries | | 46,792 | | | (2,619) | | | (3,795) | | | Federal and state income tax benefit | | (1,155) | | | (683) | | | (746) | | | Income (loss) before equity in undistributed earnings of subsidiaries | | 47,947 | | | (1,936) | | | (3,049) | | Equity in undistributed earnings from subsidiaries(1) | | 15,674 | | | 85,750 | | | 83,285 | | | Net income | | $ | 63,621 | | | $ | 83,814 | | | $ | 80,236 | | |
(1) Eliminates in Consolidation | | | | | | | | | | | | | | | | | | | | | | | | For the years ended December 31, | | Statement of Cash Flows | | 2020 | | 2019 | | 2018 | | Operating Activities | | | | | | | | Net income | | $ | 63,621 | | | $ | 83,814 | | | $ | 80,236 | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | Equity in undistributed income of subsidiaries | | (15,674) | | | (85,750) | | | (83,285) | | | Gain on investments | | (217) | | | — | | | — | | | Loss (gain) on other assets | | — | | | 16 | | | (297) | | | Stock-based compensation expense | | 10,214 | | | 7,089 | | | 7,207 | | | (Increase) decrease in other assets | | (9,717) | | | 1,056 | | | (441) | | | Decrease in other liabilities | | (13,363) | | | (9,711) | | | (7,737) | | |
| Net provided by (used in) operating activities | | 34,864 | | | (3,486) | | | (4,317) | | | Investing Activities | | | | | | | | Proceeds from sale of other assets | | — | | | — | | | 869 | | |
| Net cash paid in business combinations (See Note 2) | | (35,505) | | | — | | | — | | |
| Net cash (used in) provided by investing activities | | (35,505) | | | — | | | 869 | | | Financing Activities | | | | | | | |
| Accretion of interest rate premium on subordinated debt | | (436) | | | — | | | — | | | Payment of dividends | | (14,264) | | | (10,045) | | | (6,137) | | | Proceeds of other borrowings | | 15,000 | | | — | | | — | | | Net proceeds from sale of common stock | | 978 | | | 804 | | | 1,196 | | | Net cash used in financing activities | | 1,278 | | | (9,241) | | | (4,941) | | | Net decrease in cash and cash equivalents | | 637 | | | (12,727) | | | (8,389) | | | Cash and cash equivalents at beginning of year | | 4,673 | | | 17,400 | | | 25,789 | | | Cash and cash equivalents at end of year | | $ | 5,310 | | | $ | 4,673 | | | $ | 17,400 | | | Supplemental noncash disclosures: | | | | | | | | Dividends declared not paid on restricted stock units | | $ | 238 | | | $ | 149 | | | $ | 226 | | | Noncash dividend from Bank | | 956 | | | — | | | 572 | | |
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