| PARENT COMPANY FINANCIAL INFORMATION |
NOTE 23 — PARENT COMPANY FINANCIAL INFORMATION Condensed financial information for the Company (parent company only) is as follows (in thousands): Condensed Statements of Financial Condition | | | | | | | | | At December 31, | | | 2021 | | 2020 | Assets | | | | | | | Cash and due from banks | | $ | 32,328 | | $ | 15 | Loans, net of allowance for loan losses | | | 776 | | | 776 | Investments | | | 620 | | | 620 | Investment in subsidiary bank, at equity | | | 569,327 | | | 385,510 | Other assets | | | 6 | | | 22 | Total assets | | | 603,057 | | | 386,943 | | | | | | | | Liabilities and Stockholders’ Equity | | | | | | | Trust preferred securities | | | 20,620 | | | 20,620 | Subordinated debt payable, net of issuance costs | | | 24,712 | | | 24,657 | Other liabilities | | | 736 | | | 879 | Total liabilities | | | 46,068 | | | 46,156 | | | | | | | | Stockholders’ Equity | | | | | | | Preferred stock | | | — | | | 3 | Common stock | | | 109 | | | 82 | Surplus | | | 382,999 | | | 218,899 | Retained earnings | | | 181,385 | | | 120,830 | Accumulated other comprehensive income (loss), net of tax | | | (7,504) | | | 973 | Total equity | | | 556,989 | | | 340,787 | Total liabilities and stockholders’ equity | | $ | 603,057 | | $ | 386,943 |
Condensed Statements of Operations | | | | | | | | | Year Ended December 31, | | | 2021 | | 2020 | Income | | | | | | | Loans | | $ | 14 | | $ | 17 | Securities and money market funds | | | 13 | | | 18 | Total interest income | | | 27 | | | 35 | Interest expense | | | | | | | Trust preferred securities | | | 438 | | | 590 | Subordinated debt | | | 1,618 | | | 1,618 | Total interest expense | | | 2,056 | | | 2,208 | Net interest expense | | | (2,029) | | | (2,173) | Provision for loan losses | | | — | | | — | Net interest expense after provision for loan losses | | | (2,029) | | | (2,173) | Other expense | | | 1,288 | | | 2,338 | Loss before undistributed earnings of subsidiary bank | | | (3,317) | | | (4,511) | Equity in undistributed earnings of subsidiary bank | | | 62,798 | | | 42,844 | Income before income tax benefit | | | 59,481 | | | 38,333 | Income tax benefit | | | 1,074 | | | 1,133 | Net income | | $ | 60,555 | | $ | 39,466 | | | | | | | | Comprehensive income | | $ | 52,078 | | $ | 39,232 | | | | | | | |
Condensed Statement of Cash Flows | | | | | | | | | Year Ended December 31, | | | 2021 | | 2020 | Cash Flows From Operating Activities | | | | | | | Net income | | $ | 60,555 | | $ | 39,466 | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | | Undistributed earnings of subsidiary bank | | | (58,798) | | | (42,844) | Cash dividend from subsidiary bank | | | 4,000 | | | — | Other operating adjustments | | | (746) | | | 2,438 | Net cash provided by (used in) operating activities | | | 5,011 | | | (940) | | | | | | | | Cash Flows From Investing Activities | | | | | | | Investments in subsidiary bank | | | (132,000) | | | — | Net cash provided by (used in) investing activities | | | (132,000) | | | — | | | | | | | | Cash Flows From Financing Activities | | | | | | | Redemption of common stock for tax withholdings for restricted stock vesting | | | (3,385) | | | (881) | Proceeds from issuance of common stock, net | | | 162,687 | | | — | Net cash provided by (used in) financing activities | | | 159,302 | | | (881) | | | | | | | | Increase (decrease) in cash and cash equivalents | | | 32,313 | | | (1,821) | Cash and cash equivalents, beginning of year | | | 15 | | | 1,836 | Cash and cash equivalents, end of year | | $ | 32,328 | | $ | 15 |
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