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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net (loss) income $ (2,753) $ 183
Adjustments to reconcile net income to net cash used in operating activities:    
Loan loss provision 81 29
Depreciation 345 115
Net amortization of deferred loan origination costs 964 136
Net amortization of premiums on available for sale securities 231 19
Amortization of investment in affordable housing limited partnership 26 53
Amortization of core deposit intangible 131 0
Accretion of premium on FHLB advances (7) 0
Valuation allowance on deferred tax asset 370 0
ESOP compensation expense 47 32
Earnings on bank owned life insurance (21) (23)
Originations of loans receivable held for sale 0 (110,908)
Proceeds from sales of loans receivable held for sale 0 60,997
Repayments on loans receivable held for sale 0 315
Gain on sale of loans receivable held for sale 0 (123)
Change in assets and liabilities:    
Net change in deferred taxes (1,210) (271)
Net change in accrued interest receivable 267 (68)
Net change in other assets (1,118) (349)
Net change in advance payments by borrowers for taxes and insurance 310 43
Net change in accrued expenses and other liabilities (447) 442
Net cash used in operating activities (2,570) (49,154)
Cash flows from investing activities:    
Cash acquired in merger 84,745 0
Net change in loans receivable held for investment (29,749) 23,265
Principal payments on available-for-sale securities 6,547 1,125
Purchase of available-for-sale securities (4,073) 0
Purchase of FHLB stock (152) (670)
Proceeds from redemption of FHLB stock 1,055 0
Purchase of office properties and equipment (56) (328)
Proceeds from disposals of office property and equipment 45 0
Net cash provided by investing activities 58,362 23,392
Cash flows from financing activities:    
Net change in deposits 35,690 18,054
Net increase in securities sold under agreements to repurchase 10,613 0
Proceeds from sale of stock (net of costs) 30,837 0
Distributions to non-controlling interest (165) 0
Proceeds from FHLB advances 5,000 66,000
Repayments of FHLB advances (22,535) (33,500)
Stock cancelled for income tax withholding (448) 0
Repayments of junior subordinated debentures (510) (510)
Net cash provided by financing activities 58,482 50,044
Net change in cash and cash equivalents 114,274 24,282
Cash and cash equivalents at beginning of the period 96,109 15,566
Cash and cash equivalents at end of the period 210,383 39,848
Supplemental disclosures of cash flow information:    
Cash paid for interest 1,803 3,290
Cash paid for income taxes 429 3
Assets acquired (liabilities assumed) in acquisition:    
Securities available for sale, at fair value 149,975 0
Loans receivable 225,885 0
Accrued interest receivable 1,637 0
FHLB and FRB stock 1,061 0
Office property and equipment 6,953 0
Goodwill 25,966 0
Core deposit intangible 3,329 0
Other assets 2,290 0
Deposits (353,722) 0
FHLB advances (3,166) 0
Securities sold under agreements to repurchase (59,945) 0
Other borrowings (14,000) 0
Deferred taxes (717) 0
Accrued expenses and other liabilities (4,063) 0
Preferred Stock [Member]    
Assets acquired (liabilities assumed) in acquisition:    
Issuance of stock (3,000) 0
Common Stock [Member]    
Assets acquired (liabilities assumed) in acquisition:    
Issuance of stock (63,257) 0
Directors [Member]    
Adjustments to reconcile net income to net cash used in operating activities:    
Stock-based compensation expense 45 45
Employees, Excluding Directors [Member]    
Adjustments to reconcile net income to net cash used in operating activities:    
Stock-based compensation expense $ 169 $ 179