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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (2,547) $ (61)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loan loss provision 446 29
Depreciation 198 170
Net amortization of deferred loan origination costs 457 183
Net amortization of premiums on available for sale securities 705 30
Amortization of investment in affordable housing limited partnership 39 79
Amortization of core deposit intangible 262 0
Accretion of premium on FHLB advances (26) 0
Write down of deferred tax asset 370 0
ESOP compensation expense 81 50
Earnings on bank owned life insurance (32) (35)
Originations of loans receivable held for sale 0 (118,626)
Proceeds from sales of loans receivable held for sale 0 77,642
Repayments on loans receivable held for sale 0 530
Gain on sale of loans receivable held for sale 0 (199)
Change in assets and liabilities:    
Net change in deferred taxes (1,162) (175)
Net change in accrued interest receivable 274 (102)
Net change in other assets 765 15
Net change in advance payments by borrowers for taxes and insurance 310 508
Net change in accrued expenses and other liabilities 3,359 (125)
Net cash provided by (used in) operating activities 3,913 (39,763)
Cash flows from investing activities:    
Cash acquired in merger 84,745 0
Net change in loans receivable held for investment (57,087) 35,843
Principal payments on available-for-sale securities 12,662 1,744
Purchase of available-for-sale securities (10,098) (850)
Purchase of FHLB stock (152) (670)
Proceeds from redemption of FHLB stock 1,243 0
Purchase of office properties and equipment (119) (501)
Proceeds from disposals of office property and equipment 3 0
Net cash provided by investing activities 31,197 35,566
Cash flows from financing activities:    
Net change in deposits 80,294 27,612
Net increase in securities sold under agreements to repurchase (7,069) 0
Proceeds from sale of stock (net of costs) 30,837 0
Distributions to non-controlling interest (165) 0
Dividends paid on preferred stock (30) 0
Proceeds from FHLB advances 5,000 66,000
Repayments of FHLB advances (27,570) (34,500)
Stock cancelled for income tax withholding (514) 0
Repayments of junior subordinated debentures (3,315) (765)
Net cash provided by financing activities 77,468 58,347
Net change in cash and cash equivalents 112,578 54,150
Cash and cash equivalents at beginning of the period 96,109 15,566
Cash and cash equivalents at end of the period 208,687 69,716
Supplemental disclosures of cash flow information:    
Cash paid for interest 2,424 4,530
Cash paid for income taxes 454 8
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 loss to net cash used in operating activities:    
Stock-based compensation expense 45 45
Employees, Excluding Directors [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense $ 369 $ 279