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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ 982 $ (3,487)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Loan loss provision 148 0
Depreciation 30 53
Net change in amortization of deferred loan origination costs (148) (21)
Net amortization of premiums on available for sale securities 118 10
Amortization of core deposit intangible 109 0
Amortization of purchase accounting marks on loans (465) 0
Accretion of premium on FHLB advances (11) 0
ESOP compensation expense 18 23
Change in deferred taxes on goodwill 138 0
Earnings on bank owned life insurance (10) (10)
Change in assets and liabilities:    
Net change in deferred taxes 96 (1,413)
Net change in accrued interest receivable 923 45
Net change in other assets (3,524) (1,176)
Net change in other liabilities (311) 3,705
Net cash used in operating activities (1,808) (2,058)
Cash flows from investing activities:    
Net change in loans receivable held for investment (4,396) (2,370)
Principal payments on available-for-sale securities 4,724 507
Purchase of available-for-sale securities (26,908) 0
Proceeds from redemption of FHLB stock 351 0
Purchase of office properties and equipment (67) (15)
Net cash used in investing activities (26,296) (1,878)
Cash flows from financing activities:    
Net change in deposits 51,662 (3,315)
Net increase in securities sold under agreements to repurchase 4,043 0
Dividends paid on preferred stock (15) 0
Repayments of FHLB advances (13,000) 0
Stock cancelled for income tax withholding 0 (447)
Repayment of junior subordinated debentures 0 (255)
Net cash provided by (used in) financing activities 42,690 (4,017)
Net change in cash and cash equivalents 14,586 (7,953)
Cash and cash equivalents at beginning of the period 231,520 96,109
Cash and cash equivalents at end of the period 246,106 88,156
Supplemental disclosures of cash flow information:    
Cash paid for interest 822 809
Cash paid for income taxes 0 39
Supplemental disclosures of non-cash investing and financing activities:    
Conversion of preferred shares into Class A common shares 3,000 0
Directors [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 84 45
Employees, Excluding Directors [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense $ 15 $ 168