Parent Company only Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

STATEMENTS OF FINANCIAL CONDITION

(Dollar amounts in thousands)

	December 31,
	2021		2020
Assets:
Cash and due from banks	$	9,968	$	11,082
Investment in bank subsidiary		196,253		143,945
Other assets		5,954		1,845
Total assets	$	212,175	$	156,872
Liabilities:
Junior subordinated debt	$	54,028	$	20,000
Other Liabilities		7,393		462
Total liabilities		61,421		20,462
Shareholders’ equity		150,754		136,410
Total liabilities and shareholders’ equity	$	212,175	$	156,872

Condensed Income Statement

STATEMENTS OF INCOME

(Dollar amounts in thousands)

	December 31,
	2021			2020
Interest expense	$	(1,477	)	$	(495	)
Non-interest expense		(543	)		(1,025	)
Income (loss) before provision for income taxes		(2,020	)		(1,520	)
Provision for income taxes		596			371
Income (loss) before equity in undistributed subsidiary income		(1,424	)		(1,149	)
Equity in undistributed subsidiary income		14,792			5,452
Net income	$	13,368		$	4,303

Condensed Cash Flow Statement

STATEMENTS OF CASH FLOWS

(Dollar amounts in thousands)

	December 31,
	2021			2020
Cash flow from operating activities:
Net income	$	13,368		$	4,303
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (earnings) of subsidiary income		(14,792	)		(5,452	)
Change in other assets and other liabilities, net		(4,157	)		(630	)
Net cash provided by (used for) operating activities		(5,581	)		(1,779	)
Cash flow from investing activities:
Investment in subsidiary		(30,000	)		(10,000	)
Net cash provided by (used for) investing activities		(30,000	)		(10,000	)
Cash flow from financing activities:
Proceeds from issuance of subordinated debt, net		34,224			20,000
Proceeds from exercised stock options		243			247
Net cash provided by (used for) financing activities		34,467			20,247
(Decrease) increase in cash and cash equivalents		(1,114	)		8,468
Cash and cash equivalents, beginning of period		11,082			2,614
Cash and cash equivalents, end of period	$	9,968		$	11,082