Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Balance Sheets

Balance Sheets
	December 31,
	2023		2022
(In thousands)
ASSETS
Noninterest-bearing cash equivalents	$	12,547	$	15,486
Securities available for sale, at fair value		—		—
Investment in subsidiaries		309,015		162,029
Other Assets		7,075		1,712
TOTAL ASSETS	$	328,637	$	179,227
LIABILITIES AND SHAREHOLDERS' EQUITY
Subordinated debt	$	61,444	$	40,484
Other liabilities		1,397		190
Shareholders' equity		265,796		138,553
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	328,637	$	179,227

Schedule of Condensed Statements of Operations and Comprehensive Income

Condensed Statements of Operations and Comprehensive Income
	Years Ended December 31,
	2023			2022
(in thousands)
Income:
Interest income	$	-		$	11
Dividend income from subsidiaries		—			—
Expenses:
Interest expense		1,926			1,501
Other noninterest expenses		5,135			564
Income before income tax		(7,061	)		(2,054	)
Income tax benefit		(1,128	)		(407	)
		(5,933	)		(1,647	)
Equity in undistributed subsidiary (loss) income		(6,035	)		7,245
Net (loss) income	$	(11,968	)	$	5,598
Comprehensive Loss	$	(8,772	)	$	(2,585	)

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows
	Years Ended December 31,
	2023			2022
(in thousands)
OPERATING ACTIVITIES
Net (loss) income	$	(11,968	)	$	5,598
Adjustments:
Undistributed earnings of subsidiaries		6,035			(7,245	)
Amortization of premiums and discounts		(118	)		(212	)
Other, net		(549	)		(1,171	)
Net cash used in operating activities		(6,600	)		(3,030	)
INVESTING ACTIVITIES
Net cash acquired through merger and acquisition		8,014			—
Investments in subsidiaries		(10,400	)		(35,000	)
Cash dividends from subsidiaries		—			1,300
Sale of securities					504
Net cash from dissolution of subsidiary		635			—
Net cash used in investing activities		(1,751	)		(33,196	)
FINANCING ACTIVITIES
Proceeds from issuance of common stock, net		10,132			34,650
Proceeds from issuance of subordinated notes		—			20,000
Issuance of shares from exercise of stock options		150			120
Dividends paid		(4,870	)		(3,334	)
Net cash provided by financing activities		5,412			51,436
(Decrease) Increase in cash and cash equivalents		(2,939	)		15,210
Cash and cash equivalents at the beginning of the period		15,486			276
Cash and cash equivalents at the end of the period	$	12,547		$	15,486