Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule of Balance Sheets

Balance Sheets

	December 31,
	2021		2020
(In thousands)
ASSETS
Noninterest-bearing cash equivalents	$	276	$	12
Securities available for sale, at fair value		517		516
Investment in subsidiaries		129,181		50,169
Other Assets		365		5
TOTAL ASSETS	$	130,339	$	50,702
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated debt	$	20,696	$	—
Other liabilities		20		28
Shareholders’ equity		109,623		50,674
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	130,339	$	50,702

Schedule of Condensed Statements of Operations and Comprehensive Income

Condensed Statements of Operations and Comprehensive Income

	Years Ended December 31,
	2021		2020
(in thousands)
Income:
Interest income	$	18	$	15
Dividend income from subsidiaries		724		1,433
Expenses:
Interest expense		249		—
Other noninterest expenses		794		261

	Years Ended December 31,
	2021			2020
(in thousands)
Income before income tax		(301	)		1,186
Income tax benefit		(199	)		—
		(102	)		1,186
Equity in undistributed subsidiary income		391			3,007
Net income	$	289		$	4,193
Comprehensive (Loss) Income	$	(1,125	)	$	6,401

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

	Years Ended December 31,
	2021			2020
(in thousands)
OPERATING ACTIVITIES
Net income	$	289		$	4,193
Adjustments:
Undistributed earnings of subsidiaries		(391	)		(3,007	)
Other, net		(72	)		6
Net cash (used in) provided by operating activities		(174	)		1,192
INVESTING ACTIVITIES
Net cash acquired through merger and acquisition		3,080			—
Investments in subsidiaries		(1,300	)		—
Net cash from investing activities		1,780			—
FINANCING ACTIVITIES
Issuance of shares from exercise of stock options		120			—
Dividends paid		(1,462	)		(1,433	)
Net cash used in financing activities		(1,342	)		(1,433	)
Increase (decrease) in cash and cash equivalents		264			(241	)
Cash and cash equivalents at the beginning of the period		12			253
Cash and cash equivalents at the end of the period	$	276		$	12