Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Statements of Parent Company [Abstract]

Schedule of Parent Company Balance Sheets

	As of December 31,
	2019		2018
Assets:
Cash	$	23,297	$	8,612
Loans receivable, net of allowance for loan losses		128,843		143,380
Accrued interest receivable		635		711
Investments in joint venture		891		887
Property and equipment, net		211		85
Foreclosed assets, net		301		—
Investment in subsidiaries		1,926		796
Due from subsidiaries		536		488
Servicing assets		100		212
Other assets		926		209
Total assets	$	157,666	$	155,380
Liabilities and members’ equity
Liabilities:
Term-debt	$	71,427	$	76,515
Notes payable, net of debt issuance costs		73,046		68,300
Accrued interest payable		266		249
Other liabilities		1,855		785
Total liabilities		146,594		145,849
Equity		11,072		9,531
Total liabilities and members' equity	$	157,666	$	155,380

Schedule of Parent Company Statements of Income

	For the years ended
	December 31,
	2019		2018
Income:
Interest Income	$	10,144	$	9,207
Other income		154		920
Total income		10,298		10,127
Interest expense:
Term-debt		1,867		2,000
Notes payable		4,135		3,649
Total interest expense		6,002		5,649
Provision for loan losses		(544)		666
Other operating expenses		4,017		3,647
Income before provision for income taxes		823		165
Provision for income taxes and state LLC fees		12		8
Income before equity in undistributed net income of subsidiaries		811		157
Equity in undistributed net income of subsidiaries		1,190		320
Net income	$	2,001	$	477

Schedule of Parent Company Statements of Cash Flows

	For the years ended
	December 31,
	2019		2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	2,001	$	477
Adjustments to reconcile net income to net cash used by operating activities:
Equity in undistributed net income of subsidiaries		(1,190)		(320)
Depreciation		40		27
Amortization of deferred loan fees		(269)		(258)
Amortization of debt issuance costs		86		85
Provision (credit) for loan losses		(544)		666
Accretion of loan discount		(247)		(24)
Gain on sale of loans		—		(13)
Changes in:
Accrued interest receivable		76		31
Other assets		(418)		179
Accrued interest payable		17		41
Other liabilities		940		97
Net cash provided by operating activities		492		988
CASH FLOWS FROM INVESTING ACTIVITIES:
Loan purchases		(2,255)		(2,721)
Loan originations		(7,951)		(15,486)
Loan sales		—		5,414
Loan principal collections		25,324		17,817
Sale of property and equipment		4		—
Purchase of property and equipment		(170)		(13)
Net cash provided by investing activities		14,952		5,011
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in term-debt		(5,088)		(4,977)
Net change in notes payable		4,709		(696)
Debt issuance costs		(49)		(92)
Dividends paid on preferred units		(331)		(405)
Net cash (used) by financing activities		(759)		(6,170)
Net increase (decrease) in cash and restricted cash		14,685		(171)
Cash, cash equivalents, and restricted cash at beginning of period		8,612		8,783
Cash, cash equivalents, and restricted cash at end of period	$	23,297	$	8,612
Supplemental disclosures of cash flow information
Interest paid	$	5,046	$	4,795
Income taxes paid	$	20	$	23
Transfer of loans to foreclosed assets	$	479	$	—
Loans made to facilitate the sale of foreclosed assets	$	—	$	—
Dividends declared to preferred unit holders	$	—	$	107