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Parent Company Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2019
Statement Of Financial Position [Abstract] |
Summary of Parent Company Only Condensed Statements of Financial Condition | PARENT COMPANY ONLY CONDENSED STATEMENTS OF FINANCIAL CONDITION December 31, 2019 and 2018 (in thousands)
Assets |  | 2019 |  | 2018
Cash and cash equivalents |  | $ | 934 |  |  | $ | 27 |
Investment in subsidiary |  |  | 100,330 |  |  |  | 48,688 |
Other investments |  |  | 911 |  |  |  | 670 |
Income tax receivable |  |  | 306 |  |  |  | — |
Other assets |  |  | 30 |  |  |  | 58 |
Total Assets |  | $ | 102,511 |  |  | $ | 49,443 |
Liabilities |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 374 |  |  | $ | 56 |
Subordinated debt, net of issuance costs |  |  | 9,800 |  |  |  | 9,767 |
Total Liabilities |  |  | 10,174 |  |  |  | 9,823 |
Stockholders’ Equity |  | $ | 92,337 |  |  | $ | 39,620 |
Total Liabilities and Equity |  | $ | 102,511 |  |  | $ | 49,443 |
Summary of Parent Company Only Condensed Statements of Income | PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME For the Years ended December 31, 2019 and 2018 (in thousands)
Income |  | 2019 |  | 2018
Dividends from subsidiary |  | $ | — |  |  | $ | 1,990 |
Interest income |  |  | 5 |  |  |  | 7 |
Gains on securities |  |  | 110 |  |  |  | 4 |
Total Income |  | $ | 115 |  |  | $ | 2,001 |
Expenses |  |  |  |  |  |  |  |
Interest on subordinated notes |  | $ | 709 |  |  | $ | 710 |
Professional fees |  |  | 294 |  |  |  | 197 |
Merger expenses |  |  | 1,250 |  |  |  | — |
Other operating expenses |  |  | 27 |  |  |  | 74 |
Total expenses |  | $ | 2,280 |  |  | $ | 981 |
Net income (loss) before income tax benefit and equity in undistributed earnings of subsidiary |  | $ | (2,165 | ) |  | $ | 1,020 |
Income tax benefit |  | $ | (372 | ) |  | $ | (204 | )
Equity in undistributed earnings of subsidiary |  | $ | 6,397 |  |  | $ | 3,349 |
Net income |  | $ | 4,604 |  |  | $ | 4,573 |
Summary of Parent Company Only Condensed Statements of Cashflows | PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS For the Years ended December 31, 2019 and 2018 (in thousands)
Cash flows From Operating Activities |  | 2019 |  | 2018
Net income |  | $ | 4,604 |  |  | $ | 4,573 |
Equity in undistributed earnings of subsidiary |  |  | (6,397 | ) |  |  | (3,349 | )
Deferred income tax (benefit) expense |  |  | (19 | ) |  |  | 7 |
Amortization of subordinated debt issuance costs |  |  | 33 |  |  |  | 34 |
Realized gains on securities sales |  |  | 110 |  |  |  | (4 | )
Release of unearned ESOP shares |  |  | — |  |  |  | 199 |
Change in other assets and liabilities |  |  | (206 | ) |  |  | (53 | )
Net cash (used in) provided by operating activities |  |  | (1,875 | ) |  |  | 1,407 |
Cash flows From Investing Activities |  |  |  |  |  |  |  |
Purchases of securities available-for-sale |  |  | (161 | ) |  |  | (25 | )
Proceeds from sales of securities available for sale |  |  | 66 |  |  |  | 113 |
Cash contributed to banking subsidiary |  |  | (17,000 | ) |  |  | — |
Net cash (used in) provided by investing activities |  |  | (17,095 | ) |  |  | 88 |
Cash flows From Financing Activities |  |  |  |  |  |  |  |
Common stock issuance |  |  | 22,350 |  |  |  | 128 |
Dividends paid in cash |  |  | (2,473 | ) |  |  | (1,501 | )
Repayment of contingent ESOP liability |  |  | — |  |  |  | (151 | )
Net cash provided by financing activities |  |  | 19,877 |  |  |  | (1,524 | )
Net increase (decrease) in cash and cash equivalents |  |  | 907 |  |  |  | (29 | )
Cash and cash equivalents, beginning of year |  |  | 27 |  |  |  | 56 |
Cash and cash equivalents, end of year |  | $ | 934 |  |  | $ | 27 |

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