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Parent Company Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2020
Statement Of Financial Position [Abstract] |
Summary of Parent Company Only Condensed Statements of Financial Condition | PARENT COMPANY ONLY CONDENSED BALANCE SHEETS As of December 31, 2020 and 2019 (dollars in thousands)
Assets |  | 2020 |  |  | 2019 |
Cash and due from banks |  | $ | 2,174 |  |  | $ | 934 |
Investment in subsidiary |  |  | 121,808 |  |  |  | 100,330 |
Securities available for sale, at fair value |  |  | 6,312 |  |  |  | — |
Restricted equity investments, at cost |  |  | 2,274 |  |  |  | 911 |
Accrued interest receivable |  |  | 119 |  |  |  | — |
Other assets |  |  | 354 |  |  |  | 336 |
Total assets |  | $ | 133,041 |  |  | $ | 102,511 |
Liabilities |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 204 |  |  | $ | 374 |
Accrued interest payable |  |  | 131 |  |  | $ | — |
Subordinated debentures, net of issuance costs |  |  | 24,506 |  |  |  | 9,800 |
Total liabilities |  |  | 24,841 |  |  |  | 10,174 |
Stockholders' equity |  | $ | 108,200 |  |  | $ | 92,337 |
Total liabilities and stockholders' equity |  | $ | 133,041 |  |  | $ | 102,511 |
Summary of Parent Company Only Condensed Statements of Income | PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME For the Years ended December 31, 2020 and 2019 (dollars in thousands)
Income |  | 2020 |  |  | 2019 |
Dividends from subsidiary |  | $ | 800 |  |  | $ | — |
Interest income |  |  | 126 |  |  |  | 5 |
Gains on securities |  |  | — |  |  |  | 110 |
Total Income |  | $ | 926 |  |  | $ | 115 |
Expenses |  |  |  |  |  |  |  |
Interest on subordinated debentures |  | $ | 1,265 |  |  | $ | 709 |
Professional fees |  |  | 455 |  |  |  | 294 |
Merger expenses |  |  | 1,732 |  |  |  | 1,250 |
Other operating expenses |  |  | 166 |  |  |  | 27 |
Total expenses |  | $ | 3,618 |  |  | $ | 2,280 |
Net loss before income tax benefit and equity in undistributed earnings of subsidiary |  | $ | (2,692 | ) |  | $ | (2,165 | )
Income tax benefit |  |  | (699 | ) |  |  | (372 | )
Equity in undistributed earnings of subsidiary |  |  | 19,689 |  |  |  | 6,373 |
Net income |  | $ | 17,696 |  |  | $ | 4,580 |
Summary of Parent Company Only Condensed Statements of Cashflows | PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS For the Years ended December 31, 2020 and 2019 (dollars in thousands)
Cash flows from operating activities |  | 2020 |  |  | 2019 |
Net income |  | $ | 17,696 |  |  | $ | 4,580 |
Equity in undistributed earnings of subsidiary |  |  | (19,689 | ) |  |  | (6,373 | )
Deferred income tax (benefit) expense |  |  | (62 | ) |  |  | (19 | )
Amortization of subordinated debt issuance costs |  |  | 54 |  |  |  | 33 |
Realized gains on securities sales |  |  | — |  |  |  | 110 |
Increase in other assets |  |  | (139 | ) |  |  | (206 | )
Decrease in accrued expenses |  |  | (39 | ) |  |  | — |
Net cash used in operating activities |  |  | (2,179 | ) |  |  | (1,875 | )
Cash flows from investing activities |  |  |  |  |  |  |  |
Purchases of securities available-for-sale |  |  | (6,000 | ) |  |  | (161 | )
Net change in investments |  |  | (1,363 | ) |  |  | — |
Proceeds from sales of securities available for sale |  |  | — |  |  |  | 66 |
Cash contributed to Bank |  |  | (2,000 | ) |  |  | (17,000 | )
Net cash used in investing activities |  |  | (9,363 | ) |  |  | (17,095 | )
Cash flows from financing activities |  |  |  |  |  |  |  |
Common stock issuance, net of fees |  |  | 567 |  |  |  | 22,350 |
Issuance of subordinated debt |  |  | 15,000 |  |  |  | — |
Payment of subordinated debt issuance costs |  |  | (349 | ) |  |  | — |
Common stock dividends paid |  |  | (2,436 | ) |  |  | (2,473 | )
Net cash provided by financing activities |  |  | 12,782 |  |  |  | 19,877 |
Net increase in cash and cash equivalents |  |  | 1,240 |  |  |  | 907 |
Cash and cash equivalents, beginning of year |  |  | 934 |  |  |  | 27 |
Cash and cash equivalents, end of year |  | $ | 2,174 |  |  | $ | 934 |
Cash paid for: |  |  |  |  |  |  |  |
Interest |  | $ | 1,190 |  |  | $ | 709 |
Income taxes |  | $ | 2,000 |  |  | $ | 1,020 |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |
Unrealized gain on available-for-sale securities |  | $ | 358 |  |  | $ | 217 |
Issuance of restricted stock awards, net of forfeitures |  | $ | 567 |  |  | $ | 230 |

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