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Parent Company Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2021
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, |
(Dollars in thousands) |  | 2021 |  |  | 2020 |
ASSETS |  |  |  |  |  |
Cash and due from banks |  | $ | 3,156 |  |  | $ | 2,174 |
Investment in subsidiaries |  |  | 291,525 |  |  |  | 121,808 |
Securities available for sale, at fair value |  |  | 2,073 |  |  |  | — |
Restricted and other equity investments |  |  | 14,184 |  |  |  | 319 |
Other investments |  |  | 4,532 |  |  |  | 8,267 |
Accrued interest receivable |  |  | 24 |  |  |  | 119 |
Income tax receivable |  |  | 906 |  |  |  | 348 |
Other assets |  |  | 2,221 |  |  |  | 6 |
Total assets |  | $ | 318,621 |  |  | $ | 133,041 |
LIABILITIES & STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Accrued expenses |  | $ | 1,126 |  |  | $ | 204 |
Accrued interest payable |  |  | 370 |  |  |  | 131 |
Subordinated notes, net of issuance costs |  |  | 39,986 |  |  |  | 24,506 |
Total liabilities |  |  | 41,482 |  |  |  | 24,841 |
Stockholders’ equity |  |  | 277,139 |  |  |  | 108,200 |
Total liabilities and stockholders’ equity |  | $ | 318,621 |  |  | $ | 133,041 |
Summary of Parent Company Only Condensed Statements of Income | PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME
|  | For the years ended December 31, |
(Dollars in thousands) |  | 2021 |  |  | 2020 |
INCOME |  |  |  |  |  |
Dividends from subsidiary |  | $ | 10,000 |  |  | $ | 800 |
Interest income |  |  | 140 |  |  |  | 126 |
Fair value adjustments of other equity investments |  |  | 7,316 |  |  |  | — |
Other |  |  | 250 |  |  |  | — |
Total income |  |  | 17,706 |  |  |  | 926 |
EXPENSES |  |  |  |  |  |
Interest on subordinated notes |  |  | 2,627 |  |  |  | 1,265 |
Professional fees |  |  | 890 |  |  |  | 455 |
Merger-related |  |  | 2,642 |  |  |  | 1,732 |
Other |  |  | 189 |  |  |  | 165 |
Total expenses |  |  | 6,348 |  |  |  | 3,617 |
Income (loss) before income tax expense (benefit) and equity in undistributed earnings of subsidiary |  |  | 11,358 |  |  |  | (2,691 | )
Income tax expense (benefit) |  |  | 509 |  |  |  | (699 | )
Equity in undistributed earnings of subsidiaries |  |  | 41,631 |  |  |  | 19,689 |
Net income |  | $ | 52,480 |  |  | $ | 17,697 |
Summary of Parent Company Only Condensed Statements of Cashflows | PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS
|  | For the years ended December 31, |
(Dollars in thousands) |  | 2021 |  |  | 2020 |
Cash Flows From Operating Activities |  |  |  |  |  |
Net income |  | $ | 52,480 |  |  | $ | 17,696 |
Equity in undistributed earnings of subsidiaries |  |  | (41,631 | ) |  |  | (19,689 | )
Deferred income tax benefit |  |  | (1,208 | ) |  |  | (62 | )
Amortization of subordinated note issuance costs |  |  | 206 |  |  |  | 54 |
Fair value adjustments of other equity investments |  |  | (7,316 | ) |  |  | — |
Increase in other assets |  |  | (2,677 | ) |  |  | (139 | )
Increase in accrued expenses |  |  | 646 |  |  |  | 528 |
Net cash provided by (used in) operating activities |  |  | 500 |  |  |  | (1,612 | )
Cash Flows From Investing Activities |  |  |  |  |  |
Net change in securities available for sale |  |  | (2,073 | ) |  |  | — |
Net change in restricted and other equity investments |  |  | (6,900 | ) |  |  | — |
Net change in other investments |  |  | (3,230 | ) |  |  | (7,363 | )
Net cash acquired in Bay Banks Merger |  |  | 23,214 |  |  |  | — |
Cash received from (contributed to) Bank |  |  | 10,000 |  |  |  | (2,000 | )
Net cash provided by (used in) investing activities |  |  | 21,011 |  |  |  | (9,363 | )
Cash Flows From Financing Activities |  |  |  |  |  |
Dividends paid on common stock |  |  | (7,183 | ) |  |  | (2,436 | )
Stock option exercises |  |  | 804 |  |  |  | — |
Payment of subordinated notes issuance costs |  |  | — |  |  |  | (349 | )
Issuance of subordinated notes |  |  | — |  |  |  | 15,000 |
Redemption of subordinated debt |  |  | (14,150 | ) |  |  | — |
Net cash (used in) provided by financing activities |  |  | (20,529 | ) |  |  | 12,215 |
Net increase in cash and due from banks |  |  | 982 |  |  |  | 1,240 |
Cash and due from banks at beginning of period |  |  | 2,174 |  |  |  | 934 |
Cash and due from banks at end of period |  | $ | 3,156 |  |  | $ | 2,174 |
Supplemental Schedule of Cash Flow Information |  |  |  |  |  |
Cash paid for: |  |  |  |  |  |
Interest |  | $ | 2,388 |  |  | $ | 1,190 |
Income taxes |  | $ | 10,000 |  |  | $ | 2,000 |
Non-cash investing and financing activities: |  |  |  |  |  |
Unrealized gain on securities available for sale |  | $ | 300 |  |  | $ | — |
Issuance of restricted stock awards, net of forfeitures |  | $ | 1,331 |  |  | $ | 567 |

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