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Parent Company Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  |  | 2022 |
ASSETS |  |  |  |  |  |
Cash and due from banks |  | $ | 7,025 |  |  | $ | 2,432 |
Investment in subsidiaries |  |  | 201,403 |  |  |  | 256,543 |
Other equity investments |  |  | 12,740 |  |  |  | 23,590 |
Other investments |  |  | 8,706 |  |  |  | 7,161 |
Income tax receivable |  |  | 2,200 |  |  |  | 2,747 |
Other assets |  |  | 1,432 |  |  |  | 583 |
Total assets |  | $ | 233,506 |  |  | $ | 293,056 |
LIABILITIES & STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Accrued expenses |  | $ | 7,294 |  |  | $ | 3,971 |
Accrued interest payable |  |  | 368 |  |  |  | 372 |
Subordinated notes, net |  |  | 39,855 |  |  |  | 39,920 |
Total liabilities |  |  | 47,517 |  |  |  | 44,263 |
Stockholders’ equity |  |  | 185,989 |  |  |  | 248,793 |
Total liabilities and stockholders’ equity |  | $ | 233,506 |  |  | $ | 293,056 |
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) |  | 2023 |  |  | 2022 |  |  | 2021 |
INCOME |  |  |  |  |  |  |  |  |
Dividends from Bank subsidiary |  | $ | 6,000 |  |  | $ | 10,000 |  |  | $ | 10,000 |
Interest income |  |  | 14 |  |  |  | 439 |  |  |  | 140 |
Fair value adjustments of other equity investments |  |  | (110 | ) |  |  | 9,306 |  |  |  | 7,316 |
Loss on sale of other equity investments |  |  | (1,636 | ) |  |  | — |  |  |  | — |
Other |  |  | 50 |  |  |  | 147 |  |  |  | 250 |
Total income |  |  | 4,318 |  |  |  | 19,892 |  |  |  | 17,706 |
EXPENSES |  |  |  |  |  |  |  |  |
Interest on subordinated notes |  |  | 2,209 |  |  |  | 2,215 |  |  |  | 2,627 |
Legal and regulatory filing |  |  | 3,161 |  |  |  | 1,371 |  |  |  | 890 |
Merger-related |  |  | — |  |  |  | 50 |  |  |  | 2,642 |
ESOP litigation |  |  | 6,000 |  |  |  | — |  |  |  | — |
Other |  |  | 270 |  |  |  | 821 |  |  |  | 189 |
Total expenses |  |  | 11,640 |  |  |  | 4,457 |  |  |  | 6,348 |
(Loss) income before income tax expense and equity in undistributed earnings of subsidiary |  |  | (7,322 | ) |  |  | 15,435 |  |  |  | 11,358 |
Income tax (benefit) expense |  |  | (2,623 | ) |  |  | 1,207 |  |  |  | 509 |
Equity in undistributed (loss) earnings of subsidiaries |  |  | (47,074 | ) |  |  | 3,106 |  |  |  | 41,628 |
Net (loss) income |  | $ | (51,773 | ) |  | $ | 17,334 |  |  | $ | 52,477 |
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) |  | 2023 |  |  | 2022 |  |  | 2021 |
Cash Flows From Operating Activities |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (51,773 | ) |  | $ | 17,334 |  |  | $ | 52,477 |
Equity in undistributed loss (earnings) of subsidiaries |  |  | 47,074 |  |  |  | (3,106 | ) |  |  | (41,628 | )
Deferred income tax benefit |  |  | (3,830 | ) |  |  | (698 | ) |  |  | (1,208 | )
Amortization of subordinated note issuance costs |  |  | 35 |  |  |  | 35 |  |  |  | 206 |
Realized loss on sale of other equity securities |  |  | 1,500 |  |  |  | — |  |  |  | — |
Fair value adjustments of other equity investments |  |  | 110 |  |  |  | (9,306 | ) |  |  | (7,316 | )
Increase in other assets |  |  | (302 | ) |  |  | (180 | ) |  |  | (2,677 | )
Increase in accrued expenses |  |  | 2,622 |  |  |  | 4,247 |  |  |  | 646 |
Net cash (used in) provided by operating activities |  |  | (4,564 | ) |  |  | 8,326 |  |  |  | 500 |
Cash Flows From Investing Activities |  |  |  |  |  |  |  |  |
Net change in securities available for sale |  |  | — |  |  |  | 2,073 |  |  |  | (2,073 | )
Proceeds from sale of other equity investments |  |  | 7,754 |  |  |  | — |  |  |  | — |
Net change in other equity investments |  |  | 1,486 |  |  |  | (9,406 | ) |  |  | (6,900 | )
Net change in other investments |  |  | (1,545 | ) |  |  | (2,629 | ) |  |  | (3,230 | )
Net cash acquired in Bay Banks Merger |  |  | — |  |  |  | — |  |  |  | 23,214 |
Cash received from Bank subsidiary |  |  | 6,000 |  |  |  | 10,000 |  |  |  | 10,000 |
Net cash provided by investing activities |  |  | 13,695 |  |  |  | 38 |  |  |  | 21,011 |
Cash Flows From Financing Activities |  |  |  |  |  |  |  |  |
Dividends paid on common stock |  |  | (4,641 | ) |  |  | (9,175 | ) |  |  | (7,183 | )
Stock option exercises and dividend reinvestment plan issuances |  |  | 103 |  |  |  | 87 |  |  |  | 804 |
Redemption of subordinated notes |  |  | — |  |  |  | — |  |  |  | (14,150 | )
Net cash used in financing activities |  |  | (4,538 | ) |  |  | (9,088 | ) |  |  | (20,529 | )
Net increase (decrease) in cash and due from banks |  |  | 4,593 |  |  |  | (724 | ) |  |  | 982 |
Cash and due from banks at beginning of period |  |  | 2,432 |  |  |  | 3,156 |  |  |  | 2,174 |
Cash and due from banks at end of period |  | $ | 7,025 |  |  | $ | 2,432 |  |  | $ | 3,156 |
Supplemental Schedule of Cash Flow Information |  |  |  |  |  |  |  |  |
Cash paid for: |  |  |  |  |  |  |  |  |
Interest |  | $ | 2,213 |  |  | $ | 2,213 |  |  | $ | 2,388 |
Income taxes |  | $ | 6,600 |  |  | $ | 1,475 |  |  | $ | 10,000 |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |  |
Unrealized gain on securities available for sale |  | $ | — |  |  | $ | — |  |  | $ | 300 |
Issuance of restricted stock awards, net of forfeitures |  | $ | 1,573 |  |  | $ | 1,564 |  |  | $ | 1,331 |

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