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Parent Company Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  |  | 2023 |
ASSETS |  |  |  |  |  |
Cash and due from banks |  | $ | 40,241 |  |  | $ | 7,025 |
Investment in subsidiaries |  |  | 308,055 |  |  |  | 201,403 |
Other equity investments |  |  | 4,588 |  |  |  | 12,740 |
Other investments |  |  | 10,359 |  |  |  | 8,706 |
Income tax receivable |  |  | 5,226 |  |  |  | 3,160 |
Other assets |  |  | 730 |  |  |  | 1,432 |
Total assets |  | $ | 369,199 |  |  | $ | 234,466 |
LIABILITIES & STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Accrued expenses |  | $ | 866 |  |  | $ | 7,294 |
Accrued interest payable |  |  | 93 |  |  |  | 368 |
Deferred tax liability |  |  | 663 |  |  |  | 960 |
Subordinated notes, net |  |  | 39,789 |  |  |  | 39,855 |
Total liabilities |  |  | 41,411 |  |  |  | 48,477 |
Stockholders’ equity |  |  | 327,788 |  |  |  | 185,989 |
Total liabilities and stockholders’ equity |  | $ | 369,199 |  |  | $ | 234,466 |
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) |  | 2024 |  |  | 2023 |
INCOME |  |  |  |  |  |
Dividends from Bank subsidiary |  | $ | — |  |  | $ | 6,000 |
Interest income |  |  | — |  |  |  | 14 |
Fair value adjustments of other equity investments |  |  | (8,152 | ) |  |  | (110 | )
Loss on sale of other equity investments |  |  | — |  |  |  | (1,636 | )
Loss on sale of other investments |  |  | (197 | ) |  |  | — |
Other |  |  | 89 |  |  |  | 50 |
Total (loss) income |  |  | (8,260 | ) |  |  | 4,318 |
EXPENSES |  |  |  |  |  |
Interest on subordinated notes |  |  | 2,414 |  |  |  | 2,209 |
Legal and regulatory filing |  |  | 1,087 |  |  |  | 3,161 |
ESOP litigation |  |  | — |  |  |  | 6,000 |
Other |  |  | 368 |  |  |  | 270 |
Total expenses |  |  | 3,869 |  |  |  | 11,640 |
Loss before income taxes and equity in undistributed earnings of subsidiary |  |  | (12,129 | ) |  |  | (7,322 | )
Income tax benefit |  |  | (2,686 | ) |  |  | (2,623 | )
Equity in undistributed loss of subsidiaries |  |  | (5,942 | ) |  |  | (47,074 | )
Net loss |  | $ | (15,385 | ) |  | $ | (51,773 | )
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) |  | 2024 |  |  | 2023 |
Cash Flows From Operating Activities |  |  |  |  |  |
Net loss |  | $ | (15,385 | ) |  | $ | (51,773 | )
Equity in undistributed loss of subsidiaries |  |  | 5,942 |  |  |  | 47,074 |
Deferred income tax benefit |  |  | (297 | ) |  |  | (3,830 | )
Amortization of subordinated note issuance costs |  |  | 35 |  |  |  | 35 |
Loss on sale of other equity securities |  |  | — |  |  |  | 1,636 |
Loss on sale of other investments |  |  | 197 |  |  |  | — |
Fair value adjustments of other equity investments |  |  | 8,152 |  |  |  | 110 |
Decrease (increase) in other assets |  |  | 1,364 |  |  |  | (302 | )
(Decrease) increase in accrued expenses |  |  | (8,352 | ) |  |  | 2,486 |
Net cash used in operating activities |  |  | (8,344 | ) |  |  | (4,564 | )
Cash Flows From Investing Activities |  |  |  |  |  |
Proceeds from sale of other equity investments and other investments |  |  | 89 |  |  |  | 7,754 |
Net change in other equity investments |  |  | — |  |  |  | 1,486 |
Net change in other investments |  |  | (1,939 | ) |  |  | (1,545 | )
Capital contribution to Bank subsidiary |  |  | (110,000 | ) |  |  | — |
Dividends received from Bank subsidiary |  |  | — |  |  |  | 6,000 |
Net cash (used in) provided by investing activities |  |  | (111,850 | ) |  |  | 13,695 |
Cash Flows From Financing Activities |  |  |  |  |  |
Proceeds from Private Placements, net of issuance costs |  |  | 152,140 |  |  |  | — |
Warrant exercises |  |  | 1,270 |  |  |  | — |
Dividends paid on common stock |  |  | — |  |  |  | (4,641 | )
Stock option exercises and dividend reinvestment plan issuances |  |  | — |  |  |  | 103 |
Net cash provided by (used in) financing activities |  |  | 153,410 |  |  |  | (4,538 | )
Net increase in cash and due from banks |  |  | 33,216 |  |  |  | 4,593 |
Cash and due from banks at beginning of period |  |  | 7,025 |  |  |  | 2,432 |
Cash and due from banks at end of period |  | $ | 40,241 |  |  | $ | 7,025 |
Supplemental Schedule of Cash Flow Information |  |  |  |  |  |
Cash paid for: |  |  |  |  |  |
Interest |  | $ | 2,689 |  |  | $ | 2,213 |
Income taxes |  | $ | — |  |  | $ | 6,600 |
Non-cash financing activities: |  |  |  |  |  |
Restricted stock awards, net of forfeitures |  | $ | 1,180 |  |  | $ | 1,573 |

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