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v3.23.3

Basis of Financial Statement Presentation and Restatement of Consolidated Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The effect of these changes on the consolidated financial statements of the Company is as follows.
(In thousands) | As of January 1, 2023
Adoption of CECL effective January 1, 2023: | Previously Reported |  | Adjustment |  | Restated
CECL adoption transition_ ACL on loans | $ | (7,371) |  |  | $ | (5,630) |  |  | $ | (13,001) |
CECL adoption transition_ ACL on Off-BS exposure | (1,094) |  |  | (1,643) |  |  | (2,737) |
CECL adoption transition_ DTA Adjustment | 2,274 |  |  | 1,954 |  |  | 4,228 |
Cumulative change in accounting principle Balance at January 1, 2023 - Adoption of CECL | (6,191) |  |  | (5,319) |  |  | (11,510) |
| As of June 30, 2023
(In thousands) | Previously Reported |  | Adjustment |  | Restated
Loans receivable, net of allowance for credit losses | $ | 913,876 |  |  | $ | (7,240) |  |  | $ | 906,636 |
Deferred tax asset | 18,169 |  |  | 2,217 |  |  | 20,386 |
Total assets | 1,162,731 |  |  | (5,023) |  |  | 1,157,708 |
Accrued expenses and other liabilities | 6,693 |  |  | 1,011 |  |  | 7,704 |
Accumulated deficit | (38,127) |  |  | (6,034) |  |  | (44,161) |
Total shareholders' equity | 52,445 |  |  | (6,034) |  |  | 46,411 |
Tier 1 Leverage ratio | 8.70 | % |  | (0.16) | % |  | 8.54 | %
| Three Months Ended June 30, 2023 |  | Six Months Ended June 30, 2023
(In thousands, except shares and per share amounts) | Previously Reported |  | Adjustment |  | Restated |  | Previously Reported |  | Adjustment |  | Restated
Provision for credit losses | $ | 1,231 |  |  | $ | 94 |  |  | $ | 1,325 |  |  | $ | 2,567 |  |  | $ | 978 |  |  | $ | 3,545 |
Net interest income after provision for credit losses | 6,482 |  |  | (94) |  |  | 6,388 |  |  | 13,159 |  |  | (978) |  |  | 12,181 |
Loss before income taxes | (752) |  |  | (94) |  |  | (846) |  |  | (824) |  |  | (978) |  |  | (1,802) |
Benefit for income taxes | (206) |  |  | (25) |  |  | (231) |  |  | (225) |  |  | (263) |  |  | (488) |
Net loss | (546) |  |  | (69) |  |  | (615) |  |  | (599) |  |  | (715) |  |  | (1,314) |
Total comprehensive loss | (2,187) |  |  | (69) |  |  | (2,256) |  |  | (993) |  |  | (715) |  |  | (1,708) |
Basic and diluted income per share | $ | (0.14) |  |  | $ | (0.02) |  |  | $ | (0.16) |  |  | $ | (0.15) |  |  | $ | (0.18) |  |  | $ | (0.33) |
Consolidated Statement of Cash Flows: |  |  |  |  |  |  |  |  |  |  |
Net loss | N/A |  | N/A |  | N/A |  | $ | (599) |  |  | $ | (715) |  |  | $ | (1,314) |
Provision for credit losses | N/A |  | N/A |  | N/A |  | 2,567 |  |  | 978 |  |  | 3,545 |
Deferred income taxes | N/A |  | N/A |  | N/A |  | (231) |  |  | (263) |  |  | (494) |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9 + Details
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