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Basis of Financial Statement Presentation and Restatement of Consolidated Financial Statements (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2023
(In thousands)			Previously Reported						Adjustment						Restated
Loans receivable, net of allowance for credit losses			$	860,968					$	(6,979)					$	853,989
Deferred tax asset			17,392						2,191						19,583
Total assets			1,100,012						(4,788)						1,095,224
Accrued expenses and other liabilities			5,982						1,177						7,159
Accumulated deficit			(37,581)						(5,965)						(43,546)
Total shareholders' equity			54,609						(5,965)						48,644
Tier 1 Leverage ratio			9.25		%				(0.15)		%				9.10		%

			Three Months Ended March 31, 2023
(In thousands, except shares and per share amounts)			Previously Reported						Adjustment						Restated
Provision for credit losses			$	1,336					$	884					$	2,220
Net interest income after provision for credit losses			6,677						(884)						5,793
Loss before income taxes			(72)						(884)						(956)
Benefit for income taxes			(19)						(238)						(257)
Net loss			(53)						(646)						(699)
Total comprehensive income			1,194						(646)						548
Basic and diluted income per share			$	(0.01)					$	(0.17)					$	(0.18)
Consolidated Statement of Cash Flows:
Net loss			$	(53)					$	(646)					$	(699)
Provision for credit losses			1,336						884						2,220
Deferred income taxes			(23)						(238)						(261)

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- References

No definition available.

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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

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