XML 17 R7.htm IDEA: XBRL DOCUMENT v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities:    
Net loss $ (2,777) $ (299)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Accretion of investment premiums and discounts, net (37) (38)
Amortization and accretion of purchase loan premiums and discounts, net (37) 154
Amortization of debt issuance costs 106 43
Amortization of core deposit intangible 12 12
Amortization of servicing assets of sold SBA loans 28 19
Provision for credit losses 733 658
Depreciation and amortization 250 284
Loss on sales of available-for-sale securities 0 24
Loss on sale of premises and equipment 0 3
Share-based compensation 181 24
Decrease in deferred tax assets 0 40
Increase in deferred tax liabilities 1 0
Originations of loans held for sale, net (187,291) (133,569)
Proceeds from sale of loans held for sale 181,109 134,965
Gains on sale of loans held for sale, net (43) (267)
Write-down of other real estate owned 253 0
Changes in assets and liabilities:    
Decrease in accrued interest and dividends receivable 441 609
Decrease (increase) in other assets 795 (311)
Increase (decrease) in accrued expenses and other liabilities 465 (552)
Net cash (used in) provided by operating activities (5,811) 1,799
Cash Flows from Investing Activities:    
Proceeds from maturity or sales on available-for-sale securities 0 2,281
Principal repayments on available-for-sale securities 827 1,068
Purchases of available-for-sale securities 0 (2,319)
Redemptions (purchases) of FRB stock 349 (110)
Redemptions of FHLB stock 100 1,550
Payments received on loans receivable, net 33,141 41,090
Purchases of loans receivable (86) (47)
Purchases of premises and equipment (70) (41)
Net cash provided by investing activities 34,261 43,472
Cash Flows from Financing Activities:    
(Decrease) increase in deposits, net (104,163) 19,413
Repayments from FHLB daily borrowing, net (3,000) (40,000)
Proceeds from FRB and correspondent bank borrowings 60,000 12,000
Repayments of FRB and correspondent bank borrowings (60,000) (12,000)
Principal repayments of note payable (53) (53)
Increase in advances from borrowers for taxes and insurance 1,957 1,608
Proceeds from preferred stock issuance 5,100 0
Proceeds from common stock issuance 45,300 0
Net cash used in financing activities (54,859) (19,032)
Net (decrease) increase in cash, cash equivalents and restricted cash (26,409) 26,239
Cash, cash equivalents and restricted cash at beginning of period 162,610 66,536
Cash, cash equivalents and restricted cash at end of period 136,201 92,775
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 9,133 7,996
Cash refund from income taxes, net (18) 0
Non-cash transactions:    
Net change in unrealized (gain) loss on available-for-sale securities (1,449) 471
Transfers of loans held for sale to loans receivable 1,113 5,526
Deferred cost for capital raise (120) 0
Deferred debt issuance costs (23) 0
Private Placement Costs for preferred stock (351) 0
Private Placement Costs for common stock (3,371) 0
Senior debt conversion to common stock (5,000) 0
Subordinated debt conversion to common stock (2,000) 0
Accrued interest capitalized into principal $ 882 $ 0