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Business Combination (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination [Abstract] |
Assets Acquired and Liabilities Assumed | The following table represents the assets acquired and liabilities assumed in the CFBanc Merger as of April 1, 2021, and the fair value adjustments and amounts recorded by the Company as of the same date under the acquisition method of accounting:
|  | CFBanc Book Value |  |  | Fair Value Adjustments |  |  | Fair Value |
Assets acquired |  | (In thousands) |
Cash and cash equivalents |  | $ | 84,745 |  |  | $ | – |  |  | $ | 84,745 |
Securities available-for-sale |  |  | 150,052 |  |  |  | (77 | ) |  |  | 149,975 |
Loans receivable held for investment: |  |  |  |  |  |  |  |  |  |  |  |
Gross loans receivable held for investment |  |  | 227,669 |  |  |  | (1,784 | ) |  |  | 225,885 |
Deferred fees and costs |  |  | (315 | ) |  |  | 315 |  |  |  | – |
Allowance for loan losses |  |  | (2,178 | ) |  |  | 2,178 |  |  |  | – |
|  |  | 225,176 |  |  |  | 709 |  |  |  | 225,885 |
Accrued interest receivable |  |  | 1,637 |  |  |  | – |  |  |  | 1,637 |
FHLB and FRB stock |  |  | 1,061 |  |  |  | – |  |  |  | 1,061 |
Office properties and equipment |  |  | 5,152 |  |  |  | 1,801 |  |  |  | 6,953 |
Deferred tax assets, net |  |  | 890 |  |  |  | (1,470 | ) |  |  | (580 | )
Core deposit intangible |  |  | – |  |  |  | 3,329 |  |  |  | 3,329 |
Other assets |  |  | 2,290 |  |  |  | – |  |  |  | 2,290 |
Total assets |  | $ | 471,003 |  |  | $ | 4,292 |  |  | $ | 475,295 |
Liabilities assumed |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 353,671 |  |  | $ | 51 |  |  | $ | 353,722 |
Securities sold under agreements to repurchase |  |  | 59,945 |  |  |  | – |  |  |  | 59,945 |
FHLB advances |  |  | 3,057 |  |  |  | 109 |  |  |  | 3,166 |
Notes payable |  |  | 14,000 |  |  |  | – |  |  |  | 14,000 |
Accrued expenses and other liabilities |  |  | 4,063 |  |  |  | – |  |  |  | 4,063 |
Total liabilities |  | $ | 434,736 |  |  | $ | 160 |  |  | $ | 434,896 |
Excess of assets acquired over liabilities assumed |  | $ | 36,267 |  |  | $ | 4,132 |  |  | $ | 40,399 |
Consideration paid |  |  |  |  |  |  |  |  |  |  | 66,257 |
Goodwill recognized |  |  |  |  |  |  |  |  |  | $ | 25,858 |
Contractual Amounts Due, Expected Cash Flows to Be Collected, Interest Component, and Fair Value of Loans Acquired | The contractual amounts due, expected cash flows to be collected, the interest component, and the fair value of loans acquired from CFBanc as of the acquisition date were as follows (in thousands):
|  | Acquired Loans |
Contractual amounts due |  | $ | 231,432 |
Cash flows not expected to be collected |  |  | (3,666 | )
Expected cash flows |  |  | 227,766 |
Interest component of expected cash flows |  |  | (1,881 | )
Fair value of acquired loans |  | $ | 225,885 |
Fair Value of PCI Loans | A component of total loans acquired from CFBanc were loans that were considered to be PCI loans. The following table presents the amounts that comprise the fair value of PCI loans as of the date of acquisition (in thousands):
Contractual amounts due |  | $ | 1,825 |
Non-accretable difference (cash flows not expected to be collected) |  |  | (634 | )
Expected cash flows |  |  | 1,191 |
Accretable yield |  |  | (346 | )
Fair value of acquired PCI loans |  | $ | 845 |

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- Definition Tabular disclosure of the contractual amounts due, expected cash flows to be collected, the interest component, and the fair value of loans acquired. + References No definition available. + Details
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- Definition Tabular disclosure of the reconciliation of contractual cash flows to the carrying amount relating to certain loans acquired in a transfer. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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