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CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2021
CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION |
Schedule of Condensed Statement of Financial Condition | ​
​ | ​ | ​ | ​
CONDENSED STATEMENT OF FINANCIAL CONDITION
(Dollars in thousands) | ​ | December 31, 2021
ASSETS |  | ​ |
Cash in bank subsidiary | ​ | $ | 9,592
Investment in bank subsidiary | ​ |  | 77,195
Investment securities available-for-sale, at fair value | ​ |  | 11,518
Other assets | ​ |  | 41
TOTAL ASSETS | ​ | $ | 98,346
​ | ​ |  |
LIABILITIES | ​ |  |
Other liabilities | ​ |  | -
TOTAL LIABILITIES | ​ |  | -
​ | ​ |  |
SHAREHOLDERS' EQUITY | ​ |  |
Common stock | ​ | ​ | 53
Additional paid-in capital | ​ | ​ | 50,802
Unallocated common stock held by ESOP | ​ | ​ | (4,179)
Retained earnings | ​ |  | 52,353
Accumulated other comprehensive income (loss) | ​ |  | (683)
TOTAL SHAREHOLDERS' EQUITY | ​ |  | 98,346
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | ​ | $ | 98,346
Schedule Of Condensed Statement of Income | ​
​ | ​ | ​ | ​
CONDENSED STATEMENT OF INCOME
​ | ​ | Year Ended
(Dollars in thousands) |  | December 31, 2021
INTEREST INCOME |  | ​ |
Investment securities | ​ | $ | 16
NON-INTEREST EXPENSE | ​ |  |
Professional fees | ​ |  | 22
Other | ​ |  | 22
Total non-interest expense | ​ |  | 44
Income (loss) before income tax expense (benefit) | ​ |  | (28)
Income tax expense (benefit) | ​ |  | (6)
Income (loss) before equity in undistributed earnings of subsidiary | ​ | ​ | (22)
Equity in undistributed earnings of subsidiary | ​ | ​ | 1,949
NET INCOME | ​ | $ | 1,927
Schedule of Condensed Statement of Cash Flow | ​
​ | ​ | ​ | ​
CONDENSED STATEMENT OF CASH FLOWS
​ | ​ | Year Ended
(Dollars in thousands) | ​ | December 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES | ​ | ​ |
Net income | ​ | $ | 1,927
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |
Equity in undistributed earnings of subsidiary | ​ |  | (1,949)
Investment securities amortization, net | ​ |  | 2
(Increase) decrease in other assets | ​ |  | (26)
Net cash used in operating activities | ​ |  | (46)
CASH FLOWS FROM INVESTING ACTIVITIES | ​ |  |
Capital injection into subsidiary from stock offering | ​ | ​ | (25,442)
Payments received on ESOP loan | ​ | ​ | 72
Activity in available-for-sale securities: | ​ |  |
Proceeds from maturities, calls, and paydowns | ​ |  | 37
Purchases | ​ |  | (11,632)
Net cash used in investing activities | ​ |  | (36,965)
CASH FLOWS FROM FINANCING ACTIVITIES | ​ |  |
Proceeds from the issuance of common stock, net of costs | ​ | ​ | 50,835
Purchase of stock for ESOP | ​ | ​ | (4,232)
Net cash provided by financing activities | ​ |  | 46,603
NET INCREASE IN CASH AND CASH EQUIVALENTS | ​ |  | 9,592
CASH AND CASH EQUIVALENTS, beginning of period | ​ |  | -
CASH AND CASH EQUIVALENTS, end of period | ​ | $ | 9,592

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