v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash and due from banks $ 28,852 $ 27,100
Interest-bearing deposits in other financial institutions 185,496 171,692
Total cash and cash equivalents 214,348 198,792
Securities available-for-sale, at fair value (amortized cost of $158,364 and $159,742, respectively, and allowance for credit losses of $0 and $0, respectively, at March 31, 2025 and December 31, 2024) 148,190 146,349
Loans held-for-sale, at lower of cost or fair value 12,101 6,292
Loans held-for-investment, net of deferred fees and costs 2,727,610 2,629,387
Allowance for credit losses on loans (31,942) (30,628)
Net loans held-for-investment 2,695,668 2,598,759
Premises and equipment, net 8,420 8,280
Federal Home Loan Bank and other restricted stock, at cost 14,042 14,042
Bank-owned life insurance 32,013 31,766
Deferred tax assets, net 6,736 7,249
Servicing assets 5,631 5,837
Operating lease assets 17,779 17,254
Accrued interest receivable 10,967 10,466
Other assets 17,863 18,885
Total assets 3,183,758 3,063,971
Deposits:    
Noninterest-bearing demand 564,407 547,853
Savings, NOW and money market accounts 512,739 466,887
Time deposits of $250,000 or less 924,795 935,927
Time deposits of more than $250,000 712,458 665,124
Total deposits 2,714,399 2,615,791
Other short-term borrowings 0 15,000
Federal Home Loan Bank advances 30,000 0
Operating lease liabilities 19,465 18,671
Accrued interest payable and other liabilities 49,030 50,695
Total liabilities 2,812,894 2,700,157
Commitments and contingencies
Preferred stock, 10,000,000 shares authorized, no par value:    
Series C, senior non-cumulative perpetual, $1,000 per share liquidation preference, 69,141 and 69,141 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 69,141 69,141
Common stock, 60,000,000 shares authorized, no par value; 14,387,176 and 14,380,651 shares issued and outstanding, respectively, and included 114,100 and 119,100 shares of unvested restricted stock, respectively, at March 31, 2025 and December 31, 2024 143,156 143,195
Retained earnings 165,611 160,797
Accumulated other comprehensive loss, net (7,044) (9,319)
Total shareholders’ equity 370,864 363,814
Total liabilities and shareholders’ equity $ 3,183,758 $ 3,063,971