v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Cash and cash equivalents    
Cash and due from banks $ 9,389 $ 9,600
Interest-bearing deposits in other banks (restricted cash of $3.2 million and $3.1 million, respectively) 80,711 99,562
Total cash and cash equivalents 90,100 109,162
Investment securities available-for-sale, at fair value, net of allowance for credit losses of $0, (amortized cost of $30.0 million and $30.0 million, respectively) 30,146 29,930
Investment securities held-to-maturity, net of allowance for credit losses of $0, (fair value of $10.0 million and $11.1 million, respectively) 11,248 12,565
Investment in Federal Home Loan Bank (“FHLB”) stock, at cost 440 349
Strategic Program loans held-for-sale, at lower of cost or fair value 147,282 91,588
Loans held-for-investment, net of allowance for credit losses of $16.2 million and $13.2 million, respectively 506,503 447,812
Credit enhancement asset 2,469 111
Premises and equipment, net 2,976 3,548
Assets subject to operating leases, net of accumulated depreciation of $3.7 million and $2.7 million, respectively 14,274 10,176
Accrued interest receivable 2,380 3,566
Deferred income taxes, net 279 0
Small Business Administration (“SBA”) servicing asset, net 3,227 3,273
Investment in Business Funding Group (“BFG”), at fair value 8,400 7,700
Operating lease right-of-use (“ROU”) assets 3,359 3,564
Income taxes receivable, net 4,100 8,868
Other assets 15,305 13,764
Total assets 842,488 745,976
Deposits    
Noninterest-bearing 120,747 126,782
Interest-bearing 514,427 418,170
Total deposits 635,174 544,952
Accrued interest payable 3,746 1,494
Income taxes payable, net 0 4,423
Deferred income taxes, net 0 899
Operating lease liabilities 4,955 5,302
Other liabilities 16,654 15,186
Total liabilities 660,529 572,256
Commitments and contingencies (Note 6)
Shareholders’ equity    
Preferred stock, $0.001 par value, 4,000,000 authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 0 0
Common stock, $0.001 par value, 40,000,000 shares authorized; 13,469,725 and 13,211,640 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 13 13
Additional paid-in-capital 58,135 56,926
Retained earnings 123,809 116,594
Accumulated other comprehensive income, net of tax 2 187
Total shareholders’ equity 181,959 173,720
Total liabilities and shareholders’ equity $ 842,488 $ 745,976