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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Cash and due from banks $ 45,327 $ 31,345
Interest earning deposits with other banks (restricted cash of $0 at September 30, 2024 and December 31, 2023) 438,699 451,783
Investment securities, available for sale, at fair value 38 99,504
Investment securities, held to maturity, at amortized cost 48,582 50,860
Other investments 10,757 10,227
Loans held for sale 7,565 0
Loans receivable 3,418,832 3,026,092
Allowance for credit losses (170,263) (116,958)
Total loans receivable, net 3,248,569 2,909,134
CCBX credit enhancement asset 167,251 107,921
CCBX receivable 16,060 9,088
Premises and equipment, net 25,833 22,090
Lease right-of-use assets 5,427 5,932
Accrued interest receivable 23,664 26,819
Bank-owned life insurance, net 13,255 12,870
Deferred tax asset, net 3,083 3,806
Other assets 11,711 11,987
Total assets 4,065,821 3,753,366
LIABILITIES    
Deposits 3,627,288 3,360,363
Principal amount $45,000 (less unamortized debt issuance costs of $744 and $856) at September 30, 2024 and December 31, 2023, respectively 44,256 44,144
Principal amount $3,609 (less unamortized debt issuance costs of $18 at September 30, 2024 and December 31, 2023) 3,591 3,590
Deferred compensation 369 479
Accrued interest payable 1,070 892
Lease liabilities 5,609 6,124
CCBX payable 39,188 33,651
Other liabilities 12,520 9,145
Total liabilities 3,733,891 3,458,388
SHAREHOLDERS’ EQUITY    
Authorized: 25,000,000 shares at September 30, 2024 and December 31, 2023; issued and outstanding: zero shares at September 30, 2024 and December 31, 2023 0 0
Authorized: 300,000,000 shares at September 30, 2024 and December 31, 2023; 13,543,282 shares at September 30, 2024 issued and outstanding and 13,304,339 shares at December 31, 2023 issued and outstanding 134,769 130,136
Retained earnings 197,162 165,311
Accumulated other comprehensive loss, net of tax (1) (469)
Total shareholders’ equity 331,930 294,978
Total liabilities and shareholders’ equity $ 4,065,821 $ 3,753,366