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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
ASSETS    
Cash and due from financial institutions $ 28,572 $ 26,986
Interest-bearing deposits in banks 161,787 294,590
Cash and cash equivalents 190,359 321,576
Time deposits in banks 4,097 5,858
Securities available-for-sale, at fair value, net of allowance for credit losses of $0 at June 30, 2024 and December 31, 2023 (amortized cost of $120,569 and $124,788 at June 30, 2024 and December 31, 2023, respectively) 103,204 108,083
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $20 at June 30, 2024 and December 31, 2023 (fair value of $2,801 and $2,913 at June 30, 2024 and December 31, 2023, respectively) 2,973 3,077
Loans held for sale 5,322 11,464
Loans held for investment 3,266,291 3,081,719
Allowance for credit losses (35,406) (34,431)
Loans held for investment, net of allowance for credit losses 3,230,885 3,047,288
FHLB stock 15,000 15,000
Operating leases, right-of-use asset, net 6,630 5,284
Premises and equipment, net 1,610 1,623
Bank-owned life insurance 19,030 17,180
Interest receivable and other assets 55,107 56,692
Total assets 3,634,217 3,593,125
Deposits:    
Non-interest-bearing 825,733 831,101
Interest-bearing 2,323,898 2,195,795
Total deposits 3,149,631 3,026,896
Subordinated notes, net 73,822 73,749
Other borrowings 0 170,000
Operating lease liability 7,077 5,603
Interest payable and other liabilities 23,217 31,103
Total liabilities 3,253,747 3,307,351
Commitments and contingencies (Note 8)
Shareholders’ equity:    
Preferred stock, no par value; 10,000,000 shares authorized; zero issued and outstanding at June 30, 2024 and December 31, 2023 0 0
Common stock, no par value; 100,000,000 shares authorized; 21,319,583 shares issued and outstanding at June 30, 2024; 17,256,989 shares issued and outstanding at December 31, 2023 301,968 220,505
Retained earnings 90,734 77,036
Accumulated other comprehensive loss, net of taxes (12,232) (11,767)
Total shareholders’ equity 380,470 285,774
Total liabilities and shareholders’ equity $ 3,634,217 $ 3,593,125