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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash and due from banks $ 145,588 $ 55,083
Time deposits in other financial institutions 350 350
Cash and cash equivalents 145,938 55,433
Equity securities, at fair value (Note 2) 7,816 7,505
Securities available for sale, at fair value (Note 2) 497,552 514,598
Securities held to maturity, at amortized cost net of credit losses (Note 2) 391,954 407,959
Federal Home Loan Bank stock 4,449 4,449
Federal Reserve Bank stock 5,307 5,065
Loans held for sale 5,994 4,710
Loans to other financial institutions (Note 3) 38,492 19,400
Core loans (Note 3) 1,465,458 1,391,253
Total loans held for investment (Note 3) 1,503,950 1,410,653
Allowance for credit losses (Note 3) (16,490) (15,685)
Loans, net 1,487,460 1,394,968
Premises and equipment, net 27,135 29,750
Other real estate owned, net 529 122
Cash value of life insurance policies 45,699 45,074
Goodwill 59,946 59,946
Core deposit intangible 1,250 1,854
Other assets 44,974 45,273
Total assets 2,726,003 2,576,706
Liabilities    
Deposits - noninterest - bearing 521,055 547,625
Deposits - interest-bearing 1,680,546 1,550,985
Brokered deposits 6,627 23,445
Total deposits 2,208,228 2,122,055
Borrowings 210,000 200,000
Subordinated debentures 35,691 35,507
Other liabilities 24,338 23,510
Total liabilities 2,478,257 2,381,072
Shareholders' Equity    
Preferred stock; shares authorized: 100,000; shares outstanding: none 0 0
Common stock and paid-in capital, no par value; shares authorized: 15,000,000; shares outstanding: 8,959,664 at September 30, 2024 and 7,548,217 at December 31, 2023 206,427 173,513
Retained earnings 86,765 73,699
Accumulated other comprehensive loss, net (45,446) (51,578)
Total shareholders’ equity 247,746 195,634
Total liabilities and shareholders’ equity $ 2,726,003 $ 2,576,706