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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Cash and due from banks $ 281,698 $ 110,491 [1]
Restricted cash 4,160 10,660 [1]
Federal funds sold 2,910 4,451 [1]
Securities available for sale, at fair value 314,784 321,081 [1]
Restricted equity investments 20,891 18,621 [1]
Other equity investments 4,525 12,905 [1]
Other investments 21,344 29,467 [1]
Loans held for sale 22,082 46,337 [1]
Loans held for investment, net of deferred fees and costs 2,180,413 2,430,947 [1]
Less: allowance for credit losses (25,453) (35,893) [1]
Loans held for investment, net 2,154,960 2,395,054 [1]
Accrued interest receivable 13,171 14,967 [1]
Premises and equipment, net 21,621 22,348 [1]
Right-of-use lease asset 7,764 8,738 [1]
Bank owned life insurance 14,953 48,453 [1]
Other intangible assets 4,201 5,382 [1]
Mortgage servicing rights, net 19,502 27,114 [1]
Deferred tax asset, net 18,248 21,556 [1]
Other assets 17,877 19,929 [1]
Total assets 2,944,691 3,117,554 [1]
Deposits:    
Noninterest-bearing demand 459,793 506,248 [1]
Interest-bearing demand and money market 748,416 1,049,536 [1]
Savings 103,820 117,923 [1]
Time 1,034,463 892,325 [1]
Total deposits 2,346,492 2,566,032 [1]
FHLB borrowings 190,000 210,000 [1]
FRB borrowings 0 65,000 [1]
Subordinated notes, net 39,806 39,855 [1]
Lease liabilities 8,537 9,619 [1]
Other liabilities 23,509 41,059 [1]
Total liabilities 2,608,344 2,931,565 [1]
Commitments and contingencies (Note 8)
Stockholders’ Equity:    
Common stock, no par value; 150,000,000 and 50,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively; 73,474,147 and 19,198,379 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 300,763 197,636 [1]
Preferred stock, $50 per share par value; 250,000 shares authorized at September 30, 2024 and December 31, 2023; 2,732 Series C shares and 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 137 0 [1]
Additional paid-in capital 50,155 252 [1]
Retained earnings 19,775 33,157 [1]
Accumulated other comprehensive loss, net of tax (34,483) (45,056) [1]
Total stockholders’ equity 336,347 185,989 [1]
Total liabilities and stockholders’ equity $ 2,944,691 $ 3,117,554 [1]
[1] Derived from audited December 31, 2023 Consolidated Financial Statements.