XML 15 R2.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Cash and due from banks $ 17,083 $ 10,525
Interest-bearing deposits at other financial institutions 48,608 30,912
Total cash and cash equivalents 65,691 41,437
Certificates of deposit at other financial institutions 24,167 4,712
Securities available-for-sale, at fair value 292,933 229,252
Securities held-to-maturity, net of allowance for credit losses of $45 and $31, respectively (fair value of $7,666 and $7,929, respectively) 8,455 8,469
Loans held for sale, at fair value 25,668 20,093
Loans receivable, net (includes $15,088 and $14,035, at fair value, respectively) 2,401,481 2,190,860
Accrued interest receivable 14,005 11,144
Premises and equipment, net 30,578 25,119
Operating lease right-of-use (“ROU”) assets 6,627 6,226
Federal Home Loan Bank (“FHLB”) stock, at cost 2,114 10,611
Other real estate owned (“OREO”) 0 570
Deferred tax asset, net 6,725 6,670
Bank owned life insurance (“BOLI”), net 37,719 36,799
MSRs held for sale, held at the lower of cost or fair value 8,086 0
Goodwill 3,592 2,312
Core deposit intangible, net 17,343 3,369
Other assets 18,395 17,240
TOTAL ASSETS 2,972,669 2,632,900
LIABILITIES    
Noninterest-bearing accounts 670,831 554,174
Interest-bearing accounts 1,851,492 1,573,567
Total deposits 2,522,323 2,127,741
Borrowings 93,746 186,528
Principal amount 50,000 50,000
Unamortized debt issuance costs (473) (539)
Total subordinated notes less unamortized debt issuance costs 49,527 49,461
Total, operating lease 6,848 6,474
Other liabilities 35,737 30,999
Total liabilities 2,708,181 2,401,203
COMMITMENTS AND CONTINGENCIES (NOTE 13)
STOCKHOLDERS’ EQUITY    
Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding 0 0
Common stock, $.01 par value; 45,000,000 shares authorized; 7,800,545 and 7,736,185 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively 78 77
Additional paid-in capital 57,362 55,187
Retained earnings 230,354 202,065
Accumulated other comprehensive loss, net of tax (23,306) (25,632)
Total stockholders’ equity 264,488 231,697
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 2,972,669 2,632,900
Mortgage Servicing Rights [Member]    
ASSETS    
Mortgage servicing rights (“MSRs”), held at the lower of cost or fair value $ 9,090 $ 18,017