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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Cash and due from banks $ 20,005 $ 17,083
Interest-bearing deposits at other financial institutions 13,006 48,608
Total cash and cash equivalents 33,011 65,691
Certificates of deposit at other financial institutions 12,707 24,167
Securities available-for-sale, at fair value (amortized cost of $250,648 and $328,695, net of allowance for credit losses of $0 and $0, respectively) 221,182 292,933
Securities held-to-maturity, net of allowance for credit losses of $45 (fair value of $7,867 and $7,666, respectively) 8,455 8,455
Loans held for sale, at fair value 53,811 25,668
Loans receivable, net of allowance for credit losses of $31,238 and $31,534 (includes $13,868 and $15,088, at fair value, respectively) 2,457,184 2,401,481
Interest Receivable 13,792 14,005
Premises and equipment, net 29,999 30,578
Operating lease right-of-use (“ROU”) assets 5,784 6,627
Federal Home Loan Bank (“FHLB”) stock, at cost 10,322 2,114
Deferred tax asset, net 4,590 6,725
Bank owned life insurance (“BOLI”), net 38,201 37,719
MSRs held for sale, held at the lower of cost or fair value 0 8,086
Goodwill 3,592 3,592
Core deposit intangible, net 15,483 17,343
Other assets 23,912 18,395
TOTAL ASSETS 2,941,377 2,972,669
LIABILITIES    
Noninterest-bearing accounts 623,349 670,831
Interest-bearing accounts 1,759,454 1,851,492
Total deposits 2,382,803 2,522,323
Borrowings 181,895 93,746
Principal amount 50,000 50,000
Unamortized debt issuance costs (439) (473)
Total subordinated notes less unamortized debt issuance costs 49,561 49,527
Total, operating lease 5,979 6,848
Other liabilities 37,113 35,737
Total liabilities 2,657,351 2,708,181
COMMITMENTS AND CONTINGENCIES (NOTE 9)
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; 7,742,607 and 7,800,545 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 77 78
Additional paid-in capital 55,834 57,362
Retained earnings 243,651 230,354
Accumulated other comprehensive loss, net of tax (15,536) (23,306)
Total stockholders’ equity 284,026 264,488
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 2,941,377 2,972,669
Mortgage Servicing Rights [Member]    
Mortgage servicing rights (“MSRs”), held at the lower of cost or fair value $ 9,352 $ 9,090