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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Cash and due from banks $ 17,950 $ 17,083
Interest-bearing deposits at other financial institutions 22,390 48,608
Total cash and cash equivalents 40,340 65,691
Certificates of deposit at other financial institutions 12,001 24,167
Securities available-for-sale, at fair value (amortized cost of $252,272 and $328,695, net of allowance for credit losses of $0 and $0, respectively) 228,199 292,933
Securities held-to-maturity, net of allowance for credit losses of $45 (fair value of $7,983 and $7,666, respectively) 8,455 8,455
Loans held for sale, at fair value 49,373 25,668
Loans receivable, net of allowance for credit losses of $31,232 and $31,534 (includes loans of $13,861 and $15,088, at fair value, respectively) 2,463,697 2,401,481
Interest Receivable 14,014 14,005
Premises and equipment, net 30,026 30,578
Operating lease right-of-use (“ROU”) assets 5,365 6,627
Federal Home Loan Bank (“FHLB”) stock, at cost 9,504 2,114
Deferred tax asset, net 4,222 6,725
Bank owned life insurance (“BOLI”), net 38,453 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 14,586 17,343
Other assets 39,642 18,395
TOTAL ASSETS 2,970,208 2,972,669
LIABILITIES    
Noninterest-bearing accounts 657,753 670,831
Interest-bearing accounts 1,769,578 1,851,492
Total deposits 2,427,331 2,522,323
Borrowings 163,806 93,746
Principal amount 50,000 50,000
Unamortized debt issuance costs (423) (473)
Total subordinated notes less unamortized debt issuance costs 49,577 49,527
Total, operating lease 5,548 6,848
Other liabilities 35,044 35,737
Total liabilities 2,681,306 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; 7,817,172 and 7,800,545 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 78 78
Additional paid-in capital 55,264 57,362
Retained earnings 251,843 230,354
Accumulated other comprehensive loss, net of tax (18,283) (23,306)
Total stockholders’ equity 288,902 264,488
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 2,970,208 2,972,669
Mortgage Servicing Rights [Member]    
Mortgage servicing rights (“MSRs”), held at the lower of cost or fair value $ 8,739 $ 9,090