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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Cash and due from banks $ 19,280 $ 17,083
Interest-bearing deposits at other financial institutions 12,355 48,608
Total cash and cash equivalents 31,635 65,691
Certificates of deposit at other financial institutions 1,727 24,167
Securities available-for-sale, at fair value (amortized cost of $310,272 and $328,695, net of allowance for credit losses of $0 and $0, respectively) 281,175 292,933
Securities held-to-maturity, net of allowance for credit losses of $45 (fair value of $8,144 and $7,666, respectively) 8,455 8,455
Loans held for sale, at fair value 27,835 25,668
Loans receivable, net of allowance for credit losses of $31,870 and $31,534 (includes loans of $12,728 and $15,088, at fair value, respectively) 2,501,951 2,401,481
Interest Receivable 13,881 14,005
Premises and equipment, net 29,756 30,578
Operating lease right-of-use (“ROU”) assets 5,378 6,627
Federal Home Loan Bank (“FHLB”) stock, at cost 15,621 2,114
Deferred tax asset, net 7,059 6,725
Bank owned life insurance (“BOLI”), net 38,528 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 13,710 17,343
Other assets 39,670 18,395
TOTAL ASSETS 3,029,177 2,972,669
LIABILITIES    
Noninterest-bearing accounts 638,158 670,831
Interest-bearing accounts 1,701,260 1,851,492
Total deposits 2,339,418 2,522,323
Borrowings 307,806 93,746
Principal amount 50,000 50,000
Unamortized debt issuance costs (406) (473)
Total subordinated notes less unamortized debt issuance costs 49,594 49,527
Total, operating lease 5,556 6,848
Other liabilities 31,036 35,737
Total liabilities 2,733,410 2,708,181
COMMITMENTS AND CONTINGENCIES (NOTE 12)
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; 7,833,014 and 7,800,545 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 78 78
Additional paid-in capital 55,716 57,362
Retained earnings 257,113 230,354
Accumulated other comprehensive loss, net of tax (17,140) (23,306)
Total stockholders’ equity 295,767 264,488
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 3,029,177 2,972,669
Mortgage Servicing Rights [Member]    
Mortgage servicing rights (“MSRs”), held at the lower of cost or fair value $ 9,204 $ 9,090