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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets    
Cash and due from banks $ 29,432 $ 26,518
Interest-bearing deposits in other financial institutions 210,359 215,824
Total cash and cash equivalents 239,791 242,342
Securities available-for-sale, at fair value (amortized cost of $152,649 and $156,175, respectively, and allowance for credit losses of $0 and $0, respectively, at March 31, 2024 and December 31, 2023) 138,170 143,323
Loans held-for-sale, at lower of cost or fair value 3,256 5,155
Loans held-for-investment, net of deferred fees and costs 2,397,964 2,323,452
Allowance for credit losses on loans (28,332) (27,533)
Net loans held-for-investment 2,369,632 2,295,919
Premises and equipment, net 8,892 5,999
Federal Home Loan Bank and other restricted stock, at cost 12,716 12,716
Other real estate owned, net 0 2,558
Bank-owned life insurance 31,045 30,817
Servicing assets 6,544 6,666
Operating lease assets 18,255 18,913
Accrued interest receivable 10,394 9,468
Other assets 15,597 15,630
Total assets 2,854,292 2,789,506
Deposits:    
Noninterest-bearing demand 538,380 594,673
Savings, NOW and money market accounts 483,607 421,203
Time deposits of $250,000 or less 771,303 760,034
Time deposits of more than $250,000 609,550 575,702
Total deposits 2,402,840 2,351,612
Federal Home Loan Bank advances 50,000 39,000
Deferred tax liabilities, net 266 876
Operating lease liabilities 19,555 20,137
Accrued interest payable and other liabilities 31,626 29,009
Total liabilities 2,504,287 2,440,634
Commitments and contingencies
Preferred stock, 10,000,000 shares authorized, no par value:    
Series C, senior non-cumulative perpetual, $1,000 per share liquidation preference, 69,141 and 69,141 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively. 69,141 69,141
Common stock, 60,000,000 shares authorized, no par value; 14,263,791 and 14,260,440 shares issued and outstanding, respectively, and included 25,400 and 41,661 shares of unvested restricted stock, respectively, at March 31, 2024 and December 31, 2023 142,734 142,563
Retained earnings 148,209 146,092
Accumulated other comprehensive loss, net (10,079) (8,924)
Total shareholders’ equity 350,005 348,872
Total liabilities and shareholders’ equity $ 2,854,292 $ 2,789,506