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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Cash and cash equivalents    
Cash and due from banks $ 369 $ 386
Interest-bearing deposits 118,674 100,181
Total cash and cash equivalents 119,043 100,567
Investment securities held-to-maturity, at cost 14,403 14,292
Investment in Federal Home Loan Bank (FHLB) stock, at cost 476 449
Strategic Program loans held-for-sale, at lower of cost or fair value 42,362 23,589
Loans receivable, net 277,663 224,217
Premises and equipment, net 13,154 9,478
Accrued interest receivable 2,316 1,818
Deferred taxes, net 0 1,167
SBA servicing asset, net 5,233 5,210
Investment in Business Funding Group (BFG), at fair value 4,500 4,800
Operating lease right-of-use (“ROU”) assets 4,668 5,041
Income taxes receivable, net 2,355 0
Other assets 9,452 10,152
Total assets 495,625 400,780
Deposits    
Noninterest-bearing 93,347 78,817
Interest-bearing 239,183 164,181
Total deposits 332,530 242,998
Accrued interest payable 466 54
Income taxes payable, net 0 1,077
Deferred taxes, net 140 0
PPP Liquidity Facility 252 314
Operating lease liabilities 6,792 7,020
Other liabilities 7,997 8,858
Total liabilities 348,177 260,321
Commitments and contingencies (Note 7)
Shareholders’ equity    
Preferred stock, $0.001 par value, 4,000,000 authorized; no shares issued and outstanding as of June 30, 2023 and December 31, 2022 0 0
Common stock, $0.001 par value, 40,000,000 shares authorized; 12,723,703 and 12,831,345 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively 13 13
Additional paid-in-capital 52,625 54,614
Retained earnings 94,810 85,832
Total shareholders’ equity 147,448 140,459
Total liabilities and shareholders’ equity $ 495,625 $ 400,780