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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Cash and cash equivalents    
Cash and due from banks $ 379 $ 386
Interest-bearing deposits 126,392 100,181
Total cash and cash equivalents 126,771 100,567
Investment securities held-to-maturity, at cost 15,840 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 45,710 23,589
Loans receivable, net 324,197 224,217
Premises and equipment, net 14,181 9,478
Accrued interest receivable 2,711 1,818
Deferred taxes, net 0 1,167
SBA servicing asset, net 4,398 5,210
Investment in Business Funding Group (BFG), at fair value 4,000 4,800
Operating lease right-of-use (“ROU”) assets 4,481 5,041
Income taxes receivable, net 1,134 0
Other assets 11,157 10,152
Total assets 555,056 400,780
Deposits    
Noninterest-bearing 94,268 78,817
Interest-bearing 292,485 164,181
Total deposits 386,753 242,998
Accrued interest payable 581 54
Income taxes payable, net 0 1,077
Deferred taxes, net 234 0
PPP Liquidity Facility 221 314
Operating lease liabilities 6,545 7,020
Other liabilities 10,320 8,858
Total liabilities 404,654 260,321
Commitments and contingencies (Note 7)
Shareholders’ equity    
Preferred stock, $0.001 par value, 4,000,000 authorized; no shares issued and outstanding as of September 30, 2023 and December 31, 2022 0 0
Common stock, $0.001 par value, 40,000,000 shares authorized; 12,493,565 and 12,831,345 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively 12 13
Additional paid-in-capital 50,703 54,614
Retained earnings 99,687 85,832
Total shareholders’ equity 150,402 140,459
Total liabilities and shareholders’ equity $ 555,056 $ 400,780