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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
 [1]
Assets    
Cash and due from banks $ 11,732 $ 6,035
Interest-bearing deposits in other banks 628,035 310,732
Total cash and cash equivalents 639,767 316,767
Securities available for sale, at fair value 294,754 258,114
Securities held to maturity, at carrying value, net of allowance for credit losses of $261 and $348, respectively (fair value of $285,780 and $283,916, respectively) 302,348 308,058
Equity securities, at fair value 527 505
Restricted securities, at cost 2,886 2,613
Loans, net of allowance for credit losses of $4,206 and $4,319, respectively 295,826 299,825
Premises and equipment, net of accumulated depreciation of $7,163 and $6,791, respectively 9,613 9,858
Accrued interest receivable 5,360 4,354
Other assets 4,201 5,108
Total assets 1,555,282 1,205,202
Deposits:    
Noninterest-bearing 1,249,724 766,933
Savings, interest-bearing checking and money market accounts 172,275 328,350
Time, $250 and over 6,589 9,385
Other time 5,280 7,357
Total deposits 1,433,868 1,112,025
Short-term borrowings 10,000 5,000
Accrued interest payable 25 61
Accrued expenses and other liabilities 6,546 4,679
Total liabilities 1,450,439 1,121,765
Commitments and contingencies
Stockholders’ equity    
Preferred stock: No par value, 100,000 shares authorized, no shares issued and outstanding [2] 0 0
Additional paid-in capital 38,276 38,264
Retained earnings 73,901 56,692
Accumulated other comprehensive loss (7,380) (11,565)
Total stockholders’ equity 104,843 83,437
Total liabilities and stockholders’ equity 1,555,282 1,205,202
Class A Common Stock    
Stockholders’ equity    
Class A and B Common Stock [2] 0 0
Class B Common Stock    
Stockholders’ equity    
Class A and B Common Stock [2] $ 46 $ 46
[1] Derived from audited financial statements.
[2] On October 3, 2024, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which reclassified and converted each outstanding share of the Company’s existing common stock, par value $1.00 per share (“Old Common Stock”), into 170 shares of Class B Common Stock, par value $0.01 per share (the “Reclassification”). The Reclassification also authorized 20,000,000 shares of Class A Common Stock, and 10,000,000 shares of Preferred Stock. Share information is presented on an as adjusted basis giving effect to the Reclassification. Accordingly, all shares and balances relating to Old Common Stock are reflected in Class B Common Stock. See Note 2—Capital Structure in the Notes to Unaudited Consolidated Financial Statements contained within this Form 10-Q.