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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Cash and due from banks:    
Noninterest bearing deposits and cash $ 2,350 $ 5,182
Interest bearing deposits 76,578 33,311
Total cash and cash equivalents 78,928 38,493
Investment securities:    
Available-for-sale securities, at fair value 85,686 84,520
Other investments, at cost 4,450 4,450
Total investment securities 90,136 88,970
Federal Reserve Bank stock, at cost 2,449 2,627
Federal Home Loan Bank stock, at cost 5,372 3,874
Loans receivable (net of allowance for credit losses: 2023: $25,668 and 2022: $10,310) 864,224 838,006
Loans held for sale 21,934 5,211
Accrued interest and dividends receivable 7,124 7,267
Premises and equipment, net 30,144 30,641
Deferred tax asset 26,128 15,527
Goodwill 1,107 1,107
Core deposit intangible, net 214 249
Other assets 8,971 11,387
Total assets 1,136,731 1,043,359
Deposits:    
Noninterest bearing deposits 136,101 269,636
Interest bearing deposits 700,922 590,810
Total deposits 837,023 860,446
Federal Home Loan Bank and correspondent bank borrowings 215,000 85,000
Senior notes, net 11,688 11,640
Subordinated debt, net 9,862 9,840
Junior subordinated debt owed to unconsolidated trust, net 8,135 8,128
Note payable 429 585
Advances from borrowers for taxes and insurance 2,939 886
Accrued expenses and other liabilities 11,681 7,251
Total liabilities 1,096,757 983,776
Commitments and Contingencies
Shareholders' equity    
Preferred stock, no par value; 1,000,000 shares authorized, no shares issued and outstanding 0 0
Common stock, $.01 par value, 100,000,000 shares authorized; As of September 30, 2023: 4,038,927 shares issued; 3,965,186 shares outstanding; As of December 31, 2022: 4,038,927 shares issued; 3,965,186 shares outstanding. 106,642 106,565
Accumulated deficit (47,931) (31,337)
Accumulated other comprehensive loss (18,737) (15,645)
Total shareholders' equity 39,974 59,583
Total liabilities and shareholders' equity $ 1,136,731 $ 1,043,359