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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Cash and due from banks:    
Noninterest bearing deposits and cash $ 3,295 $ 2,195
Interest bearing deposits 144,273 50,322
Restricted cash 15,042 14,019
Total cash, cash equivalents and restricted cash 162,610 66,536
Investment securities:    
Available-for-sale securities, at fair value 79,992 89,187
Other investments, at cost 4,450 4,450
Total investment securities 84,442 93,637
Federal Reserve Bank (FRB) stock, at cost 1,377 2,090
Federal Home Loan Bank (FHLB) stock, at cost 779 4,202
Loans receivable (net of allowance for credit losses: 2024: $(7,305) and 2023: $(15,925)) 700,167 832,934
Loans held for sale 15,702 20,767
Accrued interest and dividends receivable 5,488 7,219
Premises and equipment, net 28,865 29,875
Other real estate owned 2,843 2,843
Deferred tax asset 0 24,134
Core deposit intangible, net 156 203
Other assets 9,863 8,985
Total assets 1,012,292 1,093,425
Deposits:    
Noninterest bearing deposits 119,212 110,056
Interest bearing deposits 847,385 730,255
Total deposits 966,597 840,311
FHLB, FRB and correspondent bank borrowings 3,000 171,000
Senior notes, net 11,861 11,723
Subordinated debt, net 9,898 9,869
Junior subordinated debt owed to unconsolidated trust, net 8,147 8,137
Note payable 162 376
Advances from borrowers for taxes and insurance 1,472 1,164
Accrued expenses and other liabilities 6,890 6,462
Total liabilities 1,008,027 1,049,042
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 December 31, 2024: 4,065,593 shares issued; 3,991,852 shares outstanding; As of December 31, 2023: 4,049,814 shares issued; 3,976,073 shares outstanding; 106,854 106,670
Accumulated deficit (86,908) (47,026)
Accumulated other comprehensive loss (15,681) (15,261)
Total shareholders' equity 4,265 44,383
Total liabilities and shareholders' equity $ 1,012,292 $ 1,093,425