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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Cash and due from banks:    
Noninterest bearing deposits and cash $ 2,530 $ 3,295
Interest bearing deposits 118,505 144,273
Restricted cash 15,166 15,042
Total cash, cash equivalents and restricted cash 136,201 162,610
Investment securities:    
Available-for-sale securities, at fair value 80,651 79,992
Other investments, at cost 4,450 4,450
Total investment securities 85,101 84,442
Federal Reserve Bank (FRB) stock, at cost 1,028 1,377
Federal Home Loan Bank (FHLB) stock, at cost 679 779
Loans receivable (net of allowance for credit losses: 2025: $(6,729) and 2024: $(7,305)) 667,480 700,167
Loans held for sale 20,814 15,702
Accrued interest and dividends receivable 5,047 5,488
Premises and equipment, net 28,691 28,865
Other real estate owned 2,590 2,843
Core deposit intangible, net 144 156
Other assets 8,837 9,863
Total assets 956,612 1,012,292
Deposits:    
Noninterest bearing deposits 80,363 119,212
Interest bearing deposits 782,071 847,385
Total deposits 862,434 966,597
FHLB, FRB and correspondent bank borrowings 0 3,000
Senior notes, net 7,610 11,861
Subordinated debt, net 8,112 9,898
Junior subordinated debt owed to unconsolidated trust, net 8,149 8,147
Note payable 109 162
Advances from borrowers for taxes and insurance 3,429 1,472
Accrued expenses and other liabilities 9,623 6,890
Total liabilities 899,466 1,008,027
Commitments and Contingencies
Shareholders' equity    
Preferred stock, no par value; 1,000,000 shares authorized; As of March 31, 2025: 90,832 shares issued and outstanding; As of December 31, 2024: no shares issued and outstanding. 5,099 0
Common stock, $.01 par value, 100,000,000 shares authorized; As of March 31, 2025: 73,799,033 shares issued; 73,725,292 shares outstanding; As of December 31, 2024: 4,065,593 shares issued; 3,991,852 shares outstanding. 155,964 106,854
Accumulated deficit (89,685) (86,908)
Accumulated other comprehensive loss (14,232) (15,681)
Total shareholders' equity 57,146 4,265
Total liabilities and shareholders' equity $ 956,612 $ 1,012,292