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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2021
Dec. 31, 2020
ASSETS    
Cash and due from banks $ 10,203,000 $ 7,515,000
Interest-bearing deposits 35,311,000 38,579,000
Federal funds sold 478,000 774,000
Total cash and cash equivalents 45,992,000 46,868,000
Securities available for sale 17,156,000 17,396,000
Securities held to maturity 19,673,000 5,776,000
Securities, restricted at cost 2,432,000 2,431,000
Securities, not readily marketable 100,000 100,000
Loans held for sale 33,762,000 14,864,000
Loans, net of allowance for loan losses of $4,152 and $2,941, respectively 424,595,000 397,601,000
Bank premises and equipment, net 4,729,000 4,849,000
Other real estate 1,079,000 0
Core deposit intangible, net 777,000 979,000
Goodwill 21,440,000 10,729,000
Deferred tax assets 405,000 83,000
Other assets 12,871,000 11,750,000
Total assets 585,011,000 513,426,000
LIABILITIES    
Non-interest-bearing 88,876,000 57,112,000
Interest-bearing 147,909,000 116,278,000
Time deposits 207,384,000 174,625,000
Total deposits 444,169,000 348,015,000
Borrowed funds 34,521,000 83,690,000
Subordinated notes 12,000,000 12,000,000
Other liabilities 9,534,000 9,708,000
Total liabilities 500,224,000 453,413,000
SHAREHOLDERS’ EQUITY    
Common stock ($0.01 par value; 40,000,000 shares authorized; 7,061,953 and 6,568,750 shares issued and outstanding at December 31, 2021 and 2020, respectively) 71,000 66,000
Additional paid-in capital 50,176,000 39,201,000
Retained earnings 34,851,000 20,661,000
Accumulated other comprehensive (loss) income (328,000) 68,000
Total shareholders’ equity 84,787,000 60,013,000
Total liabilities and shareholders’ equity 585,011,000 513,426,000
Series B Preferred Stock [Member]    
SHAREHOLDERS’ EQUITY    
Preferred stock, value $ 17,000 $ 17,000