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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Cash and cash equivalents:    
Cash and due from banks $ 7,284 $ 4,926
Interest-bearing deposits in other financial institutions 247,158 191,586
Total cash and cash equivalents 254,442 196,512
Held-to-maturity securities, at amortized cost, net of allowance for credit losses of $71 and $0 (fair value of $66,617 and $74,718), respectively 74,102 81,056
Correspondent bank stock, at cost 7,155 7,110
Mortgage loans held for sale 7,254 8,839
Loans held for sale 0 1,965
Loans (includes $13,726 and $23,321 measured at fair value, respectively) 2,530,915 2,469,413
Allowance for credit losses [1] (23,931) (17,183)
Loans, net 2,506,984 2,452,230
Premises and equipment, net 25,256 25,118
Accrued interest receivable 11,428 10,445
Accounts receivable 5,095 4,873
Other receivables 4,467 1,973
Goodwill and other intangible assets, net 31,854 32,104
Deferred tax assets, net 6,407 6,914
Company-owned life insurance 16,530 16,152
Other assets 24,488 21,457
Total assets 2,975,462 2,866,748
Deposits:    
Noninterest-bearing 482,579 583,092
Interest-bearing 2,046,460 1,822,137
Total deposits 2,529,039 2,405,229
Borrowings:    
Federal Home Loan Bank and Federal Reserve borrowings 125,711 146,886
Subordinated notes 52,340 52,132
Accrued interest payable 3,793 1,125
Other liabilities 21,841 20,512
Total liabilities 2,732,724 2,625,884
Shareholders' Equity    
Preferred stock - no par value; 10,000,000 shares authorized; 0 issued and outstanding 0 0
Common stock - no par value; 90,000,000 shares authorized; 9,581,183 and 9,495,440 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively 0 0
Additional paid-in capital 192,894 190,494
Retained earnings 51,042 51,887
Accumulated other comprehensive loss (1,198) (1,517)
Total shareholders’ equity 242,738 240,864
Total liabilities and shareholders’ equity $ 2,975,462 $ 2,866,748
[1] Allowance for credit loss amounts for periods prior to the ASC 326 adoption date of January 1, 2023 are reported in accordance with previously applicable GAAP