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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
ASSETS    
Cash and due from banks $ 4,593 $ 3,649
Interest-bearing deposits in banks 99,114 62,397
Cash and cash equivalents 103,707 66,046
Time deposits in banks 4,881 4,881
Investment securities available for sale, at fair value (amortized cost: $45,713 and $47,374 at June 30, 2023 and December 31, 2022, respectively) 41,343 42,349
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $19 and $0 (fair value: $2,222 and $4,755 at June 30, 2023 and December 31, 2022, respectively) 2,483 5,002
Nonmarketable equity securities 5,332 4,037
Government guaranteed loans held for investment, at fair value 52,165 27,078
Loans held for investment, at amortized cost, net of allowance for credit losses of $12,598 and $9,046 771,941 692,528
Accrued interest receivable 5,929 4,452
Premises and equipment, net 40,052 35,440
Loan servicing rights 12,820 10,906
Deferred income tax asset 925 980
Right-of-use operating lease assets 2,804 3,177
Bank owned life insurance 25,469 25,159
Other assets 15,850 15,649
Assets from discontinued operations 451 1,211
Total assets 1,087,399 938,895
Liabilities:    
Noninterest-bearing deposits 101,081 93,235
Interest-bearing transaction accounts 253,112 202,656
Savings and money market deposits 401,941 363,053
Time deposits 188,648 136,126
Total deposits 944,782 795,070
FRB and FHLB borrowings 30,000 25,000
Subordinated debentures 5,945 5,992
Notes payable 2,617 2,844
Accrued interest payable 572 704
Operating lease liabilities 3,018 3,538
Accrued expenses and other liabilities 8,461 12,205
Liabilities from discontinued operations 939 1,658
Total liabilities 996,334 847,011
Shareholders’ equity:    
Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,103,834 and 4,042,474 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively 54,384 53,023
Accumulated other comprehensive loss, net (3,239) (3,724)
Unearned compensation (1,386) (178)
Retained earnings 32,022 33,479
Total shareholders’ equity 91,065 91,884
Total liabilities and shareholders’ equity 1,087,399 938,895
Preferred Stock, Series A    
Shareholders’ equity:    
Preferred stock 6,161 6,161
Preferred Stock, Series B    
Shareholders’ equity:    
Preferred stock 3,123 3,123
Government guaranteed loans held for sale    
ASSETS    
Government guaranteed loans held for sale $ 1,247 $ 0