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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Cash and due from banks $ 12,898 $ 16,112
Fed funds sold 1,640 835
Total cash and cash equivalents 14,538 16,947
Available-for-sale securities, at fair value 53,362 58,582
Held-to-maturity securities, at amortized cost, net of allowance for credit losses 5,765 5,832
Loans held for investment 480,216 463,360
Allowance for credit losses (8,391) (4,778)
Loans held for investment, net 471,825 458,582
Premises and equipment, net 7,758 8,077
Operating lease right-of-use assets 1,883 2,067
Other investments 2,915 1,277
Accrued interest receivable 1,489 1,505
Deferred income tax asset, net 5,249 4,924
Bank owned life insurance 11,781 11,598
Prepaid and other assets 4,303 4,949
Total assets 580,868 574,340
Deposits    
Demand deposits 92,377 102,699
Savings and NOW deposits 246,739 311,395
Time deposits 129,275 73,493
Total deposits 468,391 487,587
Federal Home Loan Bank advances 18,000 5,000
Subordinate debt, net of issuance costs 24,581 24,531
Escrows 229 179
Operating lease liabilities 2,076 2,153
Accrued interest and other liabilities 7,189 5,652
Total liabilities 520,466 525,102
STOCKHOLDERS’ EQUITY    
Preferred stock, $0.01 par value Authorized: 50,000,000 shares Issued and outstanding: 0 and 521,849 on September 30, 2023, and December 31, 2022, respectively 5
Additional paid-in capital 43,240 28,369
Retained earnings 25,976 29,013
Accumulated other comprehensive loss (7,500) (6,773)
Unearned Employee Stock Ownership Plan (ESOP) share (1,361) (1,406)
Total stockholders’ equity 60,402 49,238
Total liabilities and stockholders’ equity 580,868 574,340
Voting Common Stock [Member]    
STOCKHOLDERS’ EQUITY    
Non-voting common stock, $0.01 par value Issued and outstanding: 820,115 and 0 on September 30, 2023, and December 31, 2022, respectively 39 30
Nonvoting Common Stock [Member]    
STOCKHOLDERS’ EQUITY    
Non-voting common stock, $0.01 par value Issued and outstanding: 820,115 and 0 on September 30, 2023, and December 31, 2022, respectively $ 8