Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
ASSETS    
Cash and non-interest bearing deposits in other financial institutions $ 20,964 $ 13,260
Interest bearing deposits in other financial institutions 10,750 3,116
Federal funds sold 15,544 763
Total cash and cash equivalents 47,258 17,139
Certificates of deposit in other financial institutions 2,170 2,024
Securities available-for-sale 277,219 241,768
Loans held-for-sale 6,091 2,863
Loans receivable 906,869 764,400
Less: allowance for loan losses (8,999) (7,962)
Net loans receivable 897,870 756,438
Federal Home Loan Bank stock 3,912 3,460
Accrued interest receivable 4,029 3,632
Premises and equipment 29,407 24,824
Foreclosed real estate 1,083 1,627
Cash value of bank owned life insurance 30,017 23,142
Goodwill 11,109 8,170
Other assets 18,557 11,071
Total assets 1,328,722 1,096,158
Deposits:    
Non-interest bearing 172,094 127,277
Interest bearing 982,276 802,509
Total 1,154,370 929,786
Repurchase agreements 11,499 11,628
Borrowed funds 14,000 43,000
Accrued expenses and other liabilities 14,750 10,280
Total liabilities 1,194,619 994,694
Stockholders' Equity:    
Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding
Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: December 31, 2019 - 3,451,797 December 31, 2018 - 3,029,157
Additional paid-in capital 29,657 11,927
Accumulated other comprehensive (loss) income 4,261 (2,796)
Retained earnings 100,185 92,333
Total stockholders' equity 134,103 101,464
Total liabilities and stockholders' equity $ 1,328,722 $ 1,096,158