Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.23.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Cash and non-interest bearing deposits in other financial institutions $ 19,965 $ 12,725
Interest bearing deposits in other financial institutions 11,210 19,987
Federal funds sold 107 464
Total cash and cash equivalents 31,282 33,176
Certificates of deposit in other financial institutions 2,456 1,709
Securities available-for-sale 370,896 526,889
Loans held-for-sale 1,543 4,987
Loans receivable, net of deferred fees and costs 1,513,631 966,720
Less: allowance for loan losses (12,897) (13,343)
Net loans receivable 1,500,734 953,377
Federal Home Loan Bank stock 6,547 3,247
Accrued interest receivable 7,421 5,444
Premises and equipment 40,212 31,385
Cash value of bank owned life insurance 31,936 31,440
Goodwill 22,395 11,109
Other intangible assets 4,794 3,126
Other assets 50,123 14,854
Total assets 2,070,339 1,620,743
Deposits:    
Non-interest bearing 359,092 295,294
Interest bearing 1,415,925 1,138,907
Total 1,775,017 1,434,201
Repurchase agreements 15,503 14,581
Borrowed funds 120,000 0
Accrued expenses and other liabilities 23,426 15,346
Total liabilities 1,933,946 1,464,128
Commitments and contingencies
Stockholders' Equity:    
Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding 0 0
Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: December 31, 2022 - 4,298,401 December 31, 2021 - 3,480,701 0 0
Additional paid-in capital 69,032 30,430
Accumulated other comprehensive (loss) income (64,300) 4,276
Retained earnings 131,661 121,909
Total stockholders' equity 136,393 156,615
Total liabilities and stockholders' equity $ 2,070,339 $ 1,620,743