Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Assets [Abstract]    
Cash and non-interest bearing deposits in other financial institutions $ 17,883,000 $ 17,942,000
Interest bearing deposits in other financial institutions 52,047,000 67,647,000
Federal funds sold 654,000 419,000
Total cash and cash equivalents 70,584,000 86,008,000
Securities available-for-sale 333,554,000 371,374,000
Loans held-for-sale 1,253,000 340,000
Loans receivable, net of deferred fees and costs 1,508,976,000 1,512,595,000
Less: Allowance for credit losses [1] (16,911,000) (18,768,000)
Net loans receivable 1,492,065,000 1,493,827,000
Federal Home Loan Bank stock 6,547,000 6,547,000
Accrued interest receivable 7,721,000 8,045,000
Premises and equipment 47,259,000 38,436,000
Foreclosed real estate 0 71,000
Cash value of bank owned life insurance 33,514,000 32,702,000
Goodwill 22,395,000 22,395,000
Other intangible assets 1,860,000 3,272,000
Other Assets 43,947,000 45,262,000
Total assets 2,060,699,000 2,108,279,000
Deposits:    
Non-interest bearing 263,324,000 295,594,000
Interest bearing 1,497,242,000 1,517,827,000
Total 1,760,566,000 1,813,421,000
Repurchase agreements 40,116,000 38,124,000
Borrowed funds 65,000,000 80,000,000
Accrued Liabilities and Other Liabilities 43,603,000 29,389,000
Total liabilities 1,909,285,000 1,960,934,000
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, 2024 - 4,313,698 December 31, 2023 - 4,298,773 0 0
Additional paid-in capital 70,034,000 69,555,000
Accumulated other comprehensive loss (58,084,000) (51,613,000)
Retained earnings 139,464,000 129,403,000
Total stockholders' equity 151,414,000 147,345,000
Total liabilities and stockholders' equity $ 2,060,699,000 $ 2,108,279,000
[1] See note 3 regarding adoption of ASC 326