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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2018
Dec. 31, 2017
ASSETS    
Cash and due from banks $ 16,315,000 $ 13,787,000
Interest earning deposits with other banks (restricted cash of $24,004 and $17,332 at December 31, 2018 and December 31, 2017, respectively) 109,467,000 75,964,000
Investment securities, available for sale, at fair value 36,660,000 36,927,000
Investment securities, held to maturity, at amortized cost 1,262,000 1,409,000
Other investments 3,766,000 3,680,000
Loans receivable 767,899,000 656,788,000
Allowance for loan losses (9,407,000) (8,017,000)
Total loans receivable, net 758,492,000 648,771,000
Premises and equipment, net 13,167,000 13,121,000
Accrued interest receivable 2,526,000 2,274,000
Bank-owned life insurance, net 6,688,000 6,500,000
Deferred tax asset, net 2,518,000 2,092,000
Other assets 1,249,000 1,228,000
Total assets 952,110,000 805,753,000
LIABILITIES    
Deposits 803,614,000 703,295,000
Federal Home Loan Bank (FHLB) advances 20,000,000 20,000,000
Principal amount $10,000 (less unamortized debt issuance costs of $35 and $50 at December 31, 2018 and December 31, 2017, respectively) 9,965,000 9,950,000
Principal amount $3,609 (less unamortized debt issuance costs of $28 and $30 at December 31, 2018 and December 31, 2017, respectively) 3,581,000 3,579,000
Deferred compensation 1,078,000 1,175,000
Accrued interest payable 279,000 228,000
Other liabilities 4,437,000 1,815,000
Total liabilities 842,954,000 740,042,000
SHAREHOLDERS’ EQUITY    
Authorized: 25,000,000 shares at December 31, 2018 and December 31, 2017; issued and outstanding: zero shares at December 31, 2018 and December 31, 2017
Authorized: 300,000,000 shares at December 31, 2018 and December 31, 2017; 11,893,203 voting shares at December 31, 2018 issued and outstanding and 8,887,457 voting and 361,444 nonvoting shares at December 31, 2017 issued and outstanding 86,431,000 52,521,000
Retained earnings 24,021,000 14,134,000
Accumulated other comprehensive loss, net of tax (1,296,000) (944,000)
Total shareholders’ equity 109,156,000 65,711,000
Total liabilities and shareholders’ equity $ 952,110,000 $ 805,753,000