Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Assets:    
Cash and due from banks $ 31,396 $ 32,490
Interest-bearing deposits in other banks 231,638 293,467
Total cash and cash equivalents 263,034 325,957
Time deposits in other banks   490
Investment securities:    
Available for sale securities, at fair value 212,420 96,937
Equity investments, at fair value 24,000  
Total investment securities 236,420 96,937
Loans held for sale 1,470 3,989
Loans:    
Loans held for investment [1] 2,388,532 1,767,182
Less: allowance for loan and lease losses (16,026) (6,737)
Loans, net 2,372,506 1,760,445
Premises and equipment, net 83,348 75,150
Accrued interest receivable 11,199 6,507
Other real estate owned and repossessed assets 133 3,653
Goodwill 77,681 68,503
Core deposit intangible 7,818 11,472
SBA servicing asset 2,953 3,355
Deferred tax asset, net 1,085  
Bank-owned life insurance 15,969 15,610
Federal Home Loan Bank and other bank stock, at cost 5,718 8,310
Other assets 5,425 4,244
Total assets 3,084,759 2,384,622
Transaction accounts:    
Noninterest-bearing 727,543 444,822
Interest-bearing 1,092,934 803,557
Total transaction accounts 1,820,477 1,248,379
Time deposits 638,658 679,747
Total deposits 2,459,135 1,928,126
Accrued interest payable 1,303 1,219
Short-term borrowings 10,000  
Long-term borrowings, net 242,020 105,140
Deferred tax liability, net   672
Other liabilities 11,522 3,760
Total liabilities 2,723,980 2,038,917
Commitments and contingencies (Note 17)
Stockholders' equity:    
Common stock, no par value; 50 million shares authorized; 18,329,593 and 18,272,245 shares issued; 17,081,831 and 18,258,222 outstanding 298,850 297,188
Retained earnings 76,683 48,139
Accumulated other comprehensive income 1,005 667
Treasury stock, 1,247,762 and 14,023 shares repurchased (15,759) (289)
Total stockholders' equity 360,779 345,705
Total liabilities and stockholders' equity $ 3,084,759 $ 2,384,622
[1] Balance includes $(8.2) million and $(4.2) million of deferred fees, cost, premium and discount as of December 31, 2020 and 2019, respectively.