Balance Sheet
Total Assets
Total assets were $3.48 billion at June 30, 2023, an increase of $56.1 million, or 1.6%, from $3.42 billion at March 31, 2023, and an increase of $307.2 million, or 9.7%, from $3.17 billion at June 30, 2022. The $56.1 million increase in total assets at June 30, 2023 compared to March 31, 2023 was primarily due to increases in cash and cash equivalents of $38.7 million, loans of $8.7 million and other assets of $9.1 million, partially offset by a decrease in Federal Home Loan Bank stock of $2.1 million. The $307.2 million increase in total assets at June 30, 2023 compared to June 30, 2022 was primarily due to increases in loans of $250.7 million, cash and cash equivalents of $39.6 million and other assets of $20.5 million, partially offset by a $3.6 million decrease in mortgage servicing rights and a $2.7 million decrease in securities available for sale.
Our investment securities portfolio made up only 0.84% of our total assets at June 30, 2023 compared to 0.87% and 1.02% at March 31, 2023 and June 30, 2022, respectively.
Loans
Loans held for investment were $3.02 billion at June 30, 2023, an increase of $8.7 million, or 0.3%, compared to $3.01 billion at March 31, 2023, and an increase of $250.7 million, or 9.1%, compared to $2.77 billion at June 30, 2022. The increase in loans at June 30, 2023 compared to March 31, 2023 was primarily due to a $17.3 million increase in commercial and industrial loans, a $3.1 million increase in residential mortgage loans and a $2.6 million increase in construction and development loans, offset by a $14.8 million decrease in commercial real estate loans. There were no loans classified as held for sale at June 30, 2023, March 31, 2023 or June 30, 2022.
Deposits
Total deposits were $2.70 billion at June 30, 2023, an increase of $54.4 million, or 2.1%, compared to total deposits of $2.64 billion at March 31, 2023, and an increase of $301.5 million, or 12.6%, compared to total deposits of $2.40 billion at June 30, 2022. The increase in total deposits at June 30, 2023 compared to March 31, 2023 was due to a $80.9 million increase in money market accounts and a $42.4 million increase in time deposits, offset by a $64.4 million decrease in interest-bearing demand deposits, a $2.5 million decrease in savings accounts and a $2.0 million decrease in noninterest-bearing deposits.
Noninterest-bearing deposits were $575.3 million at June 30, 2023, compared to $577.3 million at March 31, 2023 and $620.2 million at June 30, 2022. Noninterest-bearing deposits constituted 21.3% of total deposits at June 30, 2023, compared to 21.8% at March 31, 2023 and 25.9% at June 30, 2022. Interest-bearing deposits were $2.12 billion at June 30, 2023, compared to $2.07 billion at March 31, 2023 and $1.78 billion at June 30, 2022. Interest-bearing deposits constituted 78.7% of total deposits at June 30, 2023, compared to 78.2% at March 31, 2023 and 74.1% at June 30, 2022.
Uninsured deposits were 30.7% of total deposits at June 30, 2023, compared to 31.9% and 28.5% at March 31, 2023 and June 30, 2022, respectively. As of June 30, 2023, we had $1.19 billion of available borrowing capacity at the Federal Home Loan Bank ($702.5 million), Federal Reserve Discount Window ($444.6 million) and various other financial institutions (fed fund lines totaling $47.5 million).