Balance Sheet
Total Assets
Total assets were $3.51 billion at September 30, 2023, an increase of $35.9 million, or 1.0%, from $3.48 billion at June 30, 2023, and an increase of $162.6 million, or 4.9%, from $3.35 billion at September 30, 2022. The $35.9 million increase in total assets at September 30, 2023 compared to June 30, 2023 was primarily due to increases in cash and cash equivalents of $19.3 million, loans of $9.2 million, other assets of $5.9 million and Federal Home Loan Bank stock of $2.3 million, partially offset by decreases in investment securities of $1.3 million and SBA servicing rights of $911,000. The $162.6 million increase in total assets at September 30, 2023 compared to September 30, 2022 was primarily due to increases in cash and cash equivalents of $102.3 million, loans of $51.6 million, other assets of $12.7 million, premises and equipment of $3.8 million and accrued interest receivable of $2.9 million, partially offset by a $3.2 million decrease in mortgage servicing rights, a $3.6 million decrease in foreclosed real estate and a $2.7 million decrease in investment securities.
Our investment securities portfolio made up only 0.79% of our total assets at September 30, 2023 compared to 0.84% and 0.91% at June 30, 2023 and September 30, 2022, respectively.
Loans
Loans held for investment were $3.03 billion at September 30, 2023, an increase of $9.2 million, or 0.3%, compared to $3.02 billion at June 30, 2023, and an increase of $51.6 million, or 1.7%, compared to $2.98 billion at September 30, 2022. The increase in loans at September 30, 2023 compared to June 30, 2023 was primarily due to a $21.9 million increase in residential mortgage loans, offset by a $10.0 million decrease in construction and development loans, a $2.2 million decrease in commercial and industrial loans and a $989,000 decrease in commercial real estate loans. There were no loans classified as held for sale at September 30, 2023, June 30, 2023 or September 30, 2022.
Deposits
Total deposits were $2.72 billion at September 30, 2023, an increase of $20.1 million, or 0.7%, compared to total deposits of $2.70 billion at June 30, 2023, and an increase of $147.7 million, or 5.7%, compared to total deposits of $2.57 billion at September 30, 2022. The increase in total deposits at September 30, 2023 compared to June 30, 2023 was due to a $35.6 million increase in time deposits and a $7.8 million increase in money market accounts, offset by a $15.8 million decrease in noninterest-bearing demand deposits, a $7.2 million decrease in interest-bearing demand deposits and a $398,000 decrease in savings accounts.
Noninterest-bearing deposits were $559.5 million at September 30, 2023, compared to $575.3 million at June 30, 2023 and $602.2 million at September 30, 2022. Noninterest-bearing deposits constituted 20.6% of total deposits at September 30, 2023, compared to 21.3% at June 30, 2023 and 23.4% at September 30, 2022. Interest-bearing deposits were $2.16 billion at September 30, 2023, compared to $2.12 billion at June 30, 2023 and $1.97 billion at September 30, 2022. Interest-bearing deposits constituted 79.4% of total deposits at September 30, 2023, compared to 78.7% at June 30, 2023 and 76.6% at September 30, 2022.
Uninsured deposits were 31.4% of total deposits at September 30, 2023, compared to 30.7% and 29.2% at June 30, 2023 and September 30, 2022, respectively. As of September 30, 2023, we had $1.21 billion of available borrowing capacity at the Federal Home Loan Bank ($712.8 million), Federal Reserve Discount Window ($446.2 million) and various other financial institutions (fed fund lines totaling $47.5 million).