v3.25.2
Segment Information, As Restated
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information, As Restated Segment Information, As Restated
The Company operates as a single operating segment, the banking segment or the Bank, providing financial services within the U.S. The Bank provides a full range of deposit products, and commercial and residential loans, primarily to individuals, small businesses and commercial clients. All operations are domestic.
The Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, evaluates the performance and allocates resources to the Bank as a whole. The CODM relies on the Executive Management Team, which includes the Chief Financial Officer, Chief Risk Officer, Chief Banking Officer, Chief Credit Officer and others, to provide detailed financial and operational reports. These reports help the CODM assess the performance of the Bank and determine the appropriate allocation of resources. Although the Bank management team provides valuable insights into various functional areas, all significant decisions related to performance evaluation and resource allocation are ultimately made by the CODM in the context of the Bank as a single operating segment.
The CODM evaluates the performance of the Bank based on both financial and non-financial measures. The CODM reviews revenue to evaluate product pricing and net income, including significant expenses, to assess performance and profitability. In conjunction with these measures, the CODM utilizes profitability ratios, EPS, net interest margin, loan and deposit growth, credit quality, capital adequacy, and liquidity as these measures provide additional insight of the Bank's business activities. The CODM also considers non-financial factors such as the Bank’s reputation, regulatory compliance and human resources.
The following table presents financial measures the CODM reviews to allocate recourses to the Bank as of the dates or for the periods indicated:
As of or For the Three Months Ended March 31,
($ in thousands)
2025, As Restated
2024
Revenue
Interest income$46,892 $43,555 
Interest expense22,609 22,556 
Net interest income24,283 20,999 
Gain on sale of loans887 1,078 
Other income1,693 1,867 
Total revenue, net of interest expense
26,863 23,944 
Expenses
Provision for credit losses
1,598 1,090 
Salaries and employee benefits9,075 9,218 
Premises expense1,725 1,807 
Depreciation expense564 551 
Other expense3,110 4,776 
Total expense16,072 17,442 
Income before income taxes10,791 6,502 
Income taxes3,056 1,817 
Net income$7,735 $4,685 
Earnings per share, diluted$0.53 $0.33 
Return on average assets1.01 %0.67 %
Return on average shareholders’ equity8.53 %5.39 %
Net interest margin3.28 %3.10 %
Loans held-for-investment growth percentage3.7 %3.2 %
Total deposits growth percentage3.8 %2.2 %
Tier 1 leverage ratio (consolidated) 12.14 %12.73 %
ACL on loans to loans held-for-investment1.17 %1.18 %