v3.25.2
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
INTEREST INCOME        
Interest and fees on loans $ 30,730 $ 36,196 $ 61,884 $ 74,542
Interest on securities, deposit accounts, and federal funds sold 4,006 4,435 8,202 8,620
Total interest income 34,736 40,631 70,086 83,162
INTEREST EXPENSE        
Interest on deposits 12,802 17,272 26,994 35,757
Interest on subordinated notes 646 552 1,382 1,112
Interest on FHLB and FRB borrowings 1,447 2,722 2,879 5,859
Total interest expense 14,895 20,546 31,255 42,728
Net interest income 19,841 20,085 38,831 40,434
(Recovery of) provision for credit losses - loans (700) 3,600 (700) 3,600
Recovery of credit losses - unfunded commitments 0 (500) 0 (1,500)
Total (recovery of) provision for credit losses (700) 3,100 (700) 2,100
Net interest income after (recovery of) provision for credit losses 20,541 16,985 39,531 38,334
NONINTEREST INCOME        
Fair value adjustments of other equity investments (82) (8,537) (155) (8,544)
Residential mortgage banking income 312 3,090 1,268 5,754
Mortgage servicing rights ("MSRs") (139) 2,019 (137) 2,748
Wealth and trust management 409 623 863 1,143
Service charges on deposit accounts 721 386 1,178 747
Increase in cash surrender value of bank owned life insurance 8 333 16 670
Bank and purchase card, net 626 513 1,193 755
Other 1,389 1,845 2,090 4,787
Total noninterest income 3,244 272 6,316 8,060
NONINTEREST EXPENSE        
Salaries and employee benefits 13,000 14,932 25,610 30,977
Occupancy and equipment 1,129 1,303 2,510 2,827
Technology and communication 2,565 2,332 5,349 4,611
Legal and regulatory filings 395 363 834 810
Advertising and marketing 128 183 319 480
Audit fees 459 295 1,037 1,450
FDIC insurance 1,027 1,817 2,124 3,194
Intangible amortization 234 276 478 563
Other contractual services 433 1,857 1,028 3,665
Other taxes and assessments 955 588 1,876 1,531
Regulatory remediation 0 1,397 0 4,041
Other 1,684 3,965 3,795 7,596
Total noninterest expense 22,009 29,308 44,960 61,745
Income (loss) before income tax expense 1,776 (12,051) 887 (15,351)
Income tax expense (benefit) 480 (616) 25 (1,023)
Net income (loss) 1,296 (11,435) 862 (14,328)
Dividends on preferred stock 0 150 0 150
Net income (loss) attributable to common shareholders $ 1,296 $ (11,585) $ 862 $ (14,478)
Basic income (loss) per common share $ 0.01 $ (0.47) $ 0.01 $ (0.66)
Diluted income (loss) per common share $ 0.01 $ (0.47) $ 0.01 $ (0.66)