v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Cash and cash equivalents $ 136,266 $ 98,238  
Federal funds sold 65,298 71,334  
Investment securities 60,183 54,805  
Equity investments 8,099 9,198  
Loans held for sale, at lower of amortized cost or fair value 15,144 128,226  
Loans 2,551,705 2,362,796  
Allowance for credit losses (114,789) [1] (97,368) [2] $ (84,235)
Net loans 2,436,916 2,265,428  
Goodwill 150,803 150,803  
Intangible assets, net 17,701 19,146  
Property, equipment, and right-of-use lease asset, net 11,861 13,756  
Accrued interest receivable 19,401 15,314  
Loan collateral in process of foreclosure 7,333 9,932  
Income tax receivable 0 2,131  
Other assets 26,459 30,295  
Total assets 2,955,464 2,868,606 2,587,827
Liabilities      
Deposits [3] 2,084,265 2,090,071  
Long-term debt [4] 215,987 232,159  
Short-term debt 95,250 49,000  
Deferred tax liabilities, net [5] 19,596 20,995  
Operating lease liabilities 5,041 5,128  
Accrued interest payable 6,319 8,231  
Income tax payable 759 0  
Accounts payable and accrued expenses [6] 20,201 24,064  
Total liabilities 2,447,418 2,429,648  
Commitments and contingencies  
Stockholders’ equity      
Preferred stock (1,000,000 shares of $0.01 par value stock authorized-none outstanding) 0 0  
Common stock (50,000,000 shares of $0.01 par value stock authorized - 29,592,592 shares at December 31, 2025 and 29,308,182 shares at December 31, 2024 issued) 296 293  
Additional paid in capital 299,458 293,412  
Treasury stock (6,280,909 shares at December 31, 2025 and 6,172,588 December 31, 2024) (51,130) (50,144)  
Accumulated other comprehensive income (loss) (2,381) (3,647)  
Retained earnings 162,374 130,256  
Total stockholders’ equity 408,617 370,170  
Non-controlling interest in consolidated subsidiaries 99,429 68,788  
Total equity 508,046 438,958 $ 411,774
Total liabilities and equity $ 2,955,464 $ 2,868,606  
Number of shares outstanding 23,311,683 23,135,624  
Book value per share $ 17.53 $ 16  
[1] As of December 31, 2025, total allowance for credit losses as a percentage of nonaccrual loans was 281%.
[2] As of December 31, 2024, total allowance for credit losses as a percentage of nonaccrual loans was 292%.
[3] Includes $5.2 million and $4.6 million of deferred financing costs as of December 31, 2025 and 2024. Refer to Note 5 for more details
[4] Includes $3.3 million and $3.6 million of deferred financing costs as of December 31, 2025 and 2024. Refer to Note 5 for more details.
[5] Includes $42.4 million and $42.8 million of deferred tax liabilities related to goodwill and intangible assets as of December 31, 2025 and 2024. Refer to Note 7 for more details.
[6] Includes the short-term portion of lease liabilities of $2.2 million and $2.3 million as of December 31, 2025 and 2024. Refer to Note 6 for more details.