v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 93,915 $ 136,266
Federal funds sold 44,734 65,298
Investment securities 67,934 60,183
Equity investments 8,099 8,099
Loans held for sale, at lower of amortized cost or fair value 10,786 15,144
Loans 2,607,209 2,551,705
Allowance for credit losses (116,696) [1] (114,789) [2]
Net loans receivable 2,490,513 2,436,916
Goodwill 150,803 150,803
Intangible assets, net 17,340 17,701
Accrued interest receivable 19,261 19,401
Property, equipment, and right-of-use lease assets, net 10,999 11,861
Loan collateral in process of foreclosure 6,418 7,333
Other assets 29,684 26,459
Total assets 2,950,486 2,955,464
Liabilities    
Deposits [3] 2,128,568 2,084,265
Long-term debt [4] 214,159 215,987
Short-term debt 44,500 95,250
Deferred tax liabilities, net [5] 21,217 19,596
Operating lease liabilities 4,489 5,041
Accrued interest payable 5,635 6,319
Income tax payable 3,310 759
Accounts payable and accrued expenses [6] 21,095 20,201
Total liabilities 2,442,973 2,447,418
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 - 30,145,347 shares at March 31, 2026 and 29,592,592 shares at December 31, 2025 issued) 301 296
Additional paid in capital 297,214 299,458
Treasury stock (6,280,909 shares at March 31, 2026 and December 31, 2025) (51,130) (51,130)
Accumulated other comprehensive loss (2,766) (2,381)
Retained earnings 164,465 162,374
Total stockholders’ equity 408,084 408,617
Non-controlling interest in consolidated subsidiaries 99,429 99,429
Total equity 507,513 508,046
Total liabilities and equity $ 2,950,486 $ 2,955,464
Number of shares outstanding 23,864,438 23,311,683
Book value per share $ 17.1 $ 17.53
[1] Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
[2] Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
[3] Includes $5.1 million and $5.2 million of deferred financing costs as of March 31, 2026 and December 31, 2025. Refer to Note 5 for more details.
[4] Includes $3.1 million and $3.3 million of deferred financing costs as of both March 31, 2026 and December 31, 2025. Refer to Note 5 for more details.
[5] Includes $42.3 million and $42.4 million of deferred tax liabilities related to goodwill and intangible assets as of March 31, 2026 and December 31, 2025. Refer to Note 7 for more details.
[6] Includes the short-term portion of lease liabilities of $2.2 million as of both March 31, 2026 and December 31, 2025. Refer to Note 6 for more details.