v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
INTEREST AND DIVIDEND INCOME    
Interest and fees on loans $ 102,887 $ 98,147
Interest on interest earning deposits with other banks 8,128 6,070
Interest on investment securities 622 650
Dividends on other investments 44 40
Total interest income 111,681 104,907
INTEREST EXPENSE    
Interest on deposits 27,670 28,185
Interest on borrowed funds 654 660
Total interest expense 28,324 28,845
Net interest income 83,357 76,062
PROVISION FOR CREDIT LOSSES 51,398 55,781
Net interest income (expense) after provision for credit losses 31,959 20,281
NONINTEREST INCOME    
Service charges and fees 850 860
Unrealized gain (loss) on equity securities, net 126 16
Other income 410 682
Noninterest income, excluding BaaS program income and BaaS indemnification income 1,386 1,558
Total noninterest income 66,077 63,477
NONINTEREST EXPENSE    
Salaries and employee benefits 23,122 21,532
Occupancy 859 1,034
Data processing and software licenses 7,643 4,232
Legal and professional expenses 7,002 6,488
Point of sale expense 445 107
Excise taxes 1,169 722
Federal Deposit Insurance Corporation ("FDIC") assessments 573 755
Director and staff expenses 668 631
Marketing 38 50
Other expense 1,934 1,938
Noninterest expense, excluding BaaS loan and BaaS fraud expense 43,453 37,489
BaaS loan and fraud expense 39,999 34,500
Total noninterest expense 83,452 71,989
Income before provision for income taxes 14,584 11,769
PROVISION FOR INCOME TAXES 2,565 2,039
NET INCOME $ 12,019 $ 9,730
Basic earnings per common share (in usd per share) $ 0.79 $ 0.65
Diluted earnings per common share (in usd per share) $ 0.78 $ 0.63
Weighted average number of common shares outstanding:    
Basic (in shares) 15,179,447 14,962,507
Diluted (in shares) 15,422,822 15,462,041
BaaS program income    
NONINTEREST INCOME    
Noninterest income $ 10,888 $ 6,278
BaaS indemnification income    
NONINTEREST INCOME    
Noninterest income 53,803 55,641
Servicing and other BaaS fees | BaaS program income    
NONINTEREST INCOME    
Noninterest income 2,623 1,419
Transaction and interchange fees | BaaS program income    
NONINTEREST INCOME    
Noninterest income 5,873 3,833
Reimbursement of expenses | BaaS program income    
NONINTEREST INCOME    
Noninterest income 2,392 1,026
BaaS credit enhancements | BaaS indemnification income    
NONINTEREST INCOME    
Noninterest income 50,744 53,648
BaaS fraud enhancements | BaaS indemnification income    
NONINTEREST INCOME    
Noninterest income 3,059 1,993
BaaS loan expense    
NONINTEREST EXPENSE    
BaaS loan and fraud expense 36,940 32,507
BaaS fraud expense    
NONINTEREST EXPENSE    
BaaS loan and fraud expense $ 3,059 $ 1,993