v3.26.1
Basis of Presentation (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Segment Revenue, Profit or Loss, Significant Segment Expenses and Other Segment Items
Segment revenue, profit or loss, significant segment expenses and other segment items
Three months endedSix months ended
(in thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Community banking segment:
Interest income
$42,340 $36,288 $85,135 $71,527 
Non-interest income (loss)2,626 (16,233)5,864 (13,922)
Reconciliation of income
All other income1
543 612 1,139 1,175 
Total consolidated income
45,509 20,667 92,138 58,780 
Less:2
Total interest expense11,559 11,316 24,052 22,427 
Provision for credit losses on loans
(320)— (320)75 
Provision for credit losses on unfunded loan commitments
— — — — 
Non-interest expense
Salaries and related benefits12,416 11,851 25,615 23,689 
Occupancy and equipment2,090 2,225 4,188 4,331 
Data processing1,093 1,008 2,270 2,087 
Professional services1,205 757 2,123 1,541 
Federal Deposit Insurance Corporation insurance555 421 1,285 809 
Information technology510 563 1,025 976 
Charitable contributions190 116 627 519 
Directors' expense261 279 546 583 
Depreciation and amortization270 320 533 642 
Amortization of core deposit intangible196 220 396 447 
Deposit network fees118 114 267 228 
Other expense2,272 2,278 4,407 4,314 
Segment income (loss) 13,094 (10,801)25,124 (3,888)
Reconciliation of segment income
All other expense1
421 398 854 830 
Income (loss) before income taxes$12,673 $(11,199)$24,270 $(4,718)
1All other income and expense from segment below the quantitative thresholds are attributable to one operating segment of the Bank, the Wealth Management and Trust Services, which does not meet the quantitative thresholds for presenting reportable segments. Expenses of Wealth Management and Trust Services are comprised of salary and employee benefits, professional services, data processing, occupancy and equipment and other expenses totaling $421 thousand and $398 thousand for the three months ended June 30, 2026 and June 30, 2025, respectively, and $854 thousand and $830 thousand for the six months ended June 30, 2026 and June 30, 2025, respectively.
2The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
Schedule of Earnings (Loss) Per Share Reconciliation The following table shows: 1) weighted average basic shares, 2) potentially dilutive weighted average common shares related to stock options and unvested restricted stock awards, and 3) weighted average diluted shares. Basic earnings (loss) per share (“EPS”) are calculated by dividing net income (loss) by the weighted average number of common shares outstanding during each period, excluding unvested restricted stock awards. Diluted EPS are calculated using the weighted average number of potentially dilutive common shares. The number of potentially dilutive common shares included in the quarterly diluted EPS is computed using the average market prices during the three months included in the reporting period under the treasury stock method. The number of potentially dilutive common shares included in year-to-date diluted EPS is a year-to-date weighted average of potentially dilutive common shares included in each quarterly diluted EPS computation. In computing diluted EPS, we exclude anti-dilutive shares such as options whose exercise prices exceed the current common stock price, as they would not reduce EPS under the treasury stock method. We have two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Under the two-class method, the difference in EPS is nominal for these participating securities.
Three months endedSix months ended
(in thousands, except per share data)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Weighted average basic common shares outstanding15,952 15,989 15,938 15,983 
Potentially dilutive common shares related to:
Stock options— — 1 — 
Unvested restricted stock awards39 — 44 — 
Weighted average diluted common shares outstanding15,991 15,989 15,983 15,983 
Net income (loss)$9,246 $(8,536)$17,756 $(3,660)
Basic earnings (loss) per common share$0.58 $(0.53)$1.11 $(0.23)
Diluted earnings (loss) per common share 1
$0.58 $(0.53)$1.11 $(0.23)
Weighted average anti-dilutive common shares and unvested restricted shares not included in the calculation of diluted EPS
188 298 188 284 
1 Because Bancorp was in a net loss position for the three and six months ended June 30, 2025, diluted net loss per share is the same as basic net loss per share, as the inclusion of potentially dilutive common shares would have been anti-dilutive.