v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
INTEREST AND DIVIDEND INCOME        
Interest and fees on loans $ 111,097 $ 98,867 $ 213,984 $ 197,014
Interest on interest earning deposits with other banks 6,607 8,085 14,735 14,155
Interest on investment securities 612 626 1,234 1,276
Dividends on other investments 238 219 282 259
Total interest income 118,554 107,797 230,235 212,704
INTEREST EXPENSE        
Interest on deposits 28,043 30,400 55,713 58,585
Interest on borrowed funds 1,144 660 1,798 1,320
Total interest expense 29,187 31,060 57,511 59,905
Net interest income 89,367 76,737 172,724 152,799
PROVISION FOR CREDIT LOSSES 92,157 32,211 143,555 87,992
Net interest income (expense) after provision for credit losses (2,790) 44,526 29,169 64,807
NONINTEREST INCOME        
Service charges and fees 1,016 913 1,866 1,773
Unrealized gain (loss) on equity securities, net (25) (439) 101 (423)
Other income 667 496 1,077 1,178
Noninterest income, excluding BaaS program income and BaaS indemnification income 1,658 970 3,044 2,528
Total noninterest income 88,707 42,693 154,784 106,170
NONINTEREST EXPENSE        
Salaries and employee benefits 23,615 21,450 46,779 42,967
Occupancy 890 915 1,749 1,949
Data processing and software licenses 14,348 5,541 21,991 10,423
Legal and professional expenses 6,197 5,962 13,199 11,850
Point of sale expense 464 69 909 176
Excise taxes 988 681 2,157 1,403
Federal Deposit Insurance Corporation ("FDIC") assessments 829 790 1,402 1,545
Director and staff expenses 718 612 1,386 1,243
Marketing 6 50 44 100
Credit enhancement receivable valuation adjustment 46,009 0 46,009 0
Other expense 2,326 1,475 4,218 3,378
Noninterest expense, excluding BaaS loan and BaaS fraud expense 96,390 37,545 139,843 75,034
BaaS loan and fraud expense 44,721 35,287 84,720 69,787
Total noninterest expense 141,111 72,832 224,563 144,821
(Loss) income before provision for income taxes (55,194) 14,387 (40,610) 26,156
(BENEFIT) PROVISION FOR INCOME TAXES (13,089) 3,359 (10,524) 5,398
NET (LOSS) INCOME $ (42,105) $ 11,028 $ (30,086) $ 20,758
Basic earnings per common share (in usd per share) $ (2.76) $ 0.73 $ (1.98) $ 1.38
Diluted earnings per common share (in usd per share) $ (2.76) $ 0.71 $ (1.98) $ 1.36
Weighted average number of common shares outstanding:        
Basic (in shares) 15,243,357 15,033,296 15,211,579 14,998,097
Diluted (in shares) 15,243,357 15,447,923 15,211,579 15,248,776
BaaS program income        
NONINTEREST INCOME        
Noninterest income $ 12,012 $ 7,651 $ 22,900 $ 13,929
BaaS indemnification income        
NONINTEREST INCOME        
Noninterest income 75,037 34,072 128,840 89,713
Servicing and other BaaS fees | BaaS program income        
NONINTEREST INCOME        
Noninterest income 2,917 1,896 5,540 3,315
Transaction and interchange fees | BaaS program income        
NONINTEREST INCOME        
Noninterest income 6,836 5,109 12,709 8,942
Reimbursement of expenses | BaaS program income        
NONINTEREST INCOME        
Noninterest income 2,259 646 4,651 1,672
BaaS credit enhancements | BaaS indemnification income        
NONINTEREST INCOME        
Noninterest income 70,725 31,268 121,469 84,916
BaaS fraud enhancements | BaaS indemnification income        
NONINTEREST INCOME        
Noninterest income 4,312 2,804 7,371 4,797
BaaS loan expense        
NONINTEREST EXPENSE        
BaaS loan and fraud expense 40,409 32,483 77,349 64,990
BaaS fraud expense        
NONINTEREST EXPENSE        
BaaS loan and fraud expense $ 4,312 $ 2,804 $ 7,371 $ 4,797