v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:    
Net (loss) income $ (1,612) $ (7,778)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Accretion of investment premiums and discounts, net (1,941) (77)
Amortization and accretion of purchase loan premiums and discounts, net (472) (21)
Amortization of debt issuance costs 17 106
Amortization of core deposit intangible 23 24
Amortization of servicing assets of sold SBA loans 22 68
Provision for credit losses 409 2,257
Depreciation and amortization 458 534
Loss on sales of available-for-sale securities, net 11 0
Gain on sale of premises and equipment 0 (1)
Share-based compensation 3,339 1,296
Increase in deferred tax assets (3,349) 0
Increase (decrease) in deferred tax liabilities 1,836 (48)
Originations of loans held for sale, net (478,116) (406,732)
Proceeds from sale of loans held for sale 473,480 403,450
Loss on sale of loans, net 10 916
Write-down of other real estate owned 0 253
Unrealized loss on loans held for sale 5,451 0
Changes in assets and liabilities:    
(Increase) decrease in accrued interest and dividends receivable (1,665) 564
(Increase) decrease in other assets (3,702) 1,744
Decrease in accrued expenses and other liabilities (2,744) (1,445)
Net cash used in operating activities (8,545) (4,890)
Cash Flows from Investing Activities:    
Proceeds from maturity or sales on available-for-sale securities 29,062 0
Principal repayments on available-for-sale securities 3,954 1,688
Purchases of available-for-sale securities (51,024) 0
Purchases of FRB stock (70) (974)
(Purchases) redemptions of FHLB stock (63) 100
(Purchases and originations of) payments received from loans, net (291,630) 120,799
Purchases of premises and equipment, net (578) (72)
Net cash (used in) provided by investing activities (310,349) 121,541
Cash Flows from Financing Activities:    
Increase (decrease) in deposits, net 235,161 (135,740)
Net increase (decrease) in short-term advances 0 (3,000)
Purchase of common stock for RSU settlements (3,203) 0
Increase in advances from borrowers for taxes and insurance 1,318 1,504
Proceeds from FRB and correspondent bank borrowings 0 70,000
Repayments of FRB and correspondent bank borrowings 0 (70,000)
Principal repayments of note payable 0 (108)
Proceeds from preferred stock issuance 0 5,450
Private Placement Costs for preferred stock 0 (351)
Proceeds from common stock issuance 0 59,735
Private Placement Costs for common stock 0 (3,779)
Net cash provided by (used in) financing activities 233,276 (76,289)
Net (decrease) increase in cash, cash equivalents and restricted cash (85,618) 40,362
Cash, cash equivalents and restricted cash at beginning of period 207,127 162,610
Cash, cash equivalents and restricted cash at end of period 121,509 202,972
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 15,405 15,927
Cash refund from income taxes, net 0 (18)
Net change in unrealized loss (gain) on available-for-sale securities 4,268 (2,246)
Transfers of loans held for sale to loans receivable 0 3,765
Operating lease right-of-use assets / liabilities 2,038 0
Increase in interest rate swaps 13 0
Capitalized project costs 87 0
Retained beneficial interest (170) 0
Deferred cost for capital raise 0 (120)
Deferred debt issuance costs 0 (23)
Subordinated debt conversion to common stock 0 (2,000)
Senior debt conversion to common stock 0 (6,847)
Accrued interest capitalized into principal $ 0 $ 1,090