v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has two reportable segments: Community Banking and BM Tech. The Community Banking segment comprises activities of a traditional banking institution, including gathering deposits and originating loans for portfolio in the Bank’s primary market areas. The BM Tech segment is comprised of a technology platform through which funds disbursement services are provided to higher education institutions and student consumers can open digital-first deposit accounts at the Bank, in each case, on a nationwide basis.
The Company began reporting BM Tech as a separate segment following its acquisition of BM Technologies, Inc. on January 31, 2025. The Company’s chief operating decision maker evaluates segment performance primarily based on total revenue and net income.
Net interest income by segment reflects the Company’s internal funds transfer pricing methodology, under which BM Tech receives a credit for deposits generated by its business. Segment results are presented using the Company’s internal reporting and allocation methodologies.
The following tables present the operating segment results for the three months ended June 30, 2026:

Community BankingBM TechTotal
(Dollars in thousands)
Interest income$46,846 $— $46,846 
Interest expense(21,229)(29)(21,258)
Funds transfer pricing(4,405)4,405 — 
Net interest income21,212 4,376 25,588 
Provision for credit losses273 — 273 
Net interest income after provision for credit losses20,939 4,376 25,315 
Service charges on deposit accounts:
Interchange and card revenue — 1,673 1,673 
Service charges 299 1,691 1,990 
University fees- transaction activity — 518 518 
University fees- subscriptions — 1,357 1,357 
Total service charges on deposit accounts 299 5,239 5,538 
Bank-owned life insurance income636 — 636 
Other noninterest income(1)
201 300 501 
Noninterest income1,136 5,539 6,675 
Total employee salary and benefits 7,349 4,313 11,662 
Occupancy, software and equipment1,425 2,588 4,013 
Data processing 628 1,110 1,738 
Professional fees 1,478 1,705 3,183 
Consumer fraud and transaction losses 246 1,186 1,432 
Other noninterest expense(2)
2,325 1,149 3,474 
Noninterest expense13,451 12,051 25,502 
Net income (loss) before taxes8,624 (2,136)6,488 
Income tax expense (benefit)1,783 (391)1,392 
Net Income (loss)$6,841 $(1,745)$5,096 
Period Ending Assets$3,304,151 $101,778 $3,405,929 
The following tables present the operating segment results for the three months ended June 30, 2025:

Community BankingBM TechTotal
(Dollars in thousands)
Interest income$46,358 $— $46,358 
Interest expense(22,795)(34)(22,829)
Funds transfer pricing(4,569)4,569 — 
Net interest income18,994 4,535 23,529 
Provision for credit losses(169)— (169)
Net interest income after provision for credit losses19,163 4,535 23,698 
Service charges on deposit accounts:
Interchange and card revenue320 1,844 2,164 
Servicing fees — 5,764 5,764 
Service charges301 2,095 2,396 
University fees- transaction activity— 430 430 
University fees- subscriptions— 1,341 1,341 
Total service charges on deposit accounts621 11,474 12,095 
Bank-owned life insurance income348 — 348 
Other noninterest income(1)762 1 763 
Noninterest income1,731 11,475 13,206 
Total employee salary and benefits8,218 6,997 15,215 
Occupancy, software and equipment1,233 2,669 3,902 
Data processing671 1,631 2,302 
Professional fees1,304 894 2,198 
Consumer fraud and transaction losses19 3,503 3,522 
Other noninterest expense(2)2,366 1,241 3,607 
Noninterest expense13,811 16,935 30,746 
Net income (loss) before taxes7,083 (925)6,158 
Income tax expense (benefit)1,567 — 1,567 
Net Income (loss)$5,516 $(925)$4,591 
Period Ending Assets$3,281,589 $104,906 $3,386,495 
The following tables present the operating segment results for the six months ended June 30, 2026:

Community BankingBM TechTotal
(Dollars in thousands)
Interest income$92,587 $— $92,587 
Interest expense(41,411)(61)(41,472)
Funds transfer pricing(10,008)10,008 — 
Net interest income41,168 9,947 51,115 
Provision for credit losses(125)— (125)
Net interest income after provision for credit losses41,293 9,947 51,240 
Service charges on deposit accounts:
Interchange and card revenue — 3,894 3,894 
Service charges 594 3,678 4,272 
University fees- transaction activity — 1,452 1,452 
University fees- subscriptions — 2,745 2,745 
Total service charges on deposit accounts 594 11,769 12,363 
Bank-owned life insurance income1,190 — 1,190 
Gain on sale of securities, net108 — 108 
Other noninterest income(1)
355 300 655 
Noninterest income2,247 12,069 14,316 
Total employee salary and benefits 15,079 8,982 24,061 
Occupancy, software and equipment2,804 5,534 8,338 
Data processing 1,293 2,397 3,690 
Professional fees 2,279 3,410 5,689 
Consumer fraud and transaction losses 248 2,522 2,770 
Other noninterest expense(2)
4,711 2,475 7,186 
Noninterest expense26,414 25,320 51,734 
Net income (loss) before taxes17,126 (3,304)13,822 
Income tax expense (benefit)3,464 (649)2,815 
Net Income (loss)$13,662 $(2,655)$11,007 
Period Ending Assets$3,304,151 $101,778 $3,405,929 
The following tables present the operating segment results for the six months ended June 30, 2025:

Community BankingBM TechTotal
(Dollars in thousands)
Interest income$90,767 $— $90,767 
Interest expense(43,396)(56)(43,452)
Funds transfer pricing(8,488)8,488 — 
Net interest income38,883 8,432 47,315 
Provision for credit losses363 — 363 
Net interest income after provision for credit losses38,520 8,432 46,952 
Service charges on deposit accounts:
Interchange and card revenue707 3,463 4,170 
Servicing fees — 8,190 8,190 
Service charges585 3,800 4,385 
University fees- transaction activity— 952 952 
University fees- subscriptions— 2,232 2,232 
Total service charges on deposit accounts1,292 18,637 19,929 
Bank-owned life insurance income692 — 692 
Other noninterest income(1)872 1,401 2,273 
Noninterest income2,856 20,038 22,894 
Total employee salary and benefits16,458 11,138 27,596 
Occupancy, software and equipment2,452 4,449 6,901 
Data processing1,261 2,885 4,146 
Professional fees2,198 1,371 3,569 
Consumer fraud and transaction losses17 7,022 7,039 
Other noninterest expense(2)6,237 2,376 8,613 
Noninterest expense28,623 29,241 57,864 
Net income (loss) before taxes12,753 (771)11,982 
Income tax expense (benefit)2,686 — 2,686 
Net Income (loss)$10,067 $(771)$9,296 
Period Ending Assets$3,281,589 $104,906 $3,386,495 
(1)Other noninterest income includes fee income from outside services, trust, rental and other miscellaneous income.
(2)Other noninterest expense includes costs for legal and regulatory filings, audit fees, other contractual services, and other miscellaneous expenses.