v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
INTEREST AND DIVIDEND INCOME        
Interest and fees on loans $ 113,082 $ 100,367 $ 327,066 $ 297,381
Interest on interest earning deposits with other banks 7,286 8,007 22,021 22,162
Interest on investment securities 609 616 1,843 1,892
Dividends on other investments 206 37 488 296
Total interest income 121,183 109,027 351,418 321,731
INTEREST EXPENSE        
Interest on deposits 30,931 30,466 86,644 89,051
Interest on borrowed funds 1,966 660 3,764 1,980
Total interest expense 32,897 31,126 90,408 91,031
Net interest income 88,286 77,901 261,010 230,700
PROVISION FOR CREDIT LOSSES 46,019 56,598 189,574 144,590
Net interest income after provision for credit losses 42,267 21,303 71,436 86,110
NONINTEREST INCOME        
Service charges and fees 979 903 2,845 2,676
Gain on sales of loans, net 7 0 7 0
Unrealized gain (loss) on equity securities, net (502) 9 (401) (414)
Other income 533 461 1,610 1,639
Noninterest income, excluding BaaS program income and BaaS indemnification income 1,017 1,373 4,061 3,901
Total noninterest income 61,040 66,777 215,824 172,947
NONINTEREST EXPENSE        
Salaries and employee benefits 22,003 20,146 68,782 63,029
Occupancy 932 952 2,681 2,901
Data processing and software licenses 8,441 6,114 30,432 16,537
Legal and professional expenses 7,792 3,957 20,991 15,807
Point of sale expense 427 69 1,336 245
Excise taxes 1,059 696 3,216 2,099
Federal Deposit Insurance Corporation ("FDIC") assessments 1,269 815 2,671 2,360
Director and staff expenses 655 544 2,041 1,787
Marketing 7 272 51 372
Credit enhancement receivable valuation adjustment 0 0 46,009 0
Other expense 2,414 1,640 6,632 5,102
Noninterest expense, excluding BaaS loan and BaaS fraud expense 44,999 35,205 184,842 110,239
BaaS loan and fraud expense 39,844 34,967 124,564 104,754
Total noninterest expense 84,843 70,172 309,406 214,993
Income (loss) before provision for income taxes 18,464 17,908 (22,146) 44,064
PROVISION (BENEFIT) FOR INCOME TAXES 4,676 4,316 (5,848) 9,714
NET INCOME (LOSS) $ 13,788 $ 13,592 $ (16,298) $ 34,350
Basic earnings per common share (in usd per share) $ 0.90 $ 0.90 $ (1.07) $ 2.29
Diluted earnings per common share (in usd per share) $ 0.89 $ 0.88 $ (1.07) $ 2.24
Weighted average number of common shares outstanding:        
Basic (in shares) 15,256,873 15,093,274 15,226,843 15,030,171
Diluted (in shares) 15,417,178 15,443,987 15,226,843 15,314,561
BaaS program income        
NONINTEREST INCOME        
Noninterest income $ 14,127 $ 7,865 $ 37,027 $ 21,794
BaaS indemnification income        
NONINTEREST INCOME        
Noninterest income 45,896 57,539 174,736 147,252
Servicing and other BaaS fees | BaaS program income        
NONINTEREST INCOME        
Noninterest income 3,509 1,575 9,049 4,890
Transaction and interchange fees | BaaS program income        
NONINTEREST INCOME        
Noninterest income 8,026 4,878 20,735 13,820
Reimbursement of expenses | BaaS program income        
NONINTEREST INCOME        
Noninterest income 2,592 1,412 7,243 3,084
BaaS credit enhancements | BaaS indemnification income        
NONINTEREST INCOME        
Noninterest income 41,767 55,412 163,236 140,328
BaaS fraud enhancements | BaaS indemnification income        
NONINTEREST INCOME        
Noninterest income 4,129 2,127 11,500 6,924
BaaS loan expense        
NONINTEREST EXPENSE        
BaaS loan and fraud expense 35,715 32,840 113,064 97,830
BaaS fraud expense        
NONINTEREST EXPENSE        
BaaS loan and fraud expense $ 4,129 $ 2,127 $ 11,500 $ 6,924