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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income:        
Interest and fees on loans $ 43,970 $ 26,337 $ 85,276 $ 51,060
Interest and dividends on taxable securities 1,449 1,340 2,932 2,665
Interest and dividends on tax exempt securities 102 105 203 210
Interest and dividends on other earning assets 7,158 448 11,382 854
Total interest and dividend income 52,679 28,230 99,793 54,789
Interest expense:        
Interest on deposits 24,783 2,311 39,827 4,684
Interest on other borrowings 1,739 1,341 5,444 2,699
Total interest expense 26,522 3,652 45,271 7,383
Net interest income 26,157 24,578 54,522 47,406
Provision for credit losses 4,301 422 9,488 521
Net interest income after provision for credit losses 21,856 24,156 45,034 46,885
Noninterest income:        
Account maintenance and deposit service fees 1,430 1,442 2,646 2,793
Income from bank-owned life insurance 394 378 814 753
Mortgage banking income 5,198 593 9,513 593
Gain on sale of loans 182   660 0
Credit enhancement income 1,152   6,038 0
Other noninterest income 130 217 347 581
Total noninterest income 8,486 2,630 20,018 4,720
Noninterest expenses:        
Salaries and benefits 15,283 10,573 30,311 20,198
Occupancy expenses 1,593 1,418 3,038 2,875
Furniture and equipment expenses 1,852 1,128 3,429 2,228
Amortization of intangible assets 318 341 635 682
Virginia franchise tax expense 848 814 1,697 1,627
Data processing expense 2,828 1,293 5,079 2,783
Marketing expense 521 731 1,090 1,196
Telephone and communication expense 416 366 793 748
Net gain on other real estate owned     0 (59)
Loss on bank premises and equipment and assets held for sale   620   620
Professional fees 1,075 827 1,937 1,921
Credit enhancement costs 515   1,388  
Other operating expenses 5,303 2,366 8,559 4,690
Total noninterest expenses 30,552 20,477 57,956 39,509
Income (loss) before income taxes (210) 6,309 7,096 12,096
Income tax expense (benefit) (22) 1,361 1,331 2,612
Net income (loss) (188) 4,948 5,765 9,484
Other comprehensive income (loss):        
Unrealized gain (loss) on available-for-sale securities (3,299) (10,723) (293) (24,099)
Tax benefit (693) (2,252) (62) (5,061)
Other comprehensive loss (2,606) (8,471) (231) (19,038)
Comprehensive income (loss) $ (2,794) $ (3,462) $ 5,534 $ (9,436)
Earnings (loss) per share, basic $ (0.01) $ 0.20 $ 0.23 $ 0.39
Earnings (loss) per share, diluted $ (0.01) $ 0.20 $ 0.23 $ 0.38