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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 $ 41,491 $ 26,277 $ 79,941 $ 50,978
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 50,200 28,170 94,458 54,707
Interest expense:        
Interest on deposits 24,783 2,311 39,827 4,684
Interest on other borrowings 2,083 1,353 5,975 2,724
Total interest expense 26,866 3,664 45,802 7,408
Net interest income 23,334 24,506 48,656 47,299
Provision for credit losses 4,352 422 9,615 521
Net interest income after provision for credit losses 18,982 24,084 39,041 46,778
Noninterest income:        
Account maintenance and deposit service fees 1,457 1,442 2,681 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     51 0
Consumer Program derivative 1,758 (238) 13,201 (184)
Other noninterest income 130 217 347 581
Total noninterest income 8,937 2,392 26,607 4,536
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
Miscellaneous lending expenses 568 104 1,453 494
Fraud losses 1,997 57 2,452 110
Other operating expenses 3,140 2,251 5,479 4,152
Total noninterest expenses 30,439 20,523 57,393 39,575
Income (loss) before income taxes (2,520) 5,953 8,255 11,739
Income tax expense (benefit) (526) 1,335 1,887 2,602
Net income (loss) (1,994) 4,618 6,368 9,137
Other comprehensive loss:        
Unrealized 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) $ (4,600) $ (3,853) $ 6,137 $ (9,901)
Earnings (loss) per share, basic $ (0.08) $ 0.19 $ 0.26 $ 0.37
Earnings (loss) per share, diluted $ (0.08) $ 0.19 $ 0.26 $ 0.37