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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST INCOME        
Interest and fees on loans receivable $ 23,536 $ 21,728 $ 70,036 $ 62,531
Interest on investment securities 3,786 3,368 11,367 9,886
Interest on deposits and other 582 524 1,798 1,545
FHLB dividends 302 214 942 628
Total interest income 28,206 25,834 84,143 74,590
INTEREST EXPENSE        
Deposits 10,960 7,699 31,252 18,261
Borrowings 3,226 3,185 10,708 9,092
Total interest expense 14,186 10,884 41,960 27,353
Net interest income 14,020 14,950 42,183 47,237
Provision for credit losses on loans 3,077 880 12,956 1,195
Provision for (recapture of) credit losses on unfunded commitments 57 (509) (113) (1,024)
Provision for credit losses 3,134 371 12,843 171
Net interest income after provision for credit losses 10,886 14,579 29,340 47,066
NONINTEREST INCOME        
Loan and deposit service fees 1,059 1,068 3,237 3,273
Sold loan servicing fees and servicing rights mark-to-market 10 98 303 400
Net gain on sale of loans 58 171 260 405
Net (loss) gain on sale of investment securities 0 0 (2,117) 0
Net gain on sale of premises and equipment 0 0 7,919 0
Increase in cash surrender value of bank-owned life insurance 315 252 851 668
Other income 337 1,315 861 2,203
Total noninterest income 1,779 2,904 11,314 6,949
NONINTEREST EXPENSE        
Compensation and benefits 8,582 7,795 25,298 23,812
Data processing 2,085 1,945 6,037 6,063
Occupancy and equipment 1,553 1,173 4,592 3,596
Supplies, postage, and telephone 360 292 970 1,082
Regulatory assessments and state taxes 548 446 1,518 1,259
Advertising 409 501 1,095 2,471
Professional fees 698 929 2,292 2,619
FDIC insurance premium 533 369 1,392 939
Other expense 1,080 926 2,566 2,623
Total noninterest expense 15,848 14,376 45,760 44,464
(Loss) income before (benefit) provision for income taxes (3,183) 3,107 (5,106) 9,551
(Benefit) provision for income taxes (1,203) 603 (1,303) 1,903
Net (loss) income (1,980) 2,504 (3,803) 7,648
Net loss attributable to noncontrolling interest in Quin Ventures, Inc. 0 0 0 160
Net (loss) income attributable to parent $ (1,980) $ 2,504 $ (3,803) $ 7,808
Basic and diluted (loss) earnings per common share (in dollars per share) $ (0.23) $ 0.28 $ (0.43) $ 0.87