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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Loans, including fees $ 16,372 $ 7,344 $ 29,443 $ 14,162
Interest-bearing deposits in banks and other 1,420 415 2,600 600
Total interest income 17,792 7,759 32,043 14,762
Interest expense:        
Deposits 7,098 1,060 12,021 2,277
Borrowings 586 112 861 229
Total interest expense 7,684 1,172 12,882 2,506
Net interest income 10,108 6,587 19,161 12,256
Provision for credit losses 2,765 250 4,707 (2,150)
Net interest income after provision for credit losses 7,343 6,337 14,454 14,406
Noninterest income:        
Loan servicing income, net 649 433 1,389 888
Gain on sale of government guaranteed loans, net 6,028 3,848 10,437 8,469
Service charges and fees 379 322 758 604
Government guaranteed loans fair value gain 2,904 2,708 6,478 2,511
Other noninterest income 977 366 1,323 870
Total noninterest income 10,937 7,677 20,385 13,342
Noninterest expense:        
Salaries and benefits 7,780 6,870 15,615 14,419
Bonus, commissions, and incentives 1,305 573 2,109 950
Occupancy and equipment 1,183 973 2,346 1,940
Data processing 1,316 1,084 2,663 2,239
Marketing and business development 1,102 749 1,767 1,438
Professional services 874 979 1,771 2,133
Loan origination and collection 1,221 748 2,716 1,418
Employee recruiting and development 556 532 1,124 1,135
Regulatory assessments 232 120 331 189
Other noninterest expense 833 1,062 1,372 1,700
Total noninterest expense 16,402 13,690 31,814 27,561
Income from continuing operations before income taxes 1,878 324 3,025 187
Income tax expense (benefit) from continuing operations 461 (68) 741 (95)
Net income from continuing operations 1,417 392 2,284 282
Loss from discontinued operations before income taxes (43) (897) (213) (733)
Income tax benefit from discontinued operations (11) (223) (53) (182)
Net loss from discontinued operations (32) (674) (160) (551)
Net income (loss) 1,385 (282) 2,124 (269)
Preferred stock dividends 208 208 416 416
Net income available to (loss attributable to) common shareholders, basic $ 1,177 $ (490) $ 1,708 $ (685)
Basic earnings (loss) per common share:        
Continuing operations (in dollars per share) $ 0.30 $ 0.05 $ 0.46 $ (0.03)
Discontinued operations (in dollars per share) (0.01) (0.17) (0.04) (0.14)
Total basic earnings (loss) per common share (in dollars per share) 0.29 (0.12) 0.42 (0.17)
Diluted earnings (loss) per common share:        
Continuing operations (in dollars per share) 0.30 0.05 0.46 (0.03)
Discontinued operations (in dollars per share) (0.01) (0.17) (0.04) (0.14)
Total diluted earnings (loss) per common share (in dollars per share) $ 0.29 $ (0.12) $ 0.42 $ (0.17)