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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME        
Interest and fees on loans $ 36,196 $ 38,326 $ 74,542 $ 75,457
Interest on securities, deposit accounts, and federal funds sold 4,435 4,134 8,620 7,893
Total interest income 40,631 42,460 83,162 83,350
INTEREST EXPENSE        
Interest on deposits 17,272 14,624 35,757 25,955
Interest on subordinated notes 552 547 1,112 1,100
Interest on FHLB and FRB borrowings 2,722 3,399 5,859 7,209
Total interest expense 20,546 18,570 42,728 34,264
Net interest income 20,085 23,890 40,434 49,086
Provision for credit losses - loans 3,600 10,613 3,600 9,503
Recovery of credit losses - unfunded commitments (500) (600) (1,500) (1,000)
Total provision for credit losses 3,100 10,013 2,100 8,503
Net interest income after provision for credit losses 16,985 13,877 38,334 40,583
NONINTEREST INCOME        
Fair value adjustments of other equity investments (8,537) (281) (8,544) (332)
Residential mortgage banking income 3,090 3,145 5,754 6,344
Mortgage servicing rights 2,019 1,150 2,748 (746)
Gain on sale of guaranteed government loans 11 2,384 121 4,793
Wealth and trust management 623 462 1,143 894
Service charges on deposit accounts 423 349 821 692
Increase in cash surrender value of bank owned life insurance 333 292 670 574
Bank and purchase card, net 513 560 755 900
Other 1,833 1,675 4,665 3,900
Total noninterest income 308 9,736 8,133 17,019
NONINTEREST EXPENSE        
Salaries and employee benefits 14,932 14,518 30,977 29,807
Occupancy and equipment 1,303 1,913 2,827 3,482
Data processing 896 1,131 2,002 2,477
Legal and regulatory filings 363 2,753 810 3,987
Advertising and marketing 183 337 480 623
Communications 1,436 1,171 2,609 2,302
Audit and accounting fees 295 503 1,450 649
FDIC insurance 1,817 1,246 3,194 1,975
Intangible amortization 276 335 563 690
Other contractual services 1,760 3,218 3,477 4,157
Other taxes and assessments 588 803 1,531 1,605
Regulatory remediation 1,397 2,388 4,041 3,522
Other 4,098 3,736 7,857 7,623
Total noninterest expense 29,344 34,052 61,818 62,899
Loss before income tax expense (12,051) (10,439) (15,351) (5,297)
Income tax benefit (616) (1,826) (1,023) (654)
Net loss (11,435) (8,613) (14,328) (4,643)
Dividends on preferred stock 150 0 150 0
Net loss attributable to common shareholders $ (11,585) $ (8,613) $ (14,478) $ (4,643)
Basic loss per common share $ (0.47) $ (0.45) $ (0.66) $ (0.25)
Diluted loss per common share $ (0.47) $ (0.45) $ (0.66) $ (0.25)