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Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of Unrealized Portion Related to Equity Securities

The following table presents the unrealized portion related to the equity securities held.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net losses recognized during the period on equity securities

 

$

(7

)

 

$

(28

)

 

$

(26

)

 

$

—

 

Less: Net gains (losses) recognized during the period on equity
   securities sold during the period

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Unrealized losses recognized during the reporting period on
   equity securities still held at the reporting date

 

$

(7

)

 

$

(28

)

 

$

(26

)

 

$

—

 
Summary of Finalized Adoption Related to Allowance for Credit Losses on Loans The CECL methodology transition effects on the allowance for credit losses are shown in the following table:

(Dollars in thousands)

 

December 31, 2022
Pre-Topic 326
Adoption

 

 

Effect of ASC 326
Adoption
(Transition Amounts)

 

 

January 1, 2023
Post-ASC 326
Adoption

 

Assets:

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

Recreation

 

$

41,966

 

 

$

10,037

 

 

$

52,003

 

Home improvement

 

 

11,340

 

 

 

1,518

 

 

 

12,858

 

Commercial

 

 

1,049

 

 

 

2,157

 

 

 

3,206

 

Taxi medallion

 

 

9,490

 

 

 

—

 

 

 

9,490

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

Allowance for credit losses on loans

 

$

63,845

 

 

$

13,712

 

 

$

77,557

 
Schedule of Intangible Assets

The following table details the intangible assets as of the dates presented:

(Dollars in thousands)

 

June 30, 2024

 

 

December 31, 2023

 

Brand-related intellectual property

 

$

15,125

 

 

$

15,675

 

Home improvement contractor relationships

 

 

4,744

 

 

 

4,916

 

Total intangible assets

 

$

19,869

 

 

$

20,591

 
Summary of the Calculation of Basic and Diluted EPS The table below shows the calculation of basic and diluted EPS.

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands, except share and per share data)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income attributable to common stockholders

 

$

7,101

 

 

$

14,170

 

 

$

17,125

 

 

$

29,531

 

Weighted average common shares outstanding applicable to basic EPS

 

 

22,598,102

 

 

 

22,488,463

 

 

 

22,619,743

 

 

 

22,416,089

 

Effect of restricted stock grants

 

 

404,499

 

 

 

276,420

 

 

 

507,416

 

 

 

379,924

 

Effect of dilutive stock options

 

 

163,340

 

 

 

43,567

 

 

 

209,067

 

 

 

96,342

 

Effect of performance stock unit grants

 

 

287,221

 

 

 

45,477

 

 

 

272,878

 

 

 

22,739

 

Adjusted weighted average common shares outstanding applicable to diluted EPS

 

 

23,453,162

 

 

 

22,853,927

 

 

 

23,609,104

 

 

 

22,915,094

 

Basic net income per share

 

$

0.31

 

 

$

0.63

 

 

$

0.76

 

 

$

1.32

 

Diluted net income per share

 

 

0.30

 

 

 

0.62

 

 

 

0.73

 

 

 

1.29

 
Summary of Bank's Actual Capital Amounts and Ratios, and the Regulatory Minimum Ratios The Bank’s actual capital amounts and ratios and the regulatory minimum ratios are presented in the following table.

 

Regulatory

 

 

 

 

 

 

 

(Dollars in thousands)

 

Minimum

 

 

Well-Capitalized

 

 

June 30, 2024

 

 

December 31, 2023

 

Common equity tier 1 capital

 

 

 

 

 

 

 

$

306,186

 

 

$

293,774

 

Tier 1 capital

 

 

 

 

 

 

 

 

374,974

 

 

 

362,561

 

Total capital

 

 

 

 

 

 

 

 

404,742

 

 

 

390,153

 

Average assets

 

 

 

 

 

 

 

 

2,322,625

 

 

 

2,232,816

 

Risk-weighted assets

 

 

 

 

 

 

 

 

2,326,972

 

 

 

2,155,641

 

Leverage ratio (1)

 

 

4.0

%

 

 

5.0

%

 

 

16.1

%

 

 

16.2

%

Common equity tier 1 capital ratio (2)

 

 

7.0

 

 

 

6.5

 

 

 

13.2

 

 

 

13.6

 

Tier 1 capital ratio (3)

 

 

8.5

 

 

 

8.0

 

 

 

16.1

 

 

 

16.8

 

Total capital ratio (3)

 

 

10.5

 

 

 

10.0

 

 

 

17.4

 

 

 

18.1

 
(1)
Calculated by dividing Tier 1 capital by average assets.
(2)
Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets.
(3)
Calculated by dividing Tier 1 or total capital by risk-weighted assets.