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CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income:        
Interest and fees on loans $ 47,771 $ 30,488 $ 133,047 $ 81,548
Interest and dividends on taxable securities 1,491 1,417 4,423 4,082
Interest and dividends on tax exempt securities 102 101 305 311
Interest and dividends on other earning assets 1,122 555 12,504 1,409
Total interest and dividend income 50,486 32,561 150,279 87,350
Interest expense:        
Interest on deposits 21,576 3,287 61,403 7,971
Interest on other borrowings 1,785 1,859 7,229 4,558
Total interest expense 23,361 5,146 68,632 12,529
Net interest income 27,125 27,415 81,647 74,821
Provision for credit losses 1,648 2,890 11,136 3,411
Net interest income after provision for credit losses 25,477 24,525 70,511 71,410
Noninterest income:        
Account maintenance and deposit service fees 1,503 1,525 4,149 4,318
Income from bank-owned life insurance 787 394 1,601 1,147
Mortgage banking income 4,922 2,197 14,435 2,790
Gain on sale of loans 451   1,111 0
Credit enhancement income 2,047 1,220 8,085 1,220
Other noninterest income 232 284 579 865
Total noninterest income 9,942 5,620 29,960 10,340
Noninterest expenses:        
Salaries and benefits 13,809 12,594 44,120 32,792
Occupancy expenses 1,633 1,402 4,671 4,277
Furniture and equipment expenses 1,537 1,455 4,966 3,683
Amortization of intangible assets 317 326 952 1,008
Virginia franchise tax expense 849 813 2,546 2,440
FDIC insurance assessment 820 199 2,254 658
Data processing expense 2,250 1,528 7,329 4,311
Marketing expense 377 938 1,467 2,134
Telephone and communication expense 356 342 1,149 1,090
Professional fees 1,118 1,261 3,055 3,182
Credit enhancement costs 337   1,725  
Goodwill impairment 11,150   11,150  
Other operating expenses 2,521 2,903 9,646 7,695
Total noninterest expenses 37,074 23,761 95,030 63,270
(Loss) income before income taxes (1,655) 6,384 5,441 18,480
Income tax expense 1,912 1,359 3,243 3,971
Net income (3,567) 5,025 2,198 14,509
Other comprehensive loss:        
Unrealized loss on available-for-sale securities (5,557) (12,068) (5,850) (36,167)
Tax benefit (1,167) (2,534) (1,229) (7,595)
Other comprehensive loss (4,390) (9,534) (4,621) (28,572)
Comprehensive loss $ (7,957) $ (4,509) $ (2,423) $ (14,063)
(Loss) earnings per share, basic (in dollars per share) $ (0.14) $ 0.21 $ 0.09 $ 0.60
(Loss) earnings per share, diluted (in dollars per share) $ (0.14) $ 0.20 $ 0.09 $ 0.59