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Selected Quarterly Financial Data (unaudited) | 12 Months Ended
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Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Data (unaudited) | Note 27—Selected Quarterly Financial Data (unaudited) On December 31, 2022, the Company's Emerging Growth Company status expired and the Company adopted CECL and applied it retrospectively to the period beginning January 1, 2022 using the modified retrospective method of accounting. Adoption of CECL includes both a $10.1 million retroactive equity adjustment to January 1, 2022 (Day 1) and a $1.7 million fourth quarter adjustment to earnings (net of tax) to account for the difference in provision for credit losses between CECL and the incurred loss methodology for the first three quarters of 2022. Results for reporting periods beginning after September 30, 2022 are presented under the new standard, while prior quarters previously reported are recast as if the new standard had been applied since January 1, 2022. The following table presents select financial data for the first three quarters of 2022 as reported and recast, and for the fourth quarter 2022 as reported.
|  | For the year ended December 31, 2022 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
|  | As Reported |  |  | Adjustment |  |  | Recast |  |  | As Reported |  |  | Adjustment |  |  | Recast |  |  | As Reported |  |  | Adjustment |  |  | Recast |  |  | As Reported |
Interest and dividend income |  | $ | 61,818 |  |  | $ | (405 | ) |  | $ | 61,413 |  |  | $ | 66,546 |  |  | $ | 133 |  |  | $ | 66,679 |  |  | $ | 79,903 |  |  | $ | (240 | ) |  | $ | 79,663 |  |  | $ | 93,804 |
Interest expense |  |  | 3,082 |  |  |  | — |  |  |  | 3,082 |  |  |  | 4,919 |  |  |  | — |  |  |  | 4,919 |  |  |  | 11,028 |  |  |  | — |  |  |  | 11,028 |  |  |  | 17,200 |
Net interest income |  |  | 58,736 |  |  |  | (405 | ) |  |  | 58,331 |  |  |  | 61,627 |  |  |  | 133 |  |  |  | 61,760 |  |  |  | 68,875 |  |  |  | (240 | ) |  |  | 68,635 |  |  |  | 76,604 |
Provision/(recapture) for credit losses |  |  | 4,995 |  |  |  | 1,564 |  |  |  | 6,559 |  |  |  | 5,908 |  |  |  | (1,622 | ) |  |  | 4,286 |  |  |  | 4,176 |  |  |  | 3,032 |  |  |  | 7,208 |  |  |  | 5,826 |
Net interest income after provision/(recapture) for credit losses |  |  | 53,741 |  |  |  | (1,969 | ) |  |  | 51,772 |  |  |  | 55,719 |  |  |  | 1,755 |  |  |  | 57,474 |  |  |  | 64,699 |  |  |  | (3,272 | ) |  |  | 61,427 |  |  |  | 70,778 |
Non-interest income |  |  | 19,426 |  |  |  | 117 |  |  |  | 19,543 |  |  |  | 14,161 |  |  |  | 112 |  |  |  | 14,273 |  |  |  | 11,992 |  |  |  | 51 |  |  |  | 12,043 |  |  |  | 11,455 |
Non-interest expense |  |  | 44,555 |  |  |  | (599 | ) |  |  | 43,956 |  |  |  | 43,773 |  |  |  | (188 | ) |  |  | 43,585 |  |  |  | 46,178 |  |  |  | (137 | ) |  |  | 46,041 |  |  |  | 50,500 |
Income before provision for income taxes |  |  | 28,612 |  |  |  | (1,253 | ) |  |  | 27,359 |  |  |  | 26,107 |  |  |  | 2,055 |  |  |  | 28,162 |  |  |  | 30,513 |  |  |  | (3,084 | ) |  |  | 27,429 |  |  |  | 31,733 |
Provision for income taxes |  |  | 6,301 |  |  |  | (340 | ) |  |  | 5,961 |  |  |  | 5,824 |  |  |  | 558 |  |  |  | 6,382 |  |  |  | 7,857 |  |  |  | (837 | ) |  |  | 7,020 |  |  |  | 7,366 |
Net income |  |  | 22,311 |  |  |  | (913 | ) |  |  | 21,398 |  |  |  | 20,283 |  |  |  | 1,497 |  |  |  | 21,780 |  |  |  | 22,656 |  |  |  | (2,247 | ) |  |  | 20,409 |  |  |  | 24,367 |
Dividends on preferred shares |  |  | 196 |  |  |  | — |  |  |  | 196 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Income available to common stockholders |  | $ | 22,115 |  |  | $ | (913 | ) |  | $ | 21,202 |  |  | $ | 20,283 |  |  | $ | 1,497 |  |  | $ | 21,780 |  |  | $ | 22,656 |  |  | $ | (2,247 | ) |  | $ | 20,409 |  |  | $ | 24,367 |
Basic earnings per common share |  | $ | 0.60 |  |  | $ | (0.03 | ) |  | $ | 0.57 |  |  | $ | 0.55 |  |  | $ | 0.04 |  |  | $ | 0.59 |  |  | $ | 0.61 |  |  | $ | (0.06 | ) |  | $ | 0.55 |  |  | $ | 0.66 |
Diluted earnings per common share |  | $ | 0.58 |  |  | $ | (0.02 | ) |  | $ | 0.56 |  |  | $ | 0.54 |  |  | $ | 0.04 |  |  | $ | 0.58 |  |  | $ | 0.61 |  |  | $ | (0.06 | ) |  | $ | 0.55 |  |  | $ | 0.65 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1B Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 270 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/270/tableOfContent + Details
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