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Schedule I - Condensed Financial Information of the Registrant (Parent Company)

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

SCHEDULE I. Condensed Financial Information of the Registrant (Parent Company)

Parent Company Balance Sheets

(in thousands)		December 31, 2023				December 31, 2022

Assets
Investments in subsidiaries		$	20,325			$	23,545
Cash and cash equivalents			2,058				32
Other assets			5,339				1,313
Total Assets		$	27,722			$	24,890
Liabilities and Shareholders' Equity
Liabilities:
Accrued expenses and other liabilities		$	13			$	3,206
Total Liabilities			13				3,206
Redeemable Class A preferred stock			—				6,013
Shareholders' Equity:
Common stock			—				—
Additional paid-in capital			379,813				359,985
Treasury stock, at cost			(3,696	)			(492	)
Accumulated deficit			(346,868	)			(370,427	)
Accumulated other comprehensive (loss) income			(1,540	)			26,605
Shareholders' equity attributable to common shareholders			27,709				15,671
Total Liabilities, Class A preferred stock and Shareholders' Equity		$	27,722			$	24,890

See accompanying report of independent registered accounting firm.

SCHEDULE I. Condensed Financial Information of the Registrant (Parent Company)

Parent Company Statements of Operations

(in thousands)		Years ended December 31,
		2023				2022
Other expenses, net:
General and administrative expenses		$	(1,990	)		$	(2,081	)
Non-operating other expense			(3	)			(8	)
Total other expenses, net			(1,993	)			(2,089	)
Loss from continuing operations before income tax benefit and equity in income of subsidiaries			(1,993	)			(2,089	)
Income tax benefit			(1,331	)			(314	)
Equity in income of subsidiaries			24,674				16,840
Net income		$	24,012			$	15,065

See accompanying report of independent registered accounting firm.

SCHEDULE I. Condensed Financial Information of the Registrant (Parent Company)

Parent Company Statements of Comprehensive (Loss) Income

(in thousands)		Years ended December 31,
		2023				2022

Net income		$	24,012			$	15,065
Other comprehensive loss, net of taxes(1):
Unrealized losses on available-for-sale investments:
Unrealized losses arising during the period			—				—
Reclassification adjustment for amounts included in net income			—				—
Other comprehensive loss - parent only			—				—
Equity in other comprehensive loss of subsidiaries			(28,115	)			(4,238	)
Other comprehensive loss			(28,115	)			(4,238	)
Comprehensive (loss) income		$	(4,103	)		$	10,827

(1) Net of income tax (benefit) expense of $0 and $0 in 2023 and 2022, respectively

See accompanying report of independent registered accounting firm.

SCHEDULE I. Condensed Financial Information of the Registrant (Parent Company)

Parent Company Statements of Cash Flows

(in thousands)		Years ended December 31,
		2023				2022
Cash provided by (used in):
Operating activities:
Net income		$	24,012			$	15,065
Adjustments to reconcile net income to net cash used in operating activities:
Equity in net income of subsidiaries			(24,674	)			(16,840	)
Stock-based compensation expense, net of forfeitures			509				589
Change in other assets			(4,026	)			(866	)
Change in accrued expenses and other liabilities			(3,193	)			1,533
Net cash used in operating activities			(7,372	)			(519	)
Investing activities:
Net cash from investing activities			—				—
Financing activities:
Proceeds from exercise of warrants			16,658				545
Cash paid for repurchase of warrants			(4,031	)			—
Cash paid for repurchase of common stock			(3,204	)			—
Capital contribution to subsidiary			(25	)			(50	)
Net cash provided by financing activities			9,398				495
Net increase (decrease) in cash and cash equivalents			2,026				(24	)
Cash and cash equivalents at beginning of period			32				56
Cash and cash equivalents at end of period		$	2,058			$	32

See accompanying report of independent registered accounting firm.