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Restatement | 12 Months Ended
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Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract] |
Restatement | Note 23. Restatement The Company is restating its financial statements to reclassify certain specialty finance loans that were placed on nonaccrual, reserved for, or charged off in the interim periods ended March 31, 2023 and June 30, 2023, and to report such specialty finance loans as nonaccrual, reserved for, or charged off in earlier periods. The effect of the adjustments has resulted in lower net income and earnings per share for the year ended December 31, 2022. Balance sheet amounts, including loans held for investment, allowance for loan losses, accrued interest receivable, deferred tax asset, other assets, and stockholders’ equity, are affected as of December 31, 2022. The following tables provide a summary of the adjustments as of and for the year ended December 31, 2022 included in the Explanatory Note of this Form 10-K/A.
|  | For the year ended December 31, 2022 |
Dollars in thousands, except per share data |  | As Reported |  |  | Adjustments |  |  | As Restated |
Net interest income |  | $ | 110,391 |  |  | $ | (5,824 | ) | (a) | $ | 104,567 |
Provision for loan losses |  |  | 17,886 |  |  |  | 7,801 |  | (b) |  | 25,687 |
Income (loss) from continuing operations before income tax expense |  |  | 35,821 |  |  |  | (13,625 | ) |  |  | 22,196 |
Income tax expense (benefit) |  |  | 8,244 |  |  |  | (3,045 | ) | (c) |  | 5,199 |
Net income from continuing operations |  | $ | 27,577 |  |  | $ | (10,580 | ) |  | $ | 16,997 |
Basic and diluted earnings (loss) per common share from continuing operations |  | $ | 1.46 |  |  | $ | (0.56 | ) |  | $ | 0.90 |
|  | As of December 31, 2022 |
Dollars in thousands |  | As Reported |  |  | Adjustments |  |  | As Restated |
Loans held for investment, net of deferred fees and costs |  | $ | 2,399,092 |  |  | $ | — |  |  | $ | 2,399,092 |
Allowance for loan losses |  |  | (22,939 | ) |  |  | (7,801 | ) | (b) |  | (30,740 | )
Accrued interest receivable |  |  | 12,393 |  |  |  | (824 | ) | (d) |  | 11,569 |
Deferred tax asset, net |  |  | 9,182 |  |  |  | 3,045 |  | (c) |  | 12,227 |
Other assets |  |  | 19,175 |  |  |  | (5,000 | ) | (a) |  | 14,175 |
Total assets |  | $ | 3,141,045 |  |  | $ | (10,580 | ) |  | $ | 3,130,465 |
Total stockholders' equity |  | $ | 259,373 |  |  | $ | (10,580 | ) |  | $ | 248,793 |
(a) - Attributable to $65.7 million of specialty finance loans reported as nonaccrual (as restated), previously reported as accruing as of December 31, 2022. See Note 4 for restated disclosures. |
(b) - Attributable to incremental specific reserves for specialty finance loans. See Note 4 for restated disclosures. |
(c) - Deferred income tax benefit of 22.35% on pre-tax adjustments. See Note 17 for restated disclosures. |
(d) - Related to reversal of accrued loan fees associated with adjustment (a). |

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