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Restatement (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Summary of Adjustments

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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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

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-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
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