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Organization and Basis of Presentation (Tables) | 6 Months Ended
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Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Adjustments | The following tables provide a summary of the adjustments as of and for the three and six months ended June 30, 2023 included in the Explanatory Note of this Form 10-Q/A.
|  | For the three months ended June 30, 2023 |
Dollars in thousands, except per share data (unaudited) |  | As Reported |  |  | Adjustments |  |  | As Restated |
Net interest income |  | $ | 20,403 |  |  | $ | 3,487 |  | (a) | $ | 23,890 |
Provision (benefit) for credit losses - loans |  |  | 21,100 |  |  |  | (10,487 | ) | (a) |  | 10,613 |
(Loss) income from continuing operations before income tax expense |  |  | (24,413 | ) |  |  | 13,974 |  |  |  | (10,439 | )
Income tax (benefit) expense |  |  | (4,949 | ) |  |  | 3,123 |  | (b) |  | (1,826 | )
Net (loss) income from continuing operations |  | $ | (19,464 | ) |  | $ | 10,851 |  |  | $ | (8,613 | )
Basic and diluted (loss) earnings per common share from continuing operations |  | $ | (1.03 | ) |  | $ | 0.58 |  |  | $ | (0.45 | )
|  | For the six months ended June 30, 2023 |
Dollars in thousands, except per share data (unaudited) |  | As Reported |  |  | Adjustments |  |  | As Restated |
Net interest income |  | $ | 47,762 |  |  | $ | 1,324 |  | (a) | $ | 49,086 |
Provision (benefit) for credit losses - loans |  |  | 25,200 |  |  |  | (15,697 | ) | (a) |  | 9,503 |
(Loss) income from continuing operations before income tax expense |  |  | (22,318 | ) |  |  | 17,021 |  |  |  | (5,297 | )
Income tax (benefit) expense |  |  | (4,458 | ) |  |  | 3,804 |  | (b) |  | (654 | )
Net (loss) income from continuing operations |  | $ | (17,860 | ) |  | $ | 13,217 |  |  | $ | (4,643 | )
Basic and diluted (loss) earnings per common share from continuing operations |  | $ | (0.95 | ) |  | $ | 0.70 |  |  | $ | (0.25 | )
|  | As of June 30, 2023 |
Dollars in thousands (unaudited) |  | As Reported |  |  | Adjustments |  |  | As Restated |
Loans held for investment, net of deferred fees and costs |  | $ | 2,451,697 |  |  | $ | (4,500 | ) | (c) | $ | 2,447,197 |
Allowance for credit losses |  |  | (43,067 | ) |  |  | 4,500 |  | (c) |  | (38,567 | )
Accrued interest receivable |  |  | 15,474 |  |  |  | — |  |  |  | 15,474 |
Deferred tax asset, net |  |  | 11,051 |  |  |  | — |  |  |  | 11,051 |
Other assets |  |  | 28,175 |  |  |  | — |  |  |  | 28,175 |
Total assets |  | $ | 3,214,424 |  |  | $ | — |  |  | $ | 3,214,424 |
Total stockholders' equity |  | $ | 231,271 |  |  | $ | — |  |  | $ | 231,271 |
(a) - Net interest income and provision for credit losses were positively adjusted from the previously reported figures as of and for the three and six months ended June 30, 2023 due to the restatements of the Company's 2022 and first quarter 2023 financial results. |
(b) - Deferred income tax benefit of 22.35% on pre-tax adjustments. |
(c) - Reflects the application of cash received in the first six months of 2023 as a reduction in loans held for investment, previously reported as interest and fee income on loans in prior periods, with an equal reduction in the allowance for credit losses. |
For the convenience of the reader, this Form 10-Q/A sets forth the information in the original Form 10-Q filing in its entirety; however, only the following sections of the original Form 10-Q filing are revised in this Form 10-Q/A, solely as a result of and to reflect the restatement and conditions related to the restatement noted above.
Part I, Item 1 | Financial Statements and Notes to Consolidated Financial Statements
Notes: | Note 1 - Organization and Basis of Presentation
| Note 2 - Adoption of New Accounting Standard
| Note 4 - Loans and ACL
| Note 11 - Minimum Regulatory Capital Requirements
| Note 13 - Earnings Per Share
| Note 14 - Business Segments
| Note 17 - Subsequent Events
Item 2 | Management's Discussion and Analysis of Financial Condition and Results of Operation
Item 4 | Controls and Procedures
Except as it relates to the restatement described above with related disclosures and updated subsequent events disclosures, this Form 10-Q/A does not reflect events occurring after the date of the ori ginal Form 10-Q filing.

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