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Organization and Basis of Presentation (Tables)

6 Months Ended

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 original Form 10-Q filing.

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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.

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