XML 34 R25.htm IDEA: XBRL DOCUMENT
v3.23.3

Organization and Basis of Presentation (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | summary of the adjustments as of and for the three months ended March 31, 2023 included in the Explanatory Note of this Form 10-Q/A.
|  | For the three months ended March 31, 2023 |
Dollars in thousands, except per share data (unaudited) |  | As Reported |  |  | Adjustments |  |  | As Restated |
Net interest income |  | $ | 27,359 |  |  | $ | (2,163 | ) | (a) | $ | 25,196 |
Provision (benefit) for credit losses - loans |  |  | 4,100 |  |  |  | (5,210 | ) | (b) |  | (1,110 | )
Income from continuing operations before income tax expense |  |  | 2,095 |  |  |  | 3,047 |  |  |  | 5,142 |
Income tax expense |  |  | 491 |  |  |  | 681 |  | (d) |  | 1,172 |
Net income from continuing operations |  | $ | 1,604 |  |  | $ | 2,366 |  |  | $ | 3,970 |
Basic and diluted earnings per common share from continuing operations |  | $ | 0.09 |  |  | $ | 0.12 |  |  | $ | 0.21 |
|  | As of March 31, 2023 |
Dollars in thousands (unaudited) |  | As Reported |  |  | Adjustments |  |  | As Restated |
Loans held for investment, net of deferred fees and costs |  | $ | 2,448,992 |  |  | $ | (4,197 | ) | (e) | $ | 2,444,795 |
Allowance for credit losses |  |  | (29,974 | ) |  |  | (5,987 | ) | (c) |  | (35,961 | )
Accrued interest receivable |  |  | 14,915 |  |  |  | (790 | ) | (e) |  | 14,125 |
Deferred tax asset, net |  |  | 9,605 |  |  |  | 3,123 |  | (d) |  | 12,728 |
Other assets |  |  | 21,264 |  |  |  | (3,000 | ) | (e) |  | 18,264 |
Total assets |  | $ | 3,334,911 |  |  | $ | (10,851 | ) |  | $ | 3,324,060 |
Total stockholders' equity |  | $ | 257,586 |  |  | $ | (10,851 | ) |  | $ | 246,735 |
(a) - Attributable to $63.5 million of specialty finance loans reported as nonaccrual (as restated), previously reported as accruing as of March 31, 2023. See Note 4 for restated disclosures. |
(b) - Attributable to adjustments to specific reserves for specialty finance loans. See Note 4 for restated disclosures. |
(c) - Attributable to adjustments noted in (b) and for adjustments for the implementation of ASC 326. See Note 2 for restated disclosures. |
(d) - Deferred income tax benefit of 22.35% on pre-tax adjustments. |
(e) - Related to reversal of accrued interest receivable associated with (a), reversal of capitalized accrued interest previously reported in loans held for investment, and to reflect the application of cash received in the first quarter of 2023 as a reduction in loans held for investment previously reported as interest and fee income on loans. |
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 10 - Fair Value
| 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 For m 10-Q/A does not reflect events occurring after the date of the original Form 10-Q filing.

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration