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Segment Reporting | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting | Note 14 – Segment Reporting We have identified three reportable segments: CoRe Banking; Mortgage Banking; and Financial Holding Company. All other operating segments are summarized in an Other category. Our CoRe Banking segment, which includes our Fintech division, represents banking products and services offered to customers by the Bank, primarily loans and deposits accounts. Revenue from banking activities consists primarily of interest earned on loans and investment securities and service charges on deposit accounts. Revenue from our Mortgage Banking segment is primarily comprised of our share of net income or loss from mortgage banking activities of our equity method investments in ICM and Warp Speed. Revenue from Financial Holding Company activities is mainly comprised of intercompany service income and dividends. The following tables present information about the reportable segments and reconciliation to the consolidated financial statements for the periods shown:
Three Months Ended June 30, 2024 |  | CoRe Banking |  | Mortgage Banking |  | Financial Holding Company |  | Other |  | Intercompany Eliminations |  | Consolidated
(Dollars in thousands) |  |  |  |  |
Interest income |  | $ | 46,038 |  |  | $ | 103 |  |  | $ | 3 |  |  | $ | — |  |  | $ | (17) |  |  | $ | 46,127 |
Interest expense |  | 17,635 |  |  | — |  |  | 922 |  |  | 17 |  |  | (17) |  |  | 18,557 |
Net interest income (expense) |  | 28,403 |  |  | 103 |  |  | (919) |  |  | (17) |  |  | — |  |  | 27,570 |
Provision for credit losses |  | 254 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 254 |
Net interest income (expense) after provision for credit losses |  | 28,149 |  |  | 103 |  |  | (919) |  |  | (17) |  |  | — |  |  | 27,316 |
Noninterest income |  | 4,898 |  |  | 485 |  |  | 2,769 |  |  | 3,128 |  |  | (4,138) |  |  | 7,142 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 9,359 |  |  | — |  |  | 4,473 |  |  | 2,117 |  |  | — |  |  | 15,949 |
Other expenses |  | 13,257 |  |  | — |  |  | 2,080 |  |  | 1,782 |  |  | (4,138) |  |  | 12,981 |
Total noninterest expenses |  | 22,616 |  |  | — |  |  | 6,553 |  |  | 3,899 |  |  | (4,138) |  |  | 28,930 |
Income (loss), before income taxes |  | 10,431 |  |  | 588 |  |  | (4,703) |  |  | (788) |  |  | — |  |  | 5,528 |
Income taxes |  | 2,438 |  |  | 145 |  |  | (1,016) |  |  | (188) |  |  | — |  |  | 1,379 |
Net income (loss), before noncontrolling interest |  | 7,993 |  |  | 443 |  |  | (3,687) |  |  | (600) |  |  | — |  |  | 4,149 |
Net income attributable to noncontrolling interest |  | — |  |  | — |  |  | — |  |  | (60) |  |  | — |  |  | (60) |
Net income (loss) available to common shareholders |  | $ | 7,993 |  |  | $ | 443 |  |  | $ | (3,687) |  |  | $ | (660) |  |  | $ | — |  |  | $ | 4,089 |
Capital expenditures for the three months ended June 30, 2024 |  | $ | 159 |  |  | $ | — |  |  | $ | 97 |  |  | $ | — |  |  | $ | — |  |  | $ | 256 |
Total assets as of June 30, 2024 |  | $ | 3,230,012 |  |  | $ | 84,195 |  |  | $ | 343,954 |  |  | $ | 16,315 |  |  | $ | (386,472) |  |  | $ | 3,288,004 |
Total assets as of December 31, 2023 |  | $ | 3,255,369 |  |  | $ | 83,909 |  |  | $ | 345,314 |  |  | $ | 17,728 |  |  | $ | (388,438) |  |  | $ | 3,313,882 |
Goodwill as of June 30, 2024 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,838 |  |  | $ | — |  |  | $ | 2,838 |
Goodwill as of December 31, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,838 |  |  | $ | — |  |  | $ | 2,838 |
Three Months Ended June 30, 2023 |  | CoRe Banking |  | Mortgage Banking |  |  |  |  |  | Financial Holding Company |  | Other |  | Intercompany Eliminations |  | Consolidated
(Dollars in thousands) |  |  |  |  |  |  |
Interest income |  | $ | 46,929 |  |  | $ | 105 |  |  |  |  |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | (12) |  |  | $ | 47,031 |
Interest expense |  | 16,439 |  |  | — |  |  |  |  |  |  | 999 |  |  | 23 |  |  | (12) |  |  | 17,449 |
Net interest income (expense) |  | 30,490 |  |  | 105 |  |  |  |  |  |  | (996) |  |  | (17) |  |  | — |  |  | 29,582 |
Release of allowance for credit losses |  | (4,235) |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  | (4,235) |
Net interest income (expense) after release of allowance for credit losses |  | 34,725 |  |  | 105 |  |  |  |  |  |  | (996) |  |  | (17) |  |  | — |  |  | 33,817 |
Noninterest income |  | 4,113 |  |  | 1,872 |  |  |  |  |  |  | 3,116 |  |  | 1,051 |  |  | (3,733) |  |  | 6,419 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 9,053 |  |  | 7 |  |  |  |  |  |  | 4,623 |  |  | 2,063 |  |  | — |  |  | 15,746 |
Other expenses |  | 14,148 |  |  | 18 |  |  |  |  |  |  | 2,163 |  |  | 1,940 |  |  | (3,733) |  |  | 14,536 |
Total noninterest expenses |  | 23,201 |  |  | 25 |  |  |  |  |  |  | 6,786 |  |  | 4,003 |  |  | (3,733) |  |  | 30,282 |
Income (loss), before income taxes |  | 15,637 |  |  | 1,952 |  |  |  |  |  |  | (4,666) |  |  | (2,969) |  |  | — |  |  | 9,954 |
Income taxes |  | 3,237 |  |  | 643 |  |  |  |  |  |  | (1,207) |  |  | (717) |  |  | — |  |  | 1,956 |
Net income (loss), before noncontrolling interest |  | 12,400 |  |  | 1,309 |  |  |  |  |  |  | (3,459) |  |  | (2,252) |  |  | — |  |  | 7,998 |
Net loss attributable to noncontrolling interest |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 114 |  |  | — |  |  | 114 |
Net income (loss) available to common shareholders |  | $ | 12,400 |  |  | $ | 1,309 |  |  |  |  |  |  | $ | (3,459) |  |  | $ | (2,138) |  |  | $ | — |  |  | $ | 8,112 |
Capital expenditures for the three months ended June 30, 2023 |  | $ | 155 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 151 |  |  | $ | — |  |  | $ | 306 |
Six Months Ended June 30, 2024 |  | CoRe Banking |  | Mortgage Banking |  |  |  |  |  | Financial Holding Company |  | Other |  | Intercompany Eliminations |  | Consolidated
(Dollars in thousands) |  |  |  |  |  |  |  |
Interest income |  | $ | 95,980 |  |  | $ | 206 |  |  |  |  |  |  | $ | 5 |  |  | $ | — |  |  | $ | (34) |  |  | $ | 96,157 |
Interest expense |  | 36,562 |  |  | — |  |  |  |  |  |  | 1,881 |  |  | 39 |  |  | (34) |  |  | 38,448 |
Net interest income (expense) |  | 59,418 |  |  | 206 |  |  |  |  |  |  | (1,876) |  |  | (39) |  |  | — |  |  | 57,709 |
Provision for credit losses |  | 2,251 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 2,251 |
Net interest income (expense) after provision for credit losses |  | 57,167 |  |  | 206 |  |  |  |  |  |  | (1,876) |  |  | (39) |  |  | — |  |  | 55,458 |
Noninterest income |  | 12,419 |  |  | (644) |  |  |  |  |  |  | 5,034 |  |  | 6,392 |  |  | (8,225) |  |  | 14,976 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 19,182 |  |  | — |  |  |  |  |  |  | 9,151 |  |  | 4,105 |  |  | — |  |  | 32,438 |
Other expenses |  | 27,078 |  |  | — |  |  |  |  |  |  | 3,921 |  |  | 3,909 |  |  | (8,225) |  |  | 26,683 |
Total noninterest expenses |  | 46,260 |  |  | — |  |  |  |  |  |  | 13,072 |  |  | 8,014 |  |  | (8,225) |  |  | 59,121 |
Income (loss), before income taxes |  | 23,326 |  |  | (438) |  |  |  |  |  |  | (9,914) |  |  | (1,661) |  |  | — |  |  | 11,313 |
Income taxes |  | 5,316 |  |  | (84) |  |  |  |  |  |  | (2,173) |  |  | (397) |  |  | — |  |  | 2,662 |
Net income (loss), before noncontrolling interest |  | 18,010 |  |  | (354) |  |  |  |  |  |  | (7,741) |  |  | (1,264) |  |  | — |  |  | 8,651 |
Net income attributable to noncontrolling interest |  | — |  |  | — |  |  |  |  |  |  | — |  |  | (80) |  |  | — |  |  | (80) |
Net income (loss) available to common shareholders |  | $ | 18,010 |  |  | $ | (354) |  |  |  |  |  |  | $ | (7,741) |  |  | $ | (1,344) |  |  | $ | — |  |  | $ | 8,571 |
Capital expenditures for the six months ended June 30, 2024 |  | $ | 811 |  |  | $ | — |  |  |  |  |  |  | $ | 108 |  |  | $ | 258 |  |  | $ | — |  |  | $ | 1,177 |
Six Months Ended June 30, 2023 |  | CoRe Banking |  | Mortgage Banking |  |  |  |  |  | Financial Holding Company |  | Other |  | Intercompany Eliminations |  | Consolidated
(Dollars in thousands) |  |  |  |  |  |  |  |
Interest income |  | $ | 91,591 |  |  | $ | 210 |  |  |  |  |  |  | $ | 36 |  |  | $ | — |  |  | $ | (43) |  |  | $ | 91,794 |
Interest expense |  | 27,480 |  |  | — |  |  |  |  |  |  | 1,992 |  |  | 54 |  |  | (43) |  |  | 29,483 |
Net interest income (expense) |  | 64,111 |  |  | 210 |  |  |  |  |  |  | (1,956) |  |  | (54) |  |  | — |  |  | 62,311 |
Provision for credit losses |  | 341 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 341 |
Net interest income (expense) after provision for credit losses |  | 63,770 |  |  | 210 |  |  |  |  |  |  | (1,956) |  |  | (54) |  |  | — |  |  | 61,970 |
Noninterest income |  | 7,131 |  |  | 686 |  |  |  |  |  |  | 5,526 |  |  | 2,835 |  |  | (6,692) |  |  | 9,486 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 18,104 |  |  | 7 |  |  |  |  |  |  | 9,573 |  |  | 4,808 |  |  | — |  |  | 32,492 |
Other expenses |  | 25,202 |  |  | 52 |  |  |  |  |  |  | 4,080 |  |  | 3,465 |  |  | (6,692) |  |  | 26,107 |
Total noninterest expenses |  | 43,306 |  |  | 59 |  |  |  |  |  |  | 13,653 |  |  | 8,273 |  |  | (6,692) |  |  | 58,599 |
Income (loss), before income taxes |  | 27,595 |  |  | 837 |  |  |  |  |  |  | (10,083) |  |  | (5,492) |  |  | — |  |  | 12,857 |
Income taxes |  | 5,752 |  |  | 139 |  |  |  |  |  |  | (2,149) |  |  | (1,321) |  |  | — |  |  | 2,421 |
Net income (loss) from continuing operations |  | 21,843 |  |  | 698 |  |  |  |  |  |  | (7,934) |  |  | (4,171) |  |  | — |  |  | 10,436 |
Income from discontinued operations, before income taxes |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 11,831 |  |  | — |  |  | 11,831 |
Income taxes - discontinued operations |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 3,049 |  |  | — |  |  | 3,049 |
Net income from discontinued operations |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 8,782 |  |  | — |  |  | 8,782 |
Net income (loss) before noncontrolling interest |  | 21,843 |  |  | 698 |  |  |  |  |  |  | (7,934) |  |  | 4,611 |  |  | — |  |  | 19,218 |
Net loss attributable to noncontrolling interest |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 236 |  |  | — |  |  | 236 |
Net income (loss) available to common shareholders |  | $ | 21,843 |  |  | $ | 698 |  |  |  |  |  |  | $ | (7,934) |  |  | $ | 4,847 |  |  | $ | — |  |  | $ | 19,454 |
Capital expenditures for the six months ended June 30, 2023 |  | $ | 492 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 721 |  |  | $ | — |  |  | $ | 1,213 |

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