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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Note 12 – 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. We determined these segments based on differences in products and services. 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 Other category consists of professional services and our Edge Venture companies. Revenue from the professional services are primarily made up of professional consulting income derived from banks and Fintech companies. Revenue from our Edge Ventures companies, including Victor, primarily consist of software services, offering account functionality and transactions to customers through web-based platforms. On September 30 2025, we executed an asset purchase agreement to sell substantially all assets and operations of Victor and recognized a $34.1 million pre-tax gain during the three and nine months ended September 30, 2025 that is included in the Other category in the tables below. The Other category will no longer include substantially all of the income and expense activity derived from Victor beginning October 1, 2025. Our chief operating decision makers ("CODMs") regularly review the performance of operating segments to assess performance and allocate resources between segments as necessary. The CODMs consist of the Chief Executive Officer and President, Chief Financial Officer and Chief Administrative Officer. The measure used by the CODMs to assess performance and decide how to allocate resources is based on operating income that also is reported on the income statement as consolidated income before income taxes. Operating income is used by the CODMs to monitor budget versus actual results, as well as benchmarking to our peers. Operating income on a segment basis is reported below. The following tables present information about the reportable segments and reconciliation to the consolidated financial statements for the periods shown:
Three Months Ended September 30, 2025 |  | CoRe Banking |  | Mortgage Banking |  | Financial Holding Company |  | Other |  | Intercompany Eliminations |  | Consolidated
(Dollars in thousands) |  |  |  |  |
Interest income |  | $ | 44,153 |  |  | $ | 103 |  |  | $ | 2 |  |  | $ | — |  |  | $ | (38) |  |  | $ | 44,220 |
Interest expense |  | 16,850 |  |  | — |  |  | 797 |  |  | 38 |  |  | (38) |  |  | 17,647 |
Net interest income (expense) |  | 27,303 |  |  | 103 |  |  | (795) |  |  | (38) |  |  | — |  |  | 26,573 |
Provision for credit losses |  | 3,427 |  |  | — |  |  | 1,000 |  |  | — |  |  | — |  |  | 4,427 |
Net interest income (expense) after provision for credit losses |  | 23,876 |  |  | 103 |  |  | (1,795) |  |  | (38) |  |  | — |  |  | 22,146 |
Noninterest income |  | (3,091) |  |  | 2,395 |  |  | 3,511 |  |  | 35,646 |  |  | (3,849) |  |  | 34,612 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 12,293 |  |  | — |  |  | 7,899 |  |  | 1,207 |  |  | — |  |  | 21,399 |
Occupancy expense |  | 1,260 |  |  | — |  |  | 146 |  |  | — |  |  | (146) |  |  | 1,260 |
Equipment depreciation and maintenance |  | 395 |  |  | — |  |  | 93 |  |  | 315 |  |  | — |  |  | 803 |
Data processing and communications |  | 1,260 |  |  | — |  |  | 110 |  |  | 88 |  |  | — |  |  | 1,458 |
Professional fees |  | 1,905 |  |  | — |  |  | 1,163 |  |  | 171 |  |  | (285) |  |  | 2,954 |
Other expenses 1 |  | 7,989 |  |  | — |  |  | 783 |  |  | 103 |  |  | (3,418) |  |  | 5,457 |
Total noninterest expenses |  | 25,102 |  |  | — |  |  | 10,194 |  |  | 1,884 |  |  | (3,849) |  |  | 33,331 |
Operating income (loss) |  | $ | (4,317) |  |  | $ | 2,498 |  |  | $ | (8,478) |  |  | $ | 33,724 |  |  | $ | — |  |  | $ | 23,427 |
Capital expenditures for the three months ended September 30, 2025 |  | $ | 858 |  |  | $ | — |  |  | $ | 78 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 955 |
Total assets as of September 30, 2025 |  | 3,202,350 |  |  | 93,365 |  |  | 370,610 |  |  | 81,933 |  |  | (515,305) |  |  | 3,232,953 |
Total assets as of December 31, 2024 |  | 3,076,644 |  |  | 32,697 |  |  | 405,010 |  |  | 23,090 |  |  | (408,737) |  |  | 3,128,704 |
Goodwill as of September 30, 2025 |  | — |  |  | — |  |  | — |  |  | 1,200 |  |  | — |  |  | 1,200 |
Goodwill as of December 31, 2024 |  | — |  |  | — |  |  | — |  |  | 2,838 |  |  | — |  |  | 2,838 |
Investment in equity method investees as of September 30, 2025 |  | — |  |  | 83,922 |  |  | — |  |  | — |  |  | — |  |  | 83,922 |
Investment in equity method investees as of December 31, 2024 |  | — |  |  | 78,255 |  |  | — |  |  | — |  |  | — |  |  | 78,255 |
1 Other expenses consist of software costs, insurance, tax and assessment expenses, travel, entertainment, dues and subscription expenses and other operating expenses.
Three Months Ended September 30, 2024 |  | CoRe Banking |  | Mortgage Banking |  |  |  |  |  | Financial Holding Company |  | Other |  | Intercompany Eliminations |  | Consolidated
(Dollars in thousands) |  |  |  |  |  |  |
Interest income |  | $ | 46,539 |  |  | $ | 103 |  |  |  |  |  |  | $ | 2 |  |  | $ | — |  |  | $ | (17) |  |  | $ | 46,627 |
Interest expense |  | 19,234 |  |  | — |  |  |  |  |  |  | 808 |  |  | 17 |  |  | (17) |  |  | 20,042 |
Net interest income (expense) |  | 27,305 |  |  | 103 |  |  |  |  |  |  | (806) |  |  | (17) |  |  | — |  |  | 26,585 |
Provision for credit losses |  | 459 |  |  | — |  |  |  |  |  |  | 500 |  |  |  |  | — |  |  | 959 |
Net interest income (expense) after provision for credit losses |  | 26,846 |  |  | 103 |  |  |  |  |  |  | (1,306) |  |  | (17) |  |  | — |  |  | 25,626 |
Noninterest income |  | 4,574 |  |  | 768 |  |  |  |  |  |  | 2,956 |  |  | 2,332 |  |  | (3,973) |  |  | 6,657 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 10,075 |  |  | — |  |  |  |  |  |  | 4,528 |  |  | 2,119 |  |  | — |  |  | 16,722 |
Occupancy expense |  | 1,040 |  |  | — |  |  |  |  |  |  | 37 |  |  | — |  |  | (36) |  |  | 1,041 |
Equipment depreciation and maintenance |  | 480 |  |  | — |  |  |  |  |  |  | 124 |  |  | 526 |  |  | — |  |  | 1,130 |
Data processing and communications |  | 1,103 |  |  | — |  |  |  |  |  |  | 122 |  |  | 131 |  |  | — |  |  | 1,356 |
Professional fees |  | 3,978 |  |  | — |  |  |  |  |  |  | 1,301 |  |  | 336 |  |  | (966) |  |  | 4,649 |
Other expenses 1 |  | 6,563 |  |  | 4 |  |  |  |  |  |  | 656 |  |  | 335 |  |  | (2,971) |  |  | 4,587 |
Total noninterest expenses |  | 23,239 |  |  | 4 |  |  |  |  |  |  | 6,768 |  |  | 3,447 |  |  | (3,973) |  |  | 29,485 |
Operating income (loss) |  | $ | 8,181 |  |  | $ | 867 |  |  |  |  |  |  | $ | (5,118) |  |  | $ | (1,132) |  |  | $ | — |  |  | $ | 2,798 |
Capital expenditures for the three months ended September 30, 2024 |  | $ | 91 |  |  | $ | — |  |  |  |  |  |  | $ | 81 |  |  | $ | 137 |  |  | $ | — |  |  | $ | 309 |
1 Other expenses consist of software costs, insurance, tax and assessment expenses, travel, entertainment, dues and subscription expenses and other operating expenses.
Nine Months Ended September 30, 2025 |  | CoRe Banking |  | Mortgage Banking |  |  |  |  |  | Financial Holding Company |  | Other |  | Intercompany Eliminations |  | Consolidated
(Dollars in thousands) |  |  |  |  |  |  |  |
Interest income |  | $ | 129,620 |  |  | $ | 309 |  |  |  |  |  |  | $ | 6 |  |  | $ | — |  |  | $ | (102) |  |  | $ | 129,833 |
Interest expense |  | 48,413 |  |  | — |  |  |  |  |  |  | 2,391 |  |  | 102 |  |  | (102) |  |  | 50,804 |
Net interest income (expense) |  | 81,207 |  |  | 309 |  |  |  |  |  |  | (2,385) |  |  | (102) |  |  | — |  |  | 79,029 |
Provision for credit losses |  | 5,594 |  |  | — |  |  |  |  |  |  | 1,000 |  |  | — |  |  | — |  |  | 6,594 |
Net interest income (expense) after provision for credit losses |  | 75,613 |  |  | 309 |  |  |  |  |  |  | (3,385) |  |  | (102) |  |  | — |  |  | 72,435 |
Noninterest income |  | 6,895 |  |  | 5,358 |  |  |  |  |  |  | 9,253 |  |  | 38,316 |  |  | (10,257) |  |  | 49,565 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 31,079 |  |  | — |  |  |  |  |  |  | 18,310 |  |  | 4,223 |  |  | — |  |  | 53,612 |
Occupancy expense |  | 3,855 |  |  | — |  |  |  |  |  |  | 254 |  |  | — |  |  | (254) |  |  | 3,855 |
Equipment depreciation and maintenance |  | 1,217 |  |  | — |  |  |  |  |  |  | 246 |  |  | 1,219 |  |  | — |  |  | 2,682 |
Data processing and communications |  | 3,501 |  |  | — |  |  |  |  |  |  | 372 |  |  | 272 |  |  | — |  |  | 4,145 |
Professional fees |  | 6,294 |  |  | — |  |  |  |  |  |  | 3,712 |  |  | 945 |  |  | (935) |  |  | 10,016 |
Other expenses |  | 22,657 |  |  | — |  |  |  |  |  |  | 2,278 |  |  | 424 |  |  | (9,068) |  |  | 16,291 |
Total noninterest expenses |  | 68,603 |  |  | — |  |  |  |  |  |  | 25,172 |  |  | 7,083 |  |  | (10,257) |  |  | 90,601 |
Operating income (loss) |  | $ | 13,905 |  |  | $ | 5,667 |  |  |  |  |  |  | $ | (19,304) |  |  | $ | 31,131 |  |  | $ | — |  |  | $ | 31,399 |
Capital expenditures for the nine months ended September 30, 2025 |  | $ | 1,250 |  |  | $ | — |  |  |  |  |  |  | $ | 108 |  |  | $ | 49 |  |  | $ | — |  |  | $ | 1,407 |
1 Other expenses consist of software costs, insurance, tax and assessment expenses, travel, entertainment, dues and subscription expenses and other operating expenses.
Nine Months Ended September 30, 2024 |  | CoRe Banking |  | Mortgage Banking |  |  |  |  |  | Financial Holding Company |  | Other |  | Intercompany Eliminations |  | Consolidated
(Dollars in thousands) |  |  |  |  |  |  |  |
Interest income |  | $ | 142,519 |  |  | $ | 309 |  |  |  |  |  |  | $ | 7 |  |  | $ | — |  |  | $ | (51) |  |  | $ | 142,784 |
Interest expense |  | 55,796 |  |  | — |  |  |  |  |  |  | 2,689 |  |  | 56 |  |  | (51) |  |  | 58,490 |
Net interest income (expense) |  | 86,723 |  |  | 309 |  |  |  |  |  |  | (2,682) |  |  | (56) |  |  | — |  |  | 84,294 |
Provision for credit losses |  | 2,710 |  |  | — |  |  |  |  |  |  | 500 |  |  | — |  |  | — |  |  | 3,210 |
Net interest income (expense) after provision for credit losses |  | 84,013 |  |  | 309 |  |  |  |  |  |  | (3,182) |  |  | (56) |  |  | — |  |  | 81,084 |
Noninterest income |  | 16,993 |  |  | 124 |  |  |  |  |  |  | 7,990 |  |  | 8,724 |  |  | (12,198) |  |  | 21,633 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 29,257 |  |  | — |  |  |  |  |  |  | 13,679 |  |  | 6,224 |  |  | — |  |  | 49,160 |
Occupancy expense |  | 2,852 |  |  | — |  |  |  |  |  |  | 110 |  |  | — |  |  | (108) |  |  | 2,854 |
Equipment depreciation and maintenance |  | 1,717 |  |  | — |  |  |  |  |  |  | 326 |  |  | 1,521 |  |  | — |  |  | 3,564 |
Data processing and communications |  | 3,343 |  |  | — |  |  |  |  |  |  | 396 |  |  | 389 |  |  | — |  |  | 4,128 |
Professional fees |  | 13,368 |  |  | — |  |  |  |  |  |  | 3,552 |  |  | 1,290 |  |  | (2,632) |  |  | 15,578 |
Other expenses |  | 18,962 |  |  | 4 |  |  |  |  |  |  | 1,777 |  |  | 2,037 |  |  | (9,458) |  |  | 13,322 |
Total noninterest expenses |  | 69,499 |  |  | 4 |  |  |  |  |  |  | 19,840 |  |  | 11,461 |  |  | (12,198) |  |  | 88,606 |
Operating income (loss) |  | $ | 31,507 |  |  | $ | 429 |  |  |  |  |  |  | $ | (15,032) |  |  | $ | (2,793) |  |  | $ | — |  |  | $ | 14,111 |
Capital expenditures for the nine months ended September 30, 2024 |  | $ | 902 |  |  | $ | — |  |  |  |  |  |  | $ | 189 |  |  | $ | 395 |  |  | $ | — |  |  | $ | 1,486 |
1 Other expenses consist of software costs, insurance, tax and assessment expenses, travel, entertainment, dues and subscription expenses and other operating expenses.

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