0001856365-26-000051 | 10-Q | XBRL Viewer

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Derivatives and Hedging Activities - Schedule of Offsetting Derivative Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Liabilities:
Gross Amounts of Recognized Liabilities	$ 63	$ 148
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities presented in the Statement of Financial Position	63	148
Financial Instruments	0	0
Cash Collateral Pledged	0	0
Net Amount	$ 63	$ 148

- Definition

Amount of right to receive cash collateral under master netting arrangements that have not been offset against derivative liabilities.

+ References + Details

- Definition

Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.

+ References + Details

- Definition

Fair value, after effect of master netting arrangement, of financial liability or contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset. Includes derivative subject to master netting arrangement not elected or qualified to offset. Excludes derivative not subject to master netting arrangement or similar agreement.

+ References + Details

Loans - Schedule of Allowance for Credit Loss by Loan Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held-for-investment, gross	$ 584,237	$ 585,509
Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held-for-investment, gross	50,582	49,070
Residential real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held-for-investment, gross	55,664	56,441
Residential real estate multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held-for-investment, gross	2,530	3,175
Owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held-for-investment, gross	213,317	210,556
Non-owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held-for-investment, gross	8,300	9,581
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held-for-investment, gross	26,472	26,250
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held-for-investment, gross	18,598	21,926
Lease financing receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held-for-investment, gross	78,914	78,742
Strategic Program loans - with credit enhancement
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held-for-investment, gross	109,081	108,131
Strategic Program loans - without credit enhancement
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans held-for-investment, gross	$ 20,779	$ 21,637

Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

Investment Securities Available-for-Sale, at Fair Value

The Company’s available-for-sale (“AFS”) investment portfolio consists of U.S. Treasury securities. The Company reports debt securities AFS on the Company’s consolidated balance sheets at fair value. The amortized cost, gross unrealized gains and losses, and estimated fair value of investment securities AFS as of March 31, 2026 and December 31, 2025, are summarized as follows:


	March 31, 2026
($ in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
U.S. Treasury securities	$	27,526	$	103	$	—	$	27,629


	December 31, 2025
($ in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
U.S. Treasury securities	$	27,531	$	224	$	—	$	27,755

The following table presents the amortized cost and estimated fair value of investment securities AFS at March 31, 2026, by contractual maturity:


($ in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	17,497	$	17,561
Due after one year through five years	10,029		10,068


Total securities AFS	$	27,526	$	27,629

At March 31, 2026, debt securities AFS with a fair value of $27.6 million were pledged as collateral for a credit line held by the Bank. Accrued interest receivable on debt securities AFS totaled $0.2 million and $0.5 million at March 31, 2026 and December 31, 2025, respectively, and was included in other assets on the consolidated balance sheets.

Investment Securities Held-to-Maturity, at Cost

The Company's held-to-maturity (“HTM”) investment portfolio consists of agency mortgage-backed securities and agency collateralized mortgage obligations. The Company reports debt securities HTM on the Company's consolidated balance sheets at carrying value which is amortized cost. The amortized cost, unrealized gains and losses, and estimated fair values of the Company’s debt securities HTM at March 31, 2026 and December 31, 2025, are summarized as follows:


	March 31, 2026
($ in thousands)	Amortized Cost		Allowance for Credit Losses		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Mortgage-backed securities	$	4,726	$	—	$	—	$	(448)	$	4,278
Collateralized mortgage obligations	4,662		—		1		(531)		4,132
Total securities held-to-maturity	$	9,388	$	—	$	1	$	(979)	$	8,410


	December 31, 2025
($ in thousands)	Amortized Cost		Allowance for Credit Losses		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Mortgage-backed securities	$	4,961	$	—	$	1	$	(456)	$	4,506
Collateralized mortgage obligations	4,966		—		5		(495)		4,476
Total securities held-to-maturity	$	9,927	$	—	$	6	$	(951)	$	8,982

The amortized cost and estimated market value of debt securities HTM at March 31, 2026, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


($ in thousands)	Amortized Cost		Estimated Fair Value
Securities held-to-maturity
Due in one year or less	$	—	$	—
Due after one year through five years	975		951
Due after five years through ten years	1,784		1,635
Due after ten years	6,629		5,824
Total securities held-to-maturity	$	9,388	$	8,410

At March 31, 2026, HTM debt securities with a book value of $9.4 million were pledged as collateral for a credit line held by the Bank.

Credit Quality Indicators & Allowance for Credit Losses - HTM and AFS

For debt securities HTM and AFS, the Company evaluates the credit risk of its securities on at least a quarterly basis. The Company estimates expected credit losses on debt securities HTM and AFS on a collective basis by major security type. Accrued interest receivable on debt securities HTM and AFS is excluded from the estimate of credit losses. At March 31, 2026 and December 31, 2025, there was no ACL related to debt securities HTM or AFS as the portfolio consists of U.S. government-issued or guaranteed agency securities considered to have minimal credit risk.

The Company had eighteen securities, consisting of eight collateralized mortgage obligations and ten mortgage-backed securities in an unrealized loss position at March 31, 2026 and seventeen securities, consisting of eight collateralized mortgage obligations and nine mortgage-backed securities in an unrealized loss position at December 31, 2025. The following table presents the estimated fair value and gross unrealized losses of debt securities HTM and AFS, aggregated by category and length of time in a continuous unrealized loss position at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Less than 12 months				12 Months or More				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses




Held-to-maturity:
Mortgage-backed securities	$	299	$	—	$	3,978	$	(448)	$	4,277	$	(448)
Collateralized mortgage obligations	483		(2)		3,236		(529)		3,719		(531)
Total	$	782	$	(2)	$	7,214	$	(977)	$	7,996	$	(979)


	December 31, 2025
	Less than 12 months				12 Months or More				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses




Held-to-maturity:
Mortgage-backed securities	$	—	$	—	$	4,164	$	(456)	$	4,164	$	(456)
Collateralized mortgage obligations	39		—		3,372		(495)		3,411		(495)
Total	$	39	$	—	$	7,536	$	(951)	$	7,575	$	(951)

There were no sales or transfers of investment securities and no realized gains or losses on these securities during the three months ended March 31, 2026 or 2025.

FHLB Stock

The Bank is a member of the FHLB system. As a member, the Bank is required to maintain a minimum level of investment in FHLB stock based on a percentage of the Bank’s previous year-end assets and the Bank’s FHLB advances outstanding. At March 31, 2026 and December 31, 2025, the Bank owned $0.6 million and $0.4 million, respectively, of FHLB stock, which is carried at cost. The Company evaluated the carrying value of its FHLB stock investment at March 31, 2026 and determined that it was not impaired. This evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FHLB, repurchase activity of excess stock by the FHLB at its carrying value, the return on the investment from recurring and special dividends, and the Company’s intent and ability to hold this investment for a period of time sufficient to recover its recorded investment.

Business, Basis of Presentation, and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Business, Basis of Presentation, and Summary of Significant Accounting Policies	Business, Basis of Presentation, and Summary of Significant Accounting Policies Nature of Business and Organization – FinWise Bancorp is a Utah bank holding company headquartered in Murray, Utah and operates all business activities through its wholly-owned subsidiaries, FinWise Bank (“Bank”) and FinWise Investment, LLC. The Bank provides a full range of banking services to individual and commercial customers and provides banking and payments solutions to fintech brands. As a technology-focused bank, the Bank also has established Strategic Programs with various third-party platforms that use technology to streamline the origination of consumer and business loans and process payments. FinWise Investment, LLC’s purpose is to hold and manage private investments made by the Company and the Bank. References to “FinWise Bancorp,” “Bancorp” or the “holding company,” refer to FinWise Bancorp on a standalone basis. References to the “Company” refer to FinWise Bancorp, FinWise Bank, and FinWise Investment, LLC collectively and on a consolidated basis. Basis of Presentation – The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete financial statements. All significant inter-company transactions have been eliminated in consolidation. In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair statement of the consolidated financial condition and the consolidated results of operations for the periods presented have been included. The results of operations and other data presented for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. The consolidated balance sheet data as of December 31, 2025 was derived from audited financial statements; however, the accompanying notes to the unaudited consolidated financial statements do not include all of the annual disclosures required by GAAP and should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Reclassifications – Certain reclassifications have been made to the consolidated financial statements to align them with the current period’s presentation. These adjustments did not have a material impact on the previously reported consolidated financial statements. For the period ended March 31, 2026, the Company reclassified specific assets and liabilities from individual line items on the balance sheet to “other assets” or “other liabilities.” Corresponding amounts from prior periods have also been reclassified to ensure consistency with the current period’s presentation. Management evaluated these changes and concluded that the amounts involved were not significant enough to warrant separate disclosure. Use of Estimates – In preparing the interim consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as of the date of the consolidated balance sheets and certain revenues and expenses for the period. Actual results could differ, either positively or negatively, from those estimates. Segment Reporting – As further described in Note 14, Segments, during the third quarter of 2025, the Company implemented segment reporting following the completion of a technology initiative to capture segment-specific financial data and develop reports used by the Company’s chief operating decision maker (“CODM”) to review the Company’s financial performance and determine how to allocate resources. The Company established three reportable segments: traditional banking, banking as a service (“BaaS”) and treasury and administration. For periods prior to July 1, 2025, the Company operated under one operating segment, consistent with the information that was presented to the Company’s CODM.

Fair Value of Financial Instruments - Schedule of Financial Instruments Valued on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial assets:
Estimated Fair Value	$ 27,629	$ 27,755
Level 1 \| Fair Value, Recurring
Financial assets:
Estimated Fair Value	27,629	27,755
Level 3 \| Fair Value, Recurring
Financial assets:
Investment in BFG	8,800	9,000
Level 2 \| Fair Value, Recurring
Financial liabilities:
Derivative liability	$ 63	$ 148

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Derivatives and Hedging Activities - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Additional amount expected to be reclassified to interest expense	$ 43,700

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income	$ 2,735	$ 3,189
Amounts allocated to participating common shareholders	(21)	(120)
Net income allocated to common shareholders, basic	2,714	3,069
Net income allocated to common shareholders, diluted	$ 2,714	$ 3,069
Denominator:
Weighted average shares outstanding, basic (in shares)	13,019,369	12,716,155
Weighted average effect of dilutive securities:
Stock options (in shares)	458,498	598,028
Warrants (in shares)	164,299	169,464
Weighted average shares outstanding, diluted (in shares)	13,642,166	13,483,647
Earnings per share, basic (in dollars per share)	$ 0.21	$ 0.24
Earnings per share, diluted (in dollars per share)	$ 0.20	$ 0.23
Stock options
Weighted average effect of dilutive securities:
Anti-dilutive stock options excluded from the calculation of diluted earnings per share (in shares)	0	658

Loans - Schedule of Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Total allowance for credit losses on financing receivables
Beginning Balance	$ 36,796	$ 13,176	$ 13,176
Provision for (Reversal of) Credit Losses	10,566	3,307
Charge-Offs	(9,878)	(2,589)	(16,413)
Recoveries	489	341
Ending Balance	37,973	14,235	36,796
Unfunded lending commitments
Beginning Balance	558	464	464
Provision for (Reversal of) Credit Losses	15	29
Ending Balance	573	493	558
Total allowance for credit losses
Beginning Balance	38,546	14,728	37,354	$ 13,640
Provision for (Reversal of) Credit Losses	10,581	3,336
Charge-Offs	(9,878)	(2,589)
Recoveries	489	341
Ending Balance	38,546	14,728	37,354
Construction and land development
Total allowance for credit losses on financing receivables
Beginning Balance	970	374	374
Provision for (Reversal of) Credit Losses	92	614
Charge-Offs	0	0	0
Recoveries	0	0
Ending Balance	1,062	988	970
Residential real estate
Total allowance for credit losses on financing receivables
Beginning Balance	777	788	788
Provision for (Reversal of) Credit Losses	282	(186)
Charge-Offs	(244)	(7)	(954)
Recoveries	0	3
Ending Balance	815	598	777
Residential real estate multifamily
Total allowance for credit losses on financing receivables
Beginning Balance	62	38	38
Provision for (Reversal of) Credit Losses	(14)	0
Charge-Offs	0	0	0
Recoveries	0	0
Ending Balance	48	38	62
Owner occupied
Total allowance for credit losses on financing receivables
Beginning Balance	3,267	2,834	2,834
Provision for (Reversal of) Credit Losses	1,142	850
Charge-Offs	(598)	(68)	(1,832)
Recoveries	0	16
Ending Balance	3,811	3,632	3,267
Non-owner occupied
Total allowance for credit losses on financing receivables
Beginning Balance	104	113	113
Provision for (Reversal of) Credit Losses	398	13
Charge-Offs	(410)	0	0
Recoveries	0	0
Ending Balance	92	126	104
Commercial and industrial
Total allowance for credit losses on financing receivables
Beginning Balance	773	700	700
Provision for (Reversal of) Credit Losses	535	(200)
Charge-Offs	(447)	(83)	(933)
Recoveries	5	14
Ending Balance	866	431	773
Consumer
Total allowance for credit losses on financing receivables
Beginning Balance	679	638	638
Provision for (Reversal of) Credit Losses	143	46
Charge-Offs	(276)	(11)	(559)
Recoveries	2	3
Ending Balance	548	676	679
Lease financing receivables
Total allowance for credit losses on financing receivables
Beginning Balance	1,838	1,387	1,387
Provision for (Reversal of) Credit Losses	238	269
Charge-Offs	(319)	(36)	(294)
Recoveries	42
Recoveries		(33)
Ending Balance	1,799	1,587	1,838
Retained Strategic Program loans:
Total allowance for credit losses on financing receivables
Charge-Offs	(7,584)		(11,841)
Strategic Program loans - with credit enhancement
Total allowance for credit losses on financing receivables
Beginning Balance	22,396	111	111
Provision for (Reversal of) Credit Losses	5,864	85
Charge-Offs	(4,864)	0
Recoveries	32	0
Ending Balance	23,428	196	22,396
Strategic Program loans - without credit enhancement
Total allowance for credit losses on financing receivables
Beginning Balance	5,930	6,193	6,193
Provision for (Reversal of) Credit Losses	1,886	1,816
Charge-Offs	(2,720)	(2,384)
Recoveries	408	338
Ending Balance	$ 5,504	$ 5,963	$ 5,930

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Option Plans

The Company utilizes stock-based compensation plans, as well as discretionary grants, for employees, directors and consultants to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentives and to promote the success of the Company’s business.

The 2019 Stock Plan (“2019 Plan”) was adopted on June 20, 2019 following approval by the Company’s Board of Directors and shareholders. The 2019 Plan will terminate as to future awards 10 years from the later of the effective date or the earlier of the most recent Board or stockholder approval of an increase in the number of shares reserved for issuance under the 2019 Plan. On June 27, 2024, the shareholders of the Company approved an amendment to the 2019 Plan increasing the number of shares of common stock reserved for issuance under the plan by an additional 500,000 shares to 1,780,000. At March 31, 2026, 42,534 shares under the 2019 Plan were available for future issuance.

The 2016 Stock Plan (“2016 Plan”) was adopted on April 20, 2017 following approval by the Company’s Board of Directors and shareholders. The 2016 Plan authorizes the issuance of 299,628 common shares. The 2016 Plan will terminate as to future awards 10 years from the later of the effective date or the earlier of the most recent Board or stockholder approval of an increase in the number of shares reserved for issuance under the 2016 Plan. At March 31, 2026, 3,189 shares under the 2016 Plan were available for future issuance.

The 2019 Plan and the 2016 Plan (collectively, the “Plans”) provide for the issuance of non-statutory stock options and restricted stock to employees, directors and consultants. The Plans also provide for the issuance of incentive stock options only to employees. The stock-based incentive awards for the Plans are granted at an exercise price not less than the fair market value of the Company’s common stock on the date of grant in the case of stock options. Restricted stock is valued based on the fair market value of the Company’s common stock on the grant date. Vesting of the options vary by employee

or director and can have a term no more than 10 years, with the options generally having vesting periods ranging from 1 to 5 years. Restricted stock vests over periods ranging from approximately 1 to 5 years. Upon the exercise of stock

options, the Company issues new authorized shares.

Under the Plans, if an award expires or becomes unexercisable without having been exercised in full, or is surrendered pursuant to an exchange program, the unpurchased shares that were subject thereto shall become available for future grant or sale under the Plans. However, shares that have actually been issued under the Plans, or upon exercise of an award, shall not be returned to the Plans and shall not become available for future distribution under the Plans, except that if unvested shares of restricted stock are repurchased by the Company at their original purchase price, such shares shall become available for future grant under the Plans.

Stock Options

The following summarizes stock option activity for the three months ended March 31, 2026:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025	726,491	$	5.90	4.9	$	8,744,727

Options exercised	(30,126)	5.52			376,009
Options forfeited	(2,642)	8.94
Outstanding at March 31, 2026	693,723	$	5.91	4.7	$	6,903,810
Options vested and exercisable at March 31, 2026	655,132	$	5.74	4.5	$	6,632,622

Restricted Stock

The following summarizes restricted stock activity for the three months ended March 31, 2026:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	651,221	$	12.34
Granted	81,905	$	15.86

Forfeited	(52,071)	$	12.25
Unvested as of March 31, 2026	681,055	$	12.77

Stock-based Compensation Expense

The following table presents stock-based compensation expense recognized and income tax benefit for stock-based compensation related to restricted shares:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Stock options	$	11	$	48
Restricted shares	648		552
Total	$	659	$	600

Income tax benefit related to restricted shares	$	160	$	133

As of March 31, 2026, the Company had unrecognized stock-based compensation expense related to stock options and restricted stock of approximately $4.9 thousand and $4.5 million, respectively, which is expected to be recognized over the remaining weighted average recognition period of 0.7 years and 1.7 years, respectively.

Loans (Tables)

3 Months Ended

Mar. 31, 2026

Loans and Leases Receivable Disclosure [Abstract]

Schedule of Loans Outstanding by General Ledger Classification

Loans held-for-investment, net – The Company’s loans held-for-investment outstanding by general ledger classification as of March 31, 2026 and December 31, 2025, consisted of the following:


	March 31,		December 31,
($ in thousands)	2026		2025
SBA(1)	$	202,438	$	205,615
Commercial leases	78,913		78,743
Commercial, non-real estate	3,877		4,201
Residential real estate	62,464		59,602
Strategic Program loans:
Strategic Program loans - with credit enhancement	109,081		108,131
Strategic Program loans - without credit enhancement	20,779		21,637
Commercial real estate:
Owner occupied	86,083		84,016
Non-owner occupied	2,003		1,638
Consumer	18,599		21,926
Total loans held-for-investment, gross	$	584,237	$	585,509
Deferred loan fees and discounts, net	(7,107)		(7,162)
Allowance for credit losses	(37,973)		(36,796)
Loans held-for-investment, net	$	539,157	$	541,551

(1) Included in the SBA loans held-for-investment above are $95.1 million and $102.7 million of loans guaranteed by the SBA as of March 31, 2026 and December 31, 2025, respectively.

These classifications, which in general are based upon the nature of the collateral and type of borrower, are different than the classifications adopted for other financial reporting purposes, which are based upon the proposed use of the loan proceeds. The following pool segments were identified as of March 31, 2026 and December 31, 2025 for the purpose of estimating the ACL:


($ in thousands)	March 31, 2026		December 31, 2025
Construction and land development	$	50,582	$	49,070
Residential real estate	55,664		56,441
Residential real estate multifamily	2,530		3,175
Commercial real estate:
Owner occupied	213,317		210,556
Non-owner occupied	8,300		9,581
Commercial and industrial	26,472		26,250
Consumer	18,598		21,926
Lease financing receivables	78,914		78,742
Retained Strategic Program loans:
Strategic Program loans - with credit enhancement	109,081		108,131
Strategic Program loans - without credit enhancement	20,779		21,637
Total loans held-for-investment, gross	$	584,237	$	585,509

The table below shows the activity in the credit enhancement asset for the periods indicated:


	March 31,		December 31,
($ in thousands)	2026		2025
Credit enhancement asset at beginning of period	$	22,411	$	111
Credit enhancement income	5,864		23,924
Credit losses settled with partner during period	(4,897)		(1,624)

Credit enhancement asset at end of period	$	23,378	$	22,411

The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of the periods indicated:


As of March 31, 2026			Collateral Type
($ in thousands)	Allowance for Credit Losses		Real Estate		Personal Property		Total
Construction and land development	$	—	$	—	$	—	$	—
Residential real estate	2		11,201		—		11,201
Commercial real estate:
Owner occupied	588		33,296		—		33,296
Non-owner occupied	—		2,343		—		2,343
Commercial and industrial	—		—		2,581		2,581
Consumer	7		—		7		7
Commercial leases	204		—		414		414
Total	$	801	$	46,840	$	3,002	$	49,842

The amount of collateral-dependent loans as of March 31, 2026 include $26.7 million of SBA 7(a) loan balances that are guaranteed by the SBA.


As of December 31, 2025			Collateral Type
($ in thousands)	Allowance for Credit Losses		Real Estate		Personal Property		Total
Construction and land development	$	—	$	2,288	$	—	$	2,288
Residential real estate	45		11,237		—		11,237
Commercial real estate:
Owner occupied	—		23,768		—		23,768
Non-owner occupied	—		2,763		—		2,763
Commercial and industrial	—		—		2,250		2,250
Consumer	52		—		52		52
Commercial leases	325		—		859		859
Total	$	422	$	40,056	$	3,161	$	43,217

Schedule of Strategic Program Loans Retained and Held-for-sale

Strategic Program loans retained and held-for-sale as of March 31, 2026 and December 31, 2025, are summarized as follows:


($ in thousands)	March 31, 2026		December 31, 2025
Retained Strategic Program loans(1)	$	129,860	$	129,768
Strategic Program loans held-for-sale	133,907		146,473
Total Strategic Program loans	$	263,767	$	276,241

(1) Includes $109.1 million and $108.1 million of credit enhanced loans at March 31, 2026 and December 31, 2025, respectively.

Schedule of Changes in Allowance for Loan Losses

Activity in the ACL by common characteristic loan pools was as follows for the periods indicated:


	Three Months Ended March 31, 2026
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	970	$	92	$	—	$	—	$	1,062
Residential real estate	777		282		(244)		—		815
Residential real estate multifamily	62		(14)		—		—		48
Commercial real estate:
Owner occupied	3,267		1,142		(598)		—		3,811
Non-owner occupied	104		398		(410)		—		92
Commercial and industrial	773		535		(447)		5		866
Consumer	679		143		(276)		2		548
Lease financing receivables	1,838		238		(319)		42		1,799
Retained Strategic Program loans:
Strategic Program loans - with credit enhancement	22,396		5,864		(4,864)		32		23,428
Strategic Program loans - without credit enhancement	5,930		1,886		(2,720)		408		5,504
Total allowance for credit losses on financing receivables	$	36,796	$	10,566	$	(9,878)	$	489	$	37,973

Unfunded lending commitments	558		15		—		—		573
Total allowance for credit losses	$	37,354	$	10,581	$	(9,878)	$	489	$	38,546


	Three Months Ended March 31, 2025
($ in thousands)	Beginning Balance		Provision for Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	374	$	614	$	—	$	—	$	988
Residential real estate	788		(186)		(7)		3		598
Residential real estate multifamily	38		—		—		—		38
Commercial real estate:
Owner occupied	2,834		850		(68)		16		3,632
Non-owner occupied	113		13		—		—		126
Commercial and industrial	700		(200)		(83)		14		431
Consumer	638		46		(11)		3		676
Lease financing receivables	1,387		269		(36)		(33)		1,587
Retained Strategic Program loans:
Strategic Program loans - with credit enhancement	111		85		—		—		196
Strategic Program loans - without credit enhancement	6,193		1,816		(2,384)		338		5,963
Total allowance for credit losses on financing receivables	$	13,176	$	3,307	$	(2,589)	$	341	$	14,235

Unfunded lending commitments	464		29		—		—		493
Total allowance for credit losses	$	13,640	$	3,336	$	(2,589)	$	341	$	14,728

Schedule of Nonaccrual and Past Due Loans

Nonaccrual and past due loans are summarized below as of March 31, 2026 and December 31, 2025:


March 31, 2026
	Loans Past Due and Still Accruing
($ in thousands)	30-89 Days Past Due		90 Days and Greater		Total		Nonaccrual Loans with no ACL(1)		Nonaccrual Loans with ACL		Current Loans		Total Loans
Construction and land development	$	—	$	—	$	—	$	—	$	—	$	50,582	$	50,582
Residential real estate	—		—		—		11,189		12		44,463		55,664
Residential real estate multifamily	—		—		—		—		—		2,530		2,530
Commercial real estate:
Owner occupied	4		—		4		25,081		8,216		180,016		213,317
Non-owner occupied	—		—		—		2,343		—		5,957		8,300
Commercial and industrial	—		—		—		2,581		—		23,891		26,472
Consumer	7		—		7		—		7		18,584		18,598
Commercial leases	1		—		1		27		386		78,500		78,914
Retained Strategic Program loans	6,968		200		7,168		—		—		122,692		129,860
Total	$	6,980	$	200	$	7,180	$	41,221	$	8,621	$	527,215	$	584,237

(1) Included in the nonaccrual loan balances are $26.7 million of SBA 7(a) loan balances guaranteed by the SBA.


December 31, 2025
	Loans Past Due and Still Accruing
($ in thousands)	30-89 Days Past Due		90 Days and Greater		Total		Nonaccrual Loans with no ACL(1)		Nonaccrual Loans with ACL		Current Loans		Total Loans
Construction and land development	$	—	$	—	$	—	$	2,288	$	—	$	46,782	$	49,070
Residential real estate	—		—		—		7,519		3,718		45,204		56,441
Residential real estate multifamily	—		—		—		—		—		3,175		3,175
Commercial real estate:
Owner occupied	—		—		—		23,358		410		186,788		210,556
Non-owner occupied	—		—		—		2,763		—		6,818		9,581
Commercial and industrial	—		—		—		2,250		—		24,000		26,250
Consumer	309		20		329		—		52		21,545		21,926
Commercial leases	16		—		16		208		651		77,867		78,742
Retained Strategic Program loans	4,863		109		4,972		—		—		124,796		129,768
Total	$	5,188	$	129	$	5,317	$	38,386	$	4,831	$	536,975	$	585,509

(1) Included in the nonaccrual loan balances are $23.9 million of SBA 7(a) loan balances guaranteed by the SBA.

Schedule of Outstanding Loan Balances Categorized by Credit Quality Indicators

The following table presents the amortized cost of the Company's loan and lease portfolio by collateral type, risk rating and origination year as of March 31, 2026, in addition to the gross writeoff by collateral type for the three months ended March 31, 2026. The loans are grouped based on how they are assessed under CECL.


	Loans and Leases Amortized Cost Basis by Origination Year
March 31, 2026	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
($ in thousands)
Construction and land development
Pass	$	6,648	$	29,808	$	7,794	$	1,446	$	4,151	$	735	$	—	$	50,582
Watch	—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Total	6,648		29,808		7,794		1,446		4,151		735		—		50,582
Current period gross writeoff	—		—		—		—		—		—		—		—

Residential real estate
Pass	1,203		5,175		2,493		1,029		898		1,717		—		12,515
Watch	8,364		4,391		5,331		10,597		1,809		1,184		—		31,676
Special Mention	—		—		—		—		—		242		—		242
Substandard	—		3,666		—		663		6,725		177		—		11,231
Total	9,567		13,232		7,824		12,289		9,432		3,320		—		55,664
Current period gross writeoff	—		(228)		—		—		—		(16)				(244)

Residential real estate multifamily
Pass	110		223		909		341		240		77		—		1,900
Watch	—		—		—		551		—		79		—		630
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Total	110		223		909		892		240		156		—		2,530
Current period gross writeoff	—		—		—		—		—		—		—		—

Commercial real estate - owner occupied
Pass	7,115		47,278		22,263		5,387		3,814		6,879		—		92,736
Watch	9,575		16,415		8,037		31,380		14,214		7,269		—		86,890
Special Mention	—		—		—		—		—		273		—		273
Substandard	—		8,621		1,066		8,265		12,498		2,968		—		33,418


Total	16,690	72,314	31,366	45,032	30,526	17,389	—	213,317
Current period gross writeoff	—	(142)	—	(163)	(6)	(287)	—	(598)

Commercial real estate - non-owner occupied
Pass	348	—	—	190	1,210	39	—	1,787
Watch	—	—	—	2,889	350	931	—	4,170
Special Mention	—	—	—	—	—	—	—	—
Substandard	—	—	—	—	2,343	—	—	2,343
Total	348	—	—	3,079	3,903	970	—	8,300
Current period gross writeoff	—	—	—	—	(410)	—	—	(410)

Commercial and industrial
Pass	106	1,400	1,896	573	704	393	—	5,072
Watch	5,328	2,927	3,021	4,514	1,526	518	—	17,834
Special Mention	—	225	246	—	155	—	—	626
Substandard	—	—	483	1,743	355	359	—	2,940
Total	5,434	4,552	5,646	6,830	2,740	1,270	—	26,472
Current period gross writeoff	—	—	(317)	(19)	(67)	(44)	—	(447)

Consumer
Pass	503	7,963	7,137	2,331	384	192	—	18,510
Watch	—	—	31	12	5	17	—	65
Special Mention	—	—	—	—	—	—	—	—
Substandard	—	—	11	8	3	1	—	23
Total	503	7,963	7,179	2,351	392	210	—	18,598
Current period gross writeoff	—	(158)	(97)	—	(21)	—	—	(276)

Lease financing receivables
Pass	7,200	37,076	21,031	11,929	1,678	—	—	78,914
Watch	—	—	—	—	—	—	—	—
Special Mention	—	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—	—
Total	7,200	37,076	21,031	11,929	1,678	—	—	78,914
Current period gross writeoff	—	(233)	(86)	—	—	—	—	(319)

Retained Strategic Program loans
Pass	—	—	—	—	—	—	—	—
Watch - with credit enhancement	3,405	16,263	—	—	—	—	—	19,668
Special Mention	—	—	—	—	—	—	—	—


Substandard	—		—		—		—		—		—		—		—
Not Rated-without credit enhancement	6,977		11,602		1,829		55		263		53		—		20,779
Not Rated-with credit enhancement	15,526		73,463		424		—		—		—		—		89,413
Total	25,908		101,328		2,253		55		263		53		—		129,860
Current period gross writeoff-without credit enhancement	(15)		(2,496)		(166)		(10)		(12)		(21)		—		(2,720)
Current period gross writeoff-with credit enhancement	(1)		(4,863)		—		—		—		—		—		(4,864)
Total current period gross writeoff	(16)		(7,359)		(166)		(10)		(12)		(21)		—		(7,584)

Total portfolio loans receivable, gross	$	72,408	$	266,496	$	84,002	$	83,903	$	53,325	$	24,103	$	—	$	584,237
Total current period gross writeoff	$	(16)	$	(8,120)	$	(666)	$	(192)	$	(516)	$	(368)	$	—	$	(9,878)

The following table presents the amortized cost of the Company's loan and lease portfolio by collateral type, risk rating and origination year as of December 31, 2025, in addition to the gross writeoff by collateral type for the year ended December 31, 2025. The loans are grouped based on how they are assessed under CECL.


	Loans and Leases Amortized Cost Basis by Origination Year
December 31, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
($ in thousands)
Construction and land development
Pass	$	27,443	$	12,288	$	1,913	$	4,385	$	753	$	—	$	—	$	46,782
Watch	—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		2,288		—		—		—		—		2,288
Total	27,443		12,288		4,201		4,385		753		—		—		49,070
Current period gross writeoff	—		—		—		—		—		—		—		—

Residential real estate
Pass	4,814		1,817		1,073		890		894		842		—		10,330
Watch	8,353		5,478		15,870		4,033		681		950		—		35,365
Special Mention	—		—		—		—		—		—		—		—
Substandard	3,718		—		36		6,819		38		135		—		10,746
Total	16,885		7,295		16,979		11,742		1,613		1,927		—		56,441
Current period gross writeoff	(100)		(162)		(419)		—		(236)		(37)		—		(954)



Residential real estate multifamily
Pass	306	1,563	342	241	78	—	—	2,530
Watch	—	—	564	—	56	25	—	645
Special Mention	—	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—	—
Total	306	1,563	906	241	134	25	—	3,175
Current period gross writeoff	—	—	—	—	—	—	—	—

Commercial real estate - owner occupied
Pass	52,951	23,095	5,278	3,506	1,829	5,807	—	92,466
Watch	30,159	8,078	31,510	15,643	4,254	3,666	—	93,310
Special Mention	—	—	—	579	—	433	—	1,012
Substandard	—	357	8,436	11,948	204	2,823	—	23,768
Total	83,110	31,530	45,224	31,676	6,287	12,729	—	210,556
Current period gross writeoff	—	(18)	(113)	(1,111)	(77)	(513)	—	(1,832)

Commercial real estate - non-owner occupied
Pass	—	—	192	1,213	—	7	—	1,412
Watch	—	—	2,959	1,440	898	109	—	5,406
Special Mention	—	—	—	—	—	—	—	—
Substandard	—	—	—	2,763	—	—	—	2,763
Total	—	—	3,151	5,416	898	116	—	9,581
Current period gross writeoff	—	—	—	—	—	—	—	—

Commercial and industrial
Pass	1,978	1,449	613	1,449	224	251	—	5,964
Watch	5,252	3,896	6,314	3,896	314	242	—	19,914
Special Mention	—	—	—	—	—	11	—	11
Substandard	—	—	—	—	—	361	—	361
Total	7,230	5,345	6,927	5,345	538	865	—	26,250
Current period gross writeoff	(65)	(258)	(231)	(252)	(24)	(103)	—	(933)

Consumer
Pass	9,316	9,181	2,589	489	86	152	—	21,813
Watch	—	33	10	—	18	—	—	61
Special Mention	—	—	—	—	—	—	—	—
Substandard	11	16	3	21	1	—	—	52
Total	9,327	9,230	2,602	510	105	152	—	21,926
Current period gross writeoff	(251)	(175)	(100)	(20)	(11)	(2)	—	(559)



Lease financing receivables
Pass	39,381		23,133		13,501		2,109		—		—		—		78,124
Watch	—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—
Substandard	370		145		103		—		—		—		—		618
Total	39,751		23,278		13,604		2,109		—		—		—		78,742
Current period gross writeoff	—		(125)		(169)		—		—		—		—		(294)

Retained Strategic Program loans
Pass	—		—		—		—		—		—		—		—
Watch - with credit enhancement	24,869		—		—		—		—		—		—		24,869
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Not Rated-without credit enhancement	18,769		2,325		106		332		105		—		—		21,637
Not Rated-with credit enhancement	82,754		508		—		—		—		—		—		83,262
Total	126,392		2,833		106		332		105		—		—		129,768
Current period gross writeoff-without credit enhancement	(4,565)		(4,769)		(418)		(269)		(167)		(14)		—		(10,202)
Current period gross writeoff-with credit enhancement	(1,633)		(6)												(1,639)
Total current period gross writeoff	(6,198)		(4,775)		(418)		(269)		(167)		(14)		—		(11,841)

Total portfolio loans receivable, gross	$	310,444	$	93,362	$	93,700	$	61,756	$	10,433	$	15,814	$	—	$	585,509
Total current period gross writeoff	$	(6,614)	$	(5,513)	$	(1,450)	$	(1,652)	$	(515)	$	(669)	$	—	$	(16,413)

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The table below presents the Company's financial instruments valued on a recurring basis at the periods indicated:


		March 31, 2026		December 31, 2025
($ in thousands)	Level	Estimated Fair Value		Estimated Fair Value
Financial assets:
U.S. Treasury securities	1	$	27,629	$	27,755
Investment in BFG	3	$	8,800	$	9,000

Financial liabilities:
Derivative liability	2	$	63	148

Schedule of Reconciliation of Investment in BFG

The table below presents a reconciliation of the Company’s investment in BFG classified as a Level 3 financial instrument and measured at fair value on a recurring basis for the periods indicated:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Beginning balance	$	9,000	$	7,700
Purchase of BFG ownership interest	—		—
Change in fair value of BFG	(200)		400
Ending balance	$	8,800	$	8,100

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

The table below presents the Company’s financial instruments valued on a nonrecurring basis at the periods indicated:


($ in thousands)			Fair Value Measurements Using
Description of Financial Instrument	Fair Value		Level 1		Level 2		Level 3
March 31, 2026
Nonrecurring assets:
Individually evaluated loans	$	49,842	$	—	$	—	$	49,842
December 31, 2025
Nonrecurring assets:
Individually evaluated loans	$	43,217	$	—	$	—	$	43,217

Schedule of Quantitative Information for Level 3 Fair Value Measurements

The following table presents information about quantitative inputs and assumptions used to fair value Level 3 nonrecurring assets as of March 31, 2026 and December 31, 2025:

($ in thousands)

Fair Value

Valuation
Technique

Unobservable
Input

Range
(Weighted Average)

March 31, 2026

Individually evaluated loans

49,842

Market
comparable

Discount to appraisal value for estimated selling costs

11.40

December 31, 2025

Individually evaluated loans

43,217

Market
comparable

Discount to appraisal value for estimated selling costs

11.40

The range and weighted average of the significant unobservable inputs used to fair value the investment in BFG as of March 31, 2026 and as of December 31, 2025 are shown in the following table:


($ in thousands)	March 31, 2026 Range (Weighted Average)		December 31, 2025 Range (Weighted Average)
Discounted Cash Flows
Revenue growth rate	12.9	%	12.9	%
Expense growth rate	14.8	%	14.8	%
Discount rate	25.0	%	25.0	%
Lack of marketability discount	20.0	%	20.0	%

Guideline Public Company
Multiples of enterprise value	3.0x to 5.3x		3.5x to 5.3x

Schedule of Estimated Fair Value and Carrying Value of Financial Instrument

The tables below present the carrying amount and estimated fair value of the Company's financial instruments at the periods indicated:


	March 31, 2026
					Fair Value Measurements Using
($ in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	96,947	$	96,947	$	96,947	$	—	$	—
Investment securities available-for-sale	27,629		27,629		27,629		—		—
Investment securities held-to-maturity	9,388		8,410		—		8,410		—
Investment in FHLB stock	581		581		—		581		—
Loans held-for-investment, net	539,157		561,171		—		—		561,171
Strategic Program loans held-for-sale	133,907		133,907		—		133,907		—
Accrued interest receivable	3,555		3,555		—		3,555		—
SBA servicing asset, net	3,729		3,729		—		3,729		—
Investment in BFG	8,800		8,800		—		—		8,800

Financial liabilities:
Total deposits	$	674,856	$	649,484	$	—	$	649,484	$	—
Accrued interest payable	2,230		2,230		—		2,230		—
Derivative liability	63		63		—		63		—


	December 31, 2025
					Fair Value Measurements Using
($ in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	163,400	$	163,400	$	163,400	$	—	$	—
Investment securities available-for-sale	27,755		27,755		27,755		—		—
Investment securities held-to-maturity	9,927		8,982		—		8,982		—
Investment in FHLB stock	440		440		—		440		—
Loans held-for-investment, net	541,551		576,270		—		—		576,270
Strategic Program loans held-for-sale	146,473		146,473		—		146,473		—
Accrued interest receivable	3,707		3,707		—		3,707		—
SBA servicing asset, net	3,547		3,547		—		3,547		—
Investment in BFG	9,000		9,000		—		—		9,000

Financial liabilities:
Total deposits	$	754,561	$	727,637	$	—	$	727,637	$	—
Accrued interest payable	2,632		2,632		—		2,632		—
Derivative liability	148		148		—		148		—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Investments - FHLB Stock (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
FHLB stock	$ 0.6	$ 0.4

Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table provides segment information for the periods indicated (in thousands):


	At and for the Three Months Ended March 31, 2026
	Traditional Banking		BaaS		Treasury and Administration		Intersegment Eliminations(1)		Total
Interest income	$	6,856	$	25,216	$	4,827	$	(3,358)	$	33,541



Interest expense	3,011		1,339		4,459		(3,358)		5,451
Net interest income	3,845		23,877		368		—		28,090
Non-interest income	3,034		11,791		(43)		—		14,782
Non-interest expense:
Salaries and benefits	1,295		2,453		203		—		3,951
Other non-interest expense	1,268		13,073		78		—		14,419
Provision for credit losses	2,601		7,980		—		—		10,581
Income before other operating expense allocation	1,715		12,162		44		—		13,921
Other operating expense allocations	2,012		8,111		—		—		10,123
Income before taxes	(297)		4,051		44		—		3,798
Income tax expense	(138)		1,192		9		—		1,063
Net income	$	(159)	$	2,859	$	35	$	—	$	2,735

March 31, 2026
Other segment disclosures:
Total assets	$	435,448	$	234,009	$	229,983	$	—	$	899,440

(1) Interest income and expense are allocated to segments based on their respective funding requirements using an internal transfer pricing methodology. The treasury and administration segment earns interest income from providing funds to the traditional banking and BaaS segments, which in turn incur corresponding interest expense. These internal interest flows are eliminated at the consolidated level through the intersegment/eliminations column.

Investments - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	$ 9,388	$ 9,927
Allowance for Credit Losses	0	0
Unrealized Gain	1	6
Unrealized Loss	(979)	(951)
Estimated Fair Value	8,410	8,982
Mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	4,726	4,961
Allowance for Credit Losses	0	0
Unrealized Gain	0	1
Unrealized Loss	(448)	(456)
Estimated Fair Value	4,278	4,506
Collateralized mortgage obligations
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	4,662	4,966
Allowance for Credit Losses	0	0
Unrealized Gain	1	5
Unrealized Loss	(531)	(495)
Estimated Fair Value	$ 4,132	$ 4,476

- Definition

Fair value of investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	$ 27,629	$ 27,755
U.S. Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	27,526	27,531
Unrealized Gain	103	224
Unrealized Loss	0	0
Estimated Fair Value	$ 27,629	$ 27,755

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Business, Basis of Presentation, and Summary of Significant Accounting Policies (Details) - segment	3 Months Ended	6 Months Ended
	Mar. 31, 2026	Jun. 30, 2025
Accounting Policies [Abstract]
Number of reportable segments	3
Number of operating segments	3	1

Segments - Narrative (Details) - segment	3 Months Ended	6 Months Ended
Segments - Narrative (Details) - segment	Mar. 31, 2026	Jun. 30, 2025
Segment Reporting [Abstract]
Number of operating segments	3	1
Number of reportable segments	3

Loans

3 Months Ended

Mar. 31, 2026

Loans and Leases Receivable Disclosure [Abstract]

Loans

Loans held-for-investment, net – The Company’s loans held-for-investment outstanding by general ledger classification as of March 31, 2026 and December 31, 2025, consisted of the following:


	March 31,		December 31,
($ in thousands)	2026		2025
SBA(1)	$	202,438	$	205,615
Commercial leases	78,913		78,743
Commercial, non-real estate	3,877		4,201
Residential real estate	62,464		59,602
Strategic Program loans:
Strategic Program loans - with credit enhancement	109,081		108,131
Strategic Program loans - without credit enhancement	20,779		21,637
Commercial real estate:
Owner occupied	86,083		84,016
Non-owner occupied	2,003		1,638
Consumer	18,599		21,926
Total loans held-for-investment, gross	$	584,237	$	585,509
Deferred loan fees and discounts, net	(7,107)		(7,162)
Allowance for credit losses	(37,973)		(36,796)
Loans held-for-investment, net	$	539,157	$	541,551

(1) Included in the SBA loans held-for-investment above are $95.1 million and $102.7 million of loans guaranteed by the SBA as of March 31, 2026 and December 31, 2025, respectively.

The Bank sells participation interests in some loans it originates and may acquire a participation interest in loans originated by others. All reported amounts reflect only the Bank’s ownership interest in the loans.

Strategic Program Loans – The Company originates loans with various third-party loan origination platforms that use technology and other innovative systems to streamline the origination of unsecured and secured consumer and business loans to a wide array of borrowers within certain approved credit profiles. Loans issued by the Company through these programs follow and are limited to specific predetermined underwriting criteria. The Company earns monthly minimum program fees from these third parties. Based on the volume of loans originated by the Company related to each Strategic Program, an additional fee equal to a percentage of the loans generated under the Strategic Program may be collected. The program fee is included within non-interest income on the consolidated statements of income.

The Company generally retains the loans and/or receivables for a number of business days after origination before selling the loans and/or receivables to the Strategic Program provider or another investor. Interest income is earned by the Company while holding the loans. These loans are classified as held-for-sale on the balance sheet and measured at the lower of cost or market.

The Company may choose to retain all or part of the originated loans or receivables, rather than selling them in their entirety. The portion that remains with the Company is classified as held-for-investment on the balance sheet.

The Company is generally the servicer of the loans it originates through Strategic Programs. The Company earns a servicing fee equal to a percentage of the outstanding balance of the loans generated under Strategic Programs for servicing such loans. In turn, the Strategic Program service providers, subject to the Company’s approval and oversight, typically serve as sub-servicer and perform primary servicing duties including loan collections, modifications, charging-off, reporting and monitoring, for which the Company incurs a cost.

Each Strategic Program provider establishes a “reserve” deposit account with the Company to reasonably ensure the strategic programs will have sufficient funds available to purchase the loans. The agreements generally require that the reserve account deposit balance does not fall below an agreed upon dollar or percentage threshold related to the total loans currently outstanding as held-for-sale by the Company for the specific Strategic Program. If necessary, the Company has the right to withdraw amounts from the reserve account to fulfill loan purchaser obligations created under the program agreements. Total cash held in reserve by Strategic Program providers at the Company at March 31, 2026 and December 31, 2025, was $35.6 million and $53.4 million, respectively.

Strategic Program providers that participate in the Company’s credit enhanced balance sheet program guarantee the credit and fraud losses by maintaining a reserve deposit account with the Bank. This reserve deposit account is intended to protect the Bank by ensuring that sufficient funds are available to cover any credit and fraud losses, and the Strategic Program provider must periodically replenish the account as needed to meet the required balance. Collateral reserve balances associated with the Company’s credit enhanced balance sheet program totaled $5.1 million and $5.4 million at March 31, 2026 and December 31, 2025, respectively.

Strategic Program loans retained and held-for-sale as of March 31, 2026 and December 31, 2025, are summarized as follows:


($ in thousands)	March 31, 2026		December 31, 2025
Retained Strategic Program loans(1)	$	129,860	$	129,768
Strategic Program loans held-for-sale	133,907		146,473
Total Strategic Program loans	$	263,767	$	276,241

(1) Includes $109.1 million and $108.1 million of credit enhanced loans at March 31, 2026 and December 31, 2025, respectively.

Allowance for Credit Losses: In determining an appropriate amount for the allowance, the Bank segmented and aggregated the loan portfolio based on the FDIC Consolidated Reports of Condition and Income (“Call Report”) codes. These classifications, which in general are based upon the nature of the collateral and type of borrower, are different than the classifications adopted for other financial reporting purposes, which are based upon the proposed use of the loan proceeds. The following pool segments were identified as of March 31, 2026 and December 31, 2025 for the purpose of estimating the ACL:


($ in thousands)	March 31, 2026		December 31, 2025
Construction and land development	$	50,582	$	49,070
Residential real estate	55,664		56,441
Residential real estate multifamily	2,530		3,175
Commercial real estate:
Owner occupied	213,317		210,556
Non-owner occupied	8,300		9,581
Commercial and industrial	26,472		26,250
Consumer	18,598		21,926
Lease financing receivables	78,914		78,742
Retained Strategic Program loans:
Strategic Program loans - with credit enhancement	109,081		108,131
Strategic Program loans - without credit enhancement	20,779		21,637
Total loans held-for-investment, gross	$	584,237	$	585,509

Activity in the ACL by common characteristic loan pools was as follows for the periods indicated:


	Three Months Ended March 31, 2026
($ in thousands)	Beginning Balance		Provision for (Reversal of) Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	970	$	92	$	—	$	—	$	1,062
Residential real estate	777		282		(244)		—		815
Residential real estate multifamily	62		(14)		—		—		48
Commercial real estate:
Owner occupied	3,267		1,142		(598)		—		3,811
Non-owner occupied	104		398		(410)		—		92
Commercial and industrial	773		535		(447)		5		866
Consumer	679		143		(276)		2		548
Lease financing receivables	1,838		238		(319)		42		1,799
Retained Strategic Program loans:
Strategic Program loans - with credit enhancement	22,396		5,864		(4,864)		32		23,428
Strategic Program loans - without credit enhancement	5,930		1,886		(2,720)		408		5,504
Total allowance for credit losses on financing receivables	$	36,796	$	10,566	$	(9,878)	$	489	$	37,973

Unfunded lending commitments	558		15		—		—		573
Total allowance for credit losses	$	37,354	$	10,581	$	(9,878)	$	489	$	38,546


	Three Months Ended March 31, 2025
($ in thousands)	Beginning Balance		Provision for Credit Losses		Charge-Offs		Recoveries		Ending Balance
Construction and land development	$	374	$	614	$	—	$	—	$	988
Residential real estate	788		(186)		(7)		3		598
Residential real estate multifamily	38		—		—		—		38
Commercial real estate:
Owner occupied	2,834		850		(68)		16		3,632
Non-owner occupied	113		13		—		—		126
Commercial and industrial	700		(200)		(83)		14		431
Consumer	638		46		(11)		3		676
Lease financing receivables	1,387		269		(36)		(33)		1,587
Retained Strategic Program loans:
Strategic Program loans - with credit enhancement	111		85		—		—		196
Strategic Program loans - without credit enhancement	6,193		1,816		(2,384)		338		5,963
Total allowance for credit losses on financing receivables	$	13,176	$	3,307	$	(2,589)	$	341	$	14,235

Unfunded lending commitments	464		29		—		—		493
Total allowance for credit losses	$	13,640	$	3,336	$	(2,589)	$	341	$	14,728

Nonaccrual and past due loans are summarized below as of March 31, 2026 and December 31, 2025:


March 31, 2026
	Loans Past Due and Still Accruing
($ in thousands)	30-89 Days Past Due		90 Days and Greater		Total		Nonaccrual Loans with no ACL(1)		Nonaccrual Loans with ACL		Current Loans		Total Loans
Construction and land development	$	—	$	—	$	—	$	—	$	—	$	50,582	$	50,582
Residential real estate	—		—		—		11,189		12		44,463		55,664
Residential real estate multifamily	—		—		—		—		—		2,530		2,530
Commercial real estate:
Owner occupied	4		—		4		25,081		8,216		180,016		213,317
Non-owner occupied	—		—		—		2,343		—		5,957		8,300
Commercial and industrial	—		—		—		2,581		—		23,891		26,472
Consumer	7		—		7		—		7		18,584		18,598
Commercial leases	1		—		1		27		386		78,500		78,914
Retained Strategic Program loans	6,968		200		7,168		—		—		122,692		129,860
Total	$	6,980	$	200	$	7,180	$	41,221	$	8,621	$	527,215	$	584,237

(1) Included in the nonaccrual loan balances are $26.7 million of SBA 7(a) loan balances guaranteed by the SBA.


December 31, 2025
	Loans Past Due and Still Accruing
($ in thousands)	30-89 Days Past Due		90 Days and Greater		Total		Nonaccrual Loans with no ACL(1)		Nonaccrual Loans with ACL		Current Loans		Total Loans
Construction and land development	$	—	$	—	$	—	$	2,288	$	—	$	46,782	$	49,070
Residential real estate	—		—		—		7,519		3,718		45,204		56,441
Residential real estate multifamily	—		—		—		—		—		3,175		3,175
Commercial real estate:
Owner occupied	—		—		—		23,358		410		186,788		210,556
Non-owner occupied	—		—		—		2,763		—		6,818		9,581
Commercial and industrial	—		—		—		2,250		—		24,000		26,250
Consumer	309		20		329		—		52		21,545		21,926
Commercial leases	16		—		16		208		651		77,867		78,742
Retained Strategic Program loans	4,863		109		4,972		—		—		124,796		129,768
Total	$	5,188	$	129	$	5,317	$	38,386	$	4,831	$	536,975	$	585,509

(1) Included in the nonaccrual loan balances are $23.9 million of SBA 7(a) loan balances guaranteed by the SBA.

There was no interest income recognized for the three months ended March 31, 2026 and 2025 while loans were classified as nonaccrual. The amount of accrued interest that was reversed against interest income on nonaccrual loans was approximately $0.1 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

The allowance for credit losses represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Bank measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. Generally, collectively assessed loans are grouped by Call Report code and then risk grade grouping.

In addition to past due and nonaccrual status criteria, the Company also evaluates loans using a loan grading system. Internal loan grades are based on current financial information, historical payment experience, and credit documentation, among other factors. Performance-based grades are summarized below:

Pass – A Pass asset is higher quality and does not fit any of the other categories described below. The likelihood of loss is believed to be remote.

Watch – A Watch asset may be a larger loan or one that places a heavier reliance on collateral due to the relative financial strength of the borrower. The assets may be maintenance intensive requiring closer monitoring. The obligor is believed to have an adequate primary source of repayment.

Special Mention – A Special Mention asset has potential weaknesses that may be temporary or, if left uncorrected, may result in a loss. While concerns exist, the Company believes that it is currently protected against a default and loss is considered unlikely and not imminent.

Substandard – A Substandard asset is believed to be inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have identified weaknesses and are characterized by the possibility that the Company may sustain some loss if deficiencies are not corrected.

Doubtful – A doubtful asset has an existing weakness or weaknesses that make collection or liquidation in full, on the basis of currently existing facts and conditions, highly questionable and improbable.

Loss – A loss asset has an existing weakness or weaknesses that render the loan uncollectible and of such little value that continuing to carry as an asset on the Company’s books is not warranted. This classification does not mean that the loan

has absolutely no recovery or salvage value, but rather it is not practical nor desirable to defer writing off this basically worthless asset, even though partial recovery may be effected in the future.

Not Rated – For Strategic Program loans, the Company does not evaluate and risk rate the loans in the same manner as other loans in the Company’s portfolio. The Not Rated loans are typically homogenous, smaller dollar balances approved using abridged underwriting methods that allow the Company to streamline the loan approval process and increase efficiency. Credit quality for Strategic Program loans is highly correlated with delinquency levels.


	Loans and Leases Amortized Cost Basis by Origination Year
March 31, 2026	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
($ in thousands)
Construction and land development
Pass	$	6,648	$	29,808	$	7,794	$	1,446	$	4,151	$	735	$	—	$	50,582
Watch	—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Total	6,648		29,808		7,794		1,446		4,151		735		—		50,582
Current period gross writeoff	—		—		—		—		—		—		—		—

Residential real estate
Pass	1,203		5,175		2,493		1,029		898		1,717		—		12,515
Watch	8,364		4,391		5,331		10,597		1,809		1,184		—		31,676
Special Mention	—		—		—		—		—		242		—		242
Substandard	—		3,666		—		663		6,725		177		—		11,231
Total	9,567		13,232		7,824		12,289		9,432		3,320		—		55,664
Current period gross writeoff	—		(228)		—		—		—		(16)				(244)

Residential real estate multifamily
Pass	110		223		909		341		240		77		—		1,900
Watch	—		—		—		551		—		79		—		630
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Total	110		223		909		892		240		156		—		2,530
Current period gross writeoff	—		—		—		—		—		—		—		—

Commercial real estate - owner occupied
Pass	7,115		47,278		22,263		5,387		3,814		6,879		—		92,736
Watch	9,575		16,415		8,037		31,380		14,214		7,269		—		86,890
Special Mention	—		—		—		—		—		273		—		273
Substandard	—		8,621		1,066		8,265		12,498		2,968		—		33,418


Total	16,690	72,314	31,366	45,032	30,526	17,389	—	213,317
Current period gross writeoff	—	(142)	—	(163)	(6)	(287)	—	(598)

Commercial real estate - non-owner occupied
Pass	348	—	—	190	1,210	39	—	1,787
Watch	—	—	—	2,889	350	931	—	4,170
Special Mention	—	—	—	—	—	—	—	—
Substandard	—	—	—	—	2,343	—	—	2,343
Total	348	—	—	3,079	3,903	970	—	8,300
Current period gross writeoff	—	—	—	—	(410)	—	—	(410)

Commercial and industrial
Pass	106	1,400	1,896	573	704	393	—	5,072
Watch	5,328	2,927	3,021	4,514	1,526	518	—	17,834
Special Mention	—	225	246	—	155	—	—	626
Substandard	—	—	483	1,743	355	359	—	2,940
Total	5,434	4,552	5,646	6,830	2,740	1,270	—	26,472
Current period gross writeoff	—	—	(317)	(19)	(67)	(44)	—	(447)

Consumer
Pass	503	7,963	7,137	2,331	384	192	—	18,510
Watch	—	—	31	12	5	17	—	65
Special Mention	—	—	—	—	—	—	—	—
Substandard	—	—	11	8	3	1	—	23
Total	503	7,963	7,179	2,351	392	210	—	18,598
Current period gross writeoff	—	(158)	(97)	—	(21)	—	—	(276)

Lease financing receivables
Pass	7,200	37,076	21,031	11,929	1,678	—	—	78,914
Watch	—	—	—	—	—	—	—	—
Special Mention	—	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—	—
Total	7,200	37,076	21,031	11,929	1,678	—	—	78,914
Current period gross writeoff	—	(233)	(86)	—	—	—	—	(319)

Retained Strategic Program loans
Pass	—	—	—	—	—	—	—	—
Watch - with credit enhancement	3,405	16,263	—	—	—	—	—	19,668
Special Mention	—	—	—	—	—	—	—	—


Substandard	—		—		—		—		—		—		—		—
Not Rated-without credit enhancement	6,977		11,602		1,829		55		263		53		—		20,779
Not Rated-with credit enhancement	15,526		73,463		424		—		—		—		—		89,413
Total	25,908		101,328		2,253		55		263		53		—		129,860
Current period gross writeoff-without credit enhancement	(15)		(2,496)		(166)		(10)		(12)		(21)		—		(2,720)
Current period gross writeoff-with credit enhancement	(1)		(4,863)		—		—		—		—		—		(4,864)
Total current period gross writeoff	(16)		(7,359)		(166)		(10)		(12)		(21)		—		(7,584)

Total portfolio loans receivable, gross	$	72,408	$	266,496	$	84,002	$	83,903	$	53,325	$	24,103	$	—	$	584,237
Total current period gross writeoff	$	(16)	$	(8,120)	$	(666)	$	(192)	$	(516)	$	(368)	$	—	$	(9,878)


	Loans and Leases Amortized Cost Basis by Origination Year
December 31, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
($ in thousands)
Construction and land development
Pass	$	27,443	$	12,288	$	1,913	$	4,385	$	753	$	—	$	—	$	46,782
Watch	—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		2,288		—		—		—		—		2,288
Total	27,443		12,288		4,201		4,385		753		—		—		49,070
Current period gross writeoff	—		—		—		—		—		—		—		—

Residential real estate
Pass	4,814		1,817		1,073		890		894		842		—		10,330
Watch	8,353		5,478		15,870		4,033		681		950		—		35,365
Special Mention	—		—		—		—		—		—		—		—
Substandard	3,718		—		36		6,819		38		135		—		10,746
Total	16,885		7,295		16,979		11,742		1,613		1,927		—		56,441
Current period gross writeoff	(100)		(162)		(419)		—		(236)		(37)		—		(954)



Residential real estate multifamily
Pass	306	1,563	342	241	78	—	—	2,530
Watch	—	—	564	—	56	25	—	645
Special Mention	—	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—	—
Total	306	1,563	906	241	134	25	—	3,175
Current period gross writeoff	—	—	—	—	—	—	—	—

Commercial real estate - owner occupied
Pass	52,951	23,095	5,278	3,506	1,829	5,807	—	92,466
Watch	30,159	8,078	31,510	15,643	4,254	3,666	—	93,310
Special Mention	—	—	—	579	—	433	—	1,012
Substandard	—	357	8,436	11,948	204	2,823	—	23,768
Total	83,110	31,530	45,224	31,676	6,287	12,729	—	210,556
Current period gross writeoff	—	(18)	(113)	(1,111)	(77)	(513)	—	(1,832)

Commercial real estate - non-owner occupied
Pass	—	—	192	1,213	—	7	—	1,412
Watch	—	—	2,959	1,440	898	109	—	5,406
Special Mention	—	—	—	—	—	—	—	—
Substandard	—	—	—	2,763	—	—	—	2,763
Total	—	—	3,151	5,416	898	116	—	9,581
Current period gross writeoff	—	—	—	—	—	—	—	—

Commercial and industrial
Pass	1,978	1,449	613	1,449	224	251	—	5,964
Watch	5,252	3,896	6,314	3,896	314	242	—	19,914
Special Mention	—	—	—	—	—	11	—	11
Substandard	—	—	—	—	—	361	—	361
Total	7,230	5,345	6,927	5,345	538	865	—	26,250
Current period gross writeoff	(65)	(258)	(231)	(252)	(24)	(103)	—	(933)

Consumer
Pass	9,316	9,181	2,589	489	86	152	—	21,813
Watch	—	33	10	—	18	—	—	61
Special Mention	—	—	—	—	—	—	—	—
Substandard	11	16	3	21	1	—	—	52
Total	9,327	9,230	2,602	510	105	152	—	21,926
Current period gross writeoff	(251)	(175)	(100)	(20)	(11)	(2)	—	(559)



Lease financing receivables
Pass	39,381		23,133		13,501		2,109		—		—		—		78,124
Watch	—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—
Substandard	370		145		103		—		—		—		—		618
Total	39,751		23,278		13,604		2,109		—		—		—		78,742
Current period gross writeoff	—		(125)		(169)		—		—		—		—		(294)

Retained Strategic Program loans
Pass	—		—		—		—		—		—		—		—
Watch - with credit enhancement	24,869		—		—		—		—		—		—		24,869
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Not Rated-without credit enhancement	18,769		2,325		106		332		105		—		—		21,637
Not Rated-with credit enhancement	82,754		508		—		—		—		—		—		83,262
Total	126,392		2,833		106		332		105		—		—		129,768
Current period gross writeoff-without credit enhancement	(4,565)		(4,769)		(418)		(269)		(167)		(14)		—		(10,202)
Current period gross writeoff-with credit enhancement	(1,633)		(6)												(1,639)
Total current period gross writeoff	(6,198)		(4,775)		(418)		(269)		(167)		(14)		—		(11,841)

Total portfolio loans receivable, gross	$	310,444	$	93,362	$	93,700	$	61,756	$	10,433	$	15,814	$	—	$	585,509
Total current period gross writeoff	$	(6,614)	$	(5,513)	$	(1,450)	$	(1,652)	$	(515)	$	(669)	$	—	$	(16,413)

Allowance for Credit Losses - Strategic Program Loans with Credit Enhancement

The Company partners with certain Strategic Program service providers who offer credit enhancement on loans, indemnifying or reimbursing the Bank for credit and fraud losses. In line with GAAP, we estimate and record expected loss provisions for these loans without factoring in the credit enhancement. When these provisions are recorded, a corresponding credit enhancement asset is recognized, reflecting anticipated recoveries under the service provider’s guarantee. Reimbursements are made through a deposit reserve account, which the provider replenishes periodically. The credit enhancement asset is reduced as payments or recoveries are received from the provider or its reserve account. The table below shows the activity in the credit enhancement asset for the periods indicated:


	March 31,		December 31,
($ in thousands)	2026		2025
Credit enhancement asset at beginning of period	$	22,411	$	111
Credit enhancement income	5,864		23,924
Credit losses settled with partner during period	(4,897)		(1,624)

Credit enhancement asset at end of period	$	23,378	$	22,411

Modified Loans to Troubled Borrowers

Modified loans to troubled borrowers arise from a modification made to a loan in order to alleviate temporary difficulties in the borrower’s financial condition or constraints on the borrower’s ability to repay the loan, and to minimize potential losses to the Company. GAAP requires that certain types of modifications be reported, which consist of the following: principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension, or any combination of the foregoing.

Modified Loans Held-for-Investment (Excluding Retained Strategic Program Loans)

During the three months ended March 31, 2026 and March 31, 2025 there were no new material loan modifications to loans held-for-investment, excluding Strategic Program loans which are discussed separately below. There were no payment defaults during the three months ended March 31, 2026 and March 31, 2025 of modified loans that were modified during the previous twelve months.

Modified Retained Strategic Program Loans

Retained Strategic Program loans of $129.9 million and $129.8 million as of March 31, 2026 and December 31, 2025, respectively, consist of personal loans to individuals and loans to businesses. A significant amount of the retained Strategic Program loans are made to subprime borrowers. The subprime borrowers’ ability to repay the loans according to the original loan terms can be compromised by both short-term financial challenges, such as unexpected car repairs or physical injury, and longer-term financial challenges, such as a job loss or more serious injury or illness.

In certain circumstances, some of the Company’s strategic programs will modify the original loan terms to optimize the recovery of principal and interest. The loan modifications may include (1) a delay in payment and extension of the loan term, or (2) accrued interest forgiveness and interest rate and payment reductions. As of March 31, 2026 and December 31, 2025, the balance of outstanding modified loans to individuals in the retained portfolio was approximately $0.2 million and $0.2 million, respectively. The Company does not have any obligation to fund additional amounts to the borrowers. If after modification, some or all of the loan is determined to be uncollectible, the full balance determined to be uncollectible is charged off. The amount charged off is included in the Company’s vintage analysis used to estimate the Company’s allowance for credit losses.

Collateral-Dependent Loans

A collateral-dependent loan is a nonaccrual loan for which the Bank relies substantially on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with a loan, the Company considers (1) character, overall financial condition and resources, and payment record of the borrower; (2) the prospects for support from any financially responsible guarantors; and (3) the nature and degree of protection provided by the cash flow and value of any underlying collateral. The loan may become collateral-dependent when foreclosure is probable or the borrower is experiencing financial difficulty and its sources of repayment become inadequate over time. At such time, the Company develops an expectation that repayment will be provided substantially through the operation or sale of the collateral.

The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of the periods indicated:


As of March 31, 2026			Collateral Type
($ in thousands)	Allowance for Credit Losses		Real Estate		Personal Property		Total
Construction and land development	$	—	$	—	$	—	$	—
Residential real estate	2		11,201		—		11,201
Commercial real estate:
Owner occupied	588		33,296		—		33,296
Non-owner occupied	—		2,343		—		2,343
Commercial and industrial	—		—		2,581		2,581
Consumer	7		—		7		7
Commercial leases	204		—		414		414
Total	$	801	$	46,840	$	3,002	$	49,842

The amount of collateral-dependent loans as of March 31, 2026 include $26.7 million of SBA 7(a) loan balances that are guaranteed by the SBA.


As of December 31, 2025			Collateral Type
($ in thousands)	Allowance for Credit Losses		Real Estate		Personal Property		Total
Construction and land development	$	—	$	2,288	$	—	$	2,288
Residential real estate	45		11,237		—		11,237
Commercial real estate:
Owner occupied	—		23,768		—		23,768
Non-owner occupied	—		2,763		—		2,763
Commercial and industrial	—		—		2,250		2,250
Consumer	52		—		52		52
Commercial leases	325		—		859		859
Total	$	422	$	40,056	$	3,161	$	43,217

The amount of collateral-dependent loans as of December 31, 2025 include $23.9 million of SBA 7(a) loan balances that are guaranteed by the SBA.

Related Party Disclosures (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Transactions

The following table represents a summary of related party transactions with BFG for the periods indicated:


	Three Months Ended March 31,
($ in thousands)	2026		2025
SBA 7(a) loans sourced from BFG	$	23,697	$	21,727
Commission fees paid to BFG	$	932	$	869
Distributions received from BFG(1)	$	150	$	520

(1) Recorded in the consolidated statements of income in other miscellaneous income

Investments - Schedule of Amortized Cost and Estimated Market Value of Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized Cost
Due in one year or less	$ 0
Due after one year through five years	975
Due after five years through ten years	1,784
Due after ten years	6,629
Amortized Cost	9,388	$ 9,927
Estimated Fair Value
Due in one year or less	0
Due after one year through five years	951
Due after five years through ten years	1,635
Due after ten years	5,824
Estimated fair value	$ 8,410	$ 8,982

Loans - Schedule of Strategic Program Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Strategic Program loans held-for-sale	$ 133,907	$ 146,473
Credit enhanced loans	539,157	541,551
Retained Strategic Program loans:
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Retained Strategic Program loans	129,860	129,768
Strategic Program loans held-for-sale	133,907	146,473
Total Strategic Program loans	263,767	276,241
Strategic Program loans - with credit enhancement
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Credit enhanced loans	$ 109,100	$ 108,100

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following summarizes stock option activity for the three months ended March 31, 2026:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025	726,491	$	5.90	4.9	$	8,744,727

Options exercised	(30,126)	5.52			376,009
Options forfeited	(2,642)	8.94
Outstanding at March 31, 2026	693,723	$	5.91	4.7	$	6,903,810
Options vested and exercisable at March 31, 2026	655,132	$	5.74	4.5	$	6,632,622

Schedule of Restricted Stock Awards Activities

The following summarizes restricted stock activity for the three months ended March 31, 2026:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	651,221	$	12.34
Granted	81,905	$	15.86

Forfeited	(52,071)	$	12.25
Unvested as of March 31, 2026	681,055	$	12.77

Schedule of Stock-Based Compensation Expense

The following table presents stock-based compensation expense recognized and income tax benefit for stock-based compensation related to restricted shares:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Stock options	$	11	$	48
Restricted shares	648		552
Total	$	659	$	600

Income tax benefit related to restricted shares	$	160	$	133

Fair Value of Financial Instruments - Narrative (Details)	Mar. 31, 2026	Dec. 31, 2025
Measurement Input, Discount to Non-Voting Shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input (in percent)	0.045	0.045

Fair Value of Financial Instruments - Schedule of Quantitative Information for Level 3 Fair Value Measurements (Details) - Nonrecurring $ in Thousands	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans	$ 49,842	$ 43,217
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans	$ 49,842	$ 43,217
Market comparable \| Discount to appraisal value for estimated selling costs \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans, measurement input	0.1140	0.1140

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-Sale

The amortized cost, gross unrealized gains and losses, and estimated fair value of investment securities AFS as of March 31, 2026 and December 31, 2025, are summarized as follows:


	March 31, 2026
($ in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
U.S. Treasury securities	$	27,526	$	103	$	—	$	27,629


	December 31, 2025
($ in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
U.S. Treasury securities	$	27,531	$	224	$	—	$	27,755

Schedule of Amortized Cost and Estimated Market Value of Debt Securities

The following table presents the amortized cost and estimated fair value of investment securities AFS at March 31, 2026, by contractual maturity:


($ in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	17,497	$	17,561
Due after one year through five years	10,029		10,068


Total securities AFS	$	27,526	$	27,629


($ in thousands)	Amortized Cost		Estimated Fair Value
Securities held-to-maturity
Due in one year or less	$	—	$	—
Due after one year through five years	975		951
Due after five years through ten years	1,784		1,635
Due after ten years	6,629		5,824
Total securities held-to-maturity	$	9,388	$	8,410

Schedule of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Values of Held-to-Maturity Securities

The amortized cost, unrealized gains and losses, and estimated fair values of the Company’s debt securities HTM at March 31, 2026 and December 31, 2025, are summarized as follows:


	March 31, 2026
($ in thousands)	Amortized Cost		Allowance for Credit Losses		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Mortgage-backed securities	$	4,726	$	—	$	—	$	(448)	$	4,278
Collateralized mortgage obligations	4,662		—		1		(531)		4,132
Total securities held-to-maturity	$	9,388	$	—	$	1	$	(979)	$	8,410


	December 31, 2025
($ in thousands)	Amortized Cost		Allowance for Credit Losses		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Mortgage-backed securities	$	4,961	$	—	$	1	$	(456)	$	4,506
Collateralized mortgage obligations	4,966		—		5		(495)		4,476
Total securities held-to-maturity	$	9,927	$	—	$	6	$	(951)	$	8,982

Schedule of Fair Value and Unrealized Losses of Securities in Unrealized Loss Position

The following table presents the estimated fair value and gross unrealized losses of debt securities HTM and AFS, aggregated by category and length of time in a continuous unrealized loss position at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Less than 12 months				12 Months or More				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses




Held-to-maturity:
Mortgage-backed securities	$	299	$	—	$	3,978	$	(448)	$	4,277	$	(448)
Collateralized mortgage obligations	483		(2)		3,236		(529)		3,719		(531)
Total	$	782	$	(2)	$	7,214	$	(977)	$	7,996	$	(979)


	December 31, 2025
	Less than 12 months				12 Months or More				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses




Held-to-maturity:
Mortgage-backed securities	$	—	$	—	$	4,164	$	(456)	$	4,164	$	(456)
Collateralized mortgage obligations	39		—		3,372		(495)		3,411		(495)
Total	$	39	$	—	$	7,536	$	(951)	$	7,575	$	(951)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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+ Details

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Investments - Narrative (Details) $ in Thousands	3 Months Ended
Investments - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) security	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) security
Schedule of Held-to-Maturity Securities [Line Items]
Estimated Fair Value	$ 27,629		$ 27,755
Accrued interest receivable debt securities available for sale	200		500
Debt securities, amortized cost	9,388		9,927
Debt securities, available-for-sale, allowance for credit loss	0		0
Allowance for Credit Losses	$ 0		$ 0
Number of securities in unrealized loss position \| security	18		17
Sales or transfers of investment securities	$ 0	$ 0
Realized gains or losses on investment securities	0	$ 0
Collateralized mortgage obligations
Schedule of Held-to-Maturity Securities [Line Items]
Debt securities, amortized cost	4,662		$ 4,966
Allowance for Credit Losses	$ 0		$ 0
Number of securities in unrealized loss position \| security	8		8
Mortgage-backed securities
Schedule of Held-to-Maturity Securities [Line Items]
Debt securities, amortized cost	$ 4,726		$ 4,961
Allowance for Credit Losses	$ 0		$ 0
Number of securities in unrealized loss position \| security	10		9
Asset Pledged as Collateral
Schedule of Held-to-Maturity Securities [Line Items]
Estimated Fair Value	$ 27,600
Debt securities, amortized cost	$ 9,400

Fair Value of Financial Instruments - Schedule of Investment in BFG Activity (Details) - Fair Value, Recurring - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity Method Investments [Roll Forward]
Beginning balance	$ 9,000	$ 7,700
Purchase of BFG ownership interest	0	0
Change in fair value of BFG	(200)	400
Ending balance	$ 8,800	$ 8,100

Loans - Schedule of Loans by Origination Year (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 72,408		$ 310,444
Year before current fiscal year	266,496		93,362
Two years before current fiscal year	84,002		93,700
Three years before current fiscal year	83,903		61,756
Four years before current fiscal year	53,325		10,433
Prior	24,103		15,814
Revolving Loans	0		0
Total	584,237		585,509
Current fiscal year, Writeoff	(16)		(6,614)
Year before current fiscal year, Writeoff	(8,120)		(5,513)
Two years before current fiscal year, Writeoff	(666)		(1,450)
Three years before current fiscal year, Writeoff	(192)		(1,652)
Four years before current fiscal year, Writeoff	(516)		(515)
Prior, Writeoff	(368)		(669)
Revolving Loans, Writeoff	0		0
Writeoff	(9,878)	$ (2,589)	(16,413)
Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	6,648		27,443
Year before current fiscal year	29,808		12,288
Two years before current fiscal year	7,794		4,201
Three years before current fiscal year	1,446		4,385
Four years before current fiscal year	4,151		753
Prior	735		0
Revolving Loans	0		0
Total	50,582		49,070
Current fiscal year, Writeoff	0		0
Year before current fiscal year, Writeoff	0		0
Two years before current fiscal year, Writeoff	0		0
Three years before current fiscal year, Writeoff	0		0
Four years before current fiscal year, Writeoff	0		0
Prior, Writeoff	0		0
Revolving Loans, Writeoff	0		0
Writeoff	0	0	0
Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	9,567		16,885
Year before current fiscal year	13,232		7,295
Two years before current fiscal year	7,824		16,979
Three years before current fiscal year	12,289		11,742
Four years before current fiscal year	9,432		1,613
Prior	3,320		1,927
Revolving Loans	0		0
Total	55,664		56,441
Current fiscal year, Writeoff	0		(100)
Year before current fiscal year, Writeoff	(228)		(162)
Two years before current fiscal year, Writeoff	0		(419)
Three years before current fiscal year, Writeoff	0		0
Four years before current fiscal year, Writeoff	0		(236)
Prior, Writeoff	(16)		(37)
Revolving Loans, Writeoff			0
Writeoff	(244)	(7)	(954)
Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	110		306
Year before current fiscal year	223		1,563
Two years before current fiscal year	909		906
Three years before current fiscal year	892		241
Four years before current fiscal year	240		134
Prior	156		25
Revolving Loans	0		0
Total	2,530		3,175
Current fiscal year, Writeoff	0		0
Year before current fiscal year, Writeoff	0		0
Two years before current fiscal year, Writeoff	0		0
Three years before current fiscal year, Writeoff	0		0
Four years before current fiscal year, Writeoff	0		0
Prior, Writeoff	0		0
Revolving Loans, Writeoff	0		0
Writeoff	0	0	0
Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	16,690		83,110
Year before current fiscal year	72,314		31,530
Two years before current fiscal year	31,366		45,224
Three years before current fiscal year	45,032		31,676
Four years before current fiscal year	30,526		6,287
Prior	17,389		12,729
Revolving Loans	0		0
Total	213,317		210,556
Current fiscal year, Writeoff	0		0
Year before current fiscal year, Writeoff	(142)		(18)
Two years before current fiscal year, Writeoff	0		(113)
Three years before current fiscal year, Writeoff	(163)		(1,111)
Four years before current fiscal year, Writeoff	(6)		(77)
Prior, Writeoff	(287)		(513)
Revolving Loans, Writeoff	0		0
Writeoff	(598)	(68)	(1,832)
Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	348		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		3,151
Three years before current fiscal year	3,079		5,416
Four years before current fiscal year	3,903		898
Prior	970		116
Revolving Loans	0		0
Total	8,300		9,581
Current fiscal year, Writeoff	0		0
Year before current fiscal year, Writeoff	0		0
Two years before current fiscal year, Writeoff	0		0
Three years before current fiscal year, Writeoff	0		0
Four years before current fiscal year, Writeoff	(410)		0
Prior, Writeoff	0		0
Revolving Loans, Writeoff	0		0
Writeoff	(410)	0	0
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	5,434		7,230
Year before current fiscal year	4,552		5,345
Two years before current fiscal year	5,646		6,927
Three years before current fiscal year	6,830		5,345
Four years before current fiscal year	2,740		538
Prior	1,270		865
Revolving Loans	0		0
Total	26,472		26,250
Current fiscal year, Writeoff	0		(65)
Year before current fiscal year, Writeoff	0		(258)
Two years before current fiscal year, Writeoff	(317)		(231)
Three years before current fiscal year, Writeoff	(19)		(252)
Four years before current fiscal year, Writeoff	(67)		(24)
Prior, Writeoff	(44)		(103)
Revolving Loans, Writeoff	0		0
Writeoff	(447)	(83)	(933)
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	503		9,327
Year before current fiscal year	7,963		9,230
Two years before current fiscal year	7,179		2,602
Three years before current fiscal year	2,351		510
Four years before current fiscal year	392		105
Prior	210		152
Revolving Loans	0		0
Total	18,598		21,926
Current fiscal year, Writeoff	0		(251)
Year before current fiscal year, Writeoff	(158)		(175)
Two years before current fiscal year, Writeoff	(97)		(100)
Three years before current fiscal year, Writeoff	0		(20)
Four years before current fiscal year, Writeoff	(21)		(11)
Prior, Writeoff	0		(2)
Revolving Loans, Writeoff	0		0
Writeoff	(276)	(11)	(559)
Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	7,200		39,751
Year before current fiscal year	37,076		23,278
Two years before current fiscal year	21,031		13,604
Three years before current fiscal year	11,929		2,109
Four years before current fiscal year	1,678		0
Prior	0		0
Revolving Loans	0		0
Total	78,914		78,742
Current fiscal year, Writeoff	0		0
Year before current fiscal year, Writeoff	(233)		(125)
Two years before current fiscal year, Writeoff	(86)		(169)
Three years before current fiscal year, Writeoff	0		0
Four years before current fiscal year, Writeoff	0		0
Prior, Writeoff	0		0
Revolving Loans, Writeoff	0		0
Writeoff	(319)	$ (36)	(294)
Retained Strategic Program loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	25,908		126,392
Year before current fiscal year	101,328		2,833
Two years before current fiscal year	2,253		106
Three years before current fiscal year	55		332
Four years before current fiscal year	263		105
Prior	53		0
Revolving Loans	0		0
Total	129,860		129,768
Current fiscal year, Writeoff	(16)		(6,198)
Year before current fiscal year, Writeoff	(7,359)		(4,775)
Two years before current fiscal year, Writeoff	(166)		(418)
Three years before current fiscal year, Writeoff	(10)		(269)
Four years before current fiscal year, Writeoff	(12)		(167)
Prior, Writeoff	(21)		(14)
Revolving Loans, Writeoff	0		0
Writeoff	(7,584)		(11,841)
Pass \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	6,648		27,443
Year before current fiscal year	29,808		12,288
Two years before current fiscal year	7,794		1,913
Three years before current fiscal year	1,446		4,385
Four years before current fiscal year	4,151		753
Prior	735		0
Revolving Loans	0		0
Total	50,582		46,782
Pass \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,203		4,814
Year before current fiscal year	5,175		1,817
Two years before current fiscal year	2,493		1,073
Three years before current fiscal year	1,029		890
Four years before current fiscal year	898		894
Prior	1,717		842
Revolving Loans	0		0
Total	12,515		10,330
Pass \| Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	110		306
Year before current fiscal year	223		1,563
Two years before current fiscal year	909		342
Three years before current fiscal year	341		241
Four years before current fiscal year	240		78
Prior	77		0
Revolving Loans	0		0
Total	1,900		2,530
Pass \| Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	7,115		52,951
Year before current fiscal year	47,278		23,095
Two years before current fiscal year	22,263		5,278
Three years before current fiscal year	5,387		3,506
Four years before current fiscal year	3,814		1,829
Prior	6,879		5,807
Revolving Loans	0		0
Total	92,736		92,466
Pass \| Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	348		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		192
Three years before current fiscal year	190		1,213
Four years before current fiscal year	1,210		0
Prior	39		7
Revolving Loans	0		0
Total	1,787		1,412
Pass \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	106		1,978
Year before current fiscal year	1,400		1,449
Two years before current fiscal year	1,896		613
Three years before current fiscal year	573		1,449
Four years before current fiscal year	704		224
Prior	393		251
Revolving Loans	0		0
Total	5,072		5,964
Pass \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	503		9,316
Year before current fiscal year	7,963		9,181
Two years before current fiscal year	7,137		2,589
Three years before current fiscal year	2,331		489
Four years before current fiscal year	384		86
Prior	192		152
Revolving Loans	0		0
Total	18,510		21,813
Pass \| Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	7,200		39,381
Year before current fiscal year	37,076		23,133
Two years before current fiscal year	21,031		13,501
Three years before current fiscal year	11,929		2,109
Four years before current fiscal year	1,678		0
Prior	0		0
Revolving Loans	0		0
Total	78,914		78,124
Pass \| Retained Strategic Program loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Watch \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Watch \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	8,364		8,353
Year before current fiscal year	4,391		5,478
Two years before current fiscal year	5,331		15,870
Three years before current fiscal year	10,597		4,033
Four years before current fiscal year	1,809		681
Prior	1,184		950
Revolving Loans	0		0
Total	31,676		35,365
Watch \| Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		564
Three years before current fiscal year	551		0
Four years before current fiscal year	0		56
Prior	79		25
Revolving Loans	0		0
Total	630		645
Watch \| Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	9,575		30,159
Year before current fiscal year	16,415		8,078
Two years before current fiscal year	8,037		31,510
Three years before current fiscal year	31,380		15,643
Four years before current fiscal year	14,214		4,254
Prior	7,269		3,666
Revolving Loans	0		0
Total	86,890		93,310
Watch \| Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		2,959
Three years before current fiscal year	2,889		1,440
Four years before current fiscal year	350		898
Prior	931		109
Revolving Loans	0		0
Total	4,170		5,406
Watch \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	5,328		5,252
Year before current fiscal year	2,927		3,896
Two years before current fiscal year	3,021		6,314
Three years before current fiscal year	4,514		3,896
Four years before current fiscal year	1,526		314
Prior	518		242
Revolving Loans	0		0
Total	17,834		19,914
Watch \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		33
Two years before current fiscal year	31		10
Three years before current fiscal year	12		0
Four years before current fiscal year	5		18
Prior	17		0
Revolving Loans	0		0
Total	65		61
Watch \| Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Watch - with credit enhancement \| Retained Strategic Program loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	3,405		24,869
Year before current fiscal year	16,263		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	19,668		24,869
Special Mention \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Special Mention \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	242		0
Revolving Loans	0		0
Total	242		0
Special Mention \| Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Special Mention \| Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		579
Four years before current fiscal year	0		0
Prior	273		433
Revolving Loans	0		0
Total	273		1,012
Special Mention \| Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Special Mention \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	225		0
Two years before current fiscal year	246		0
Three years before current fiscal year	0		0
Four years before current fiscal year	155		0
Prior	0		11
Revolving Loans	0		0
Total	626		11
Special Mention \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Special Mention \| Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Special Mention \| Retained Strategic Program loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Substandard \| Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		2,288
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		2,288
Substandard \| Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		3,718
Year before current fiscal year	3,666		0
Two years before current fiscal year	0		36
Three years before current fiscal year	663		6,819
Four years before current fiscal year	6,725		38
Prior	177		135
Revolving Loans	0		0
Total	11,231		10,746
Substandard \| Residential real estate multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Substandard \| Commercial real estate - owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	8,621		357
Two years before current fiscal year	1,066		8,436
Three years before current fiscal year	8,265		11,948
Four years before current fiscal year	12,498		204
Prior	2,968		2,823
Revolving Loans	0		0
Total	33,418		23,768
Substandard \| Commercial real estate - non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		2,763
Four years before current fiscal year	2,343		0
Prior	0		0
Revolving Loans	0		0
Total	2,343		2,763
Substandard \| Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	483		0
Three years before current fiscal year	1,743		0
Four years before current fiscal year	355		0
Prior	359		361
Revolving Loans	0		0
Total	2,940		361
Substandard \| Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		11
Year before current fiscal year	0		16
Two years before current fiscal year	11		3
Three years before current fiscal year	8		21
Four years before current fiscal year	3		1
Prior	1		0
Revolving Loans	0		0
Total	23		52
Substandard \| Lease financing receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		370
Year before current fiscal year	0		145
Two years before current fiscal year	0		103
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		618
Substandard \| Retained Strategic Program loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0		0
Year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	0		0
Not Rated-without credit enhancement \| Retained Strategic Program loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	6,977		18,769
Year before current fiscal year	11,602		2,325
Two years before current fiscal year	1,829		106
Three years before current fiscal year	55		332
Four years before current fiscal year	263		105
Prior	53		0
Revolving Loans	0		0
Total	20,779		21,637
Not Rated-with credit enhancement \| Retained Strategic Program loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	15,526		82,754
Year before current fiscal year	73,463		508
Two years before current fiscal year	424		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		0
Revolving Loans	0		0
Total	89,413		83,262
Current period gross writeoff-without credit enhancement \| Retained Strategic Program loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year, Writeoff	(15)		(4,565)
Year before current fiscal year, Writeoff	(2,496)		(4,769)
Two years before current fiscal year, Writeoff	(166)		(418)
Three years before current fiscal year, Writeoff	(10)		(269)
Four years before current fiscal year, Writeoff	(12)		(167)
Prior, Writeoff	(21)		(14)
Revolving Loans, Writeoff	0		0
Writeoff	(2,720)		(10,202)
Current period gross writeoff-with credit enhancement \| Retained Strategic Program loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year, Writeoff	(1)		(1,633)
Year before current fiscal year, Writeoff	(4,863)		(6)
Two years before current fiscal year, Writeoff	0
Three years before current fiscal year, Writeoff	0
Four years before current fiscal year, Writeoff	0
Prior, Writeoff	0
Revolving Loans, Writeoff	0
Writeoff	$ (4,864)		$ (1,639)

Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

Risk Management Objective of Using Derivatives

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives were used to hedge the variable cash flows associated with existing variable-rate deposits.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (“OCI”) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated OCI related to derivatives will be reclassified to interest on deposits as interest payments are made on the Company’s variable-rate deposits. During the twelve months following March 31, 2026, the Company estimates that an additional $43.7 thousand will be reclassified as an increase to interest expense.

Fair Value of Derivative Instruments on the Consolidated Balance Sheets

The tables below present the notional amount, location, and fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of the periods indicated:

Derivative Liabilities

As of March 31, 2026

($ in thousands)

Notional Amount

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate swaps

80,000

Other liabilities

Total

Derivative Liabilities

As of December 31, 2025

($ in thousands)

Notional Amount

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate swaps

80,000

Other liabilities

148

Total

148

Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income

The tables below present the pre-tax effect of cash flow hedge accounting on accumulated other comprehensive income for the periods indicated:


	Three Months Ended March 31, 2026
($ in thousands)	Amount of Gain (Loss) Recognized in OCI on Derivative		Location of Gain Recognized from Accumulated OCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	125	Interest on deposits	$	(19)
Total	$	125		$	(19)


	Three Months Ended March 31, 2025
($ in thousands)	Amount of Gain (Loss) Recognized in OCI on Derivative		Location of Gain Recognized from Accumulated OCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	(254)	Interest on deposits	$	113
Total	$	(254)		$	113

Effect of Cash Flow Hedge Accounting on the Statement of Income

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods indicated:


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
($ in thousands)	Location and Amount of Gain (Loss) Recognized in Income on Cash Flow Hedging Relationships		Location and Amount of Gain (Loss) Recognized in Income on Cash Flow Hedging Relationships
Location of gain (loss) recognized in income	Interest on deposits		Interest on deposits
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of cash flow hedges are recorded	$	(19)	$	113

The effects of cash flow hedging:
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated OCI into income	$	(19)	$	113

Offsetting Derivative Assets and Liabilities

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2026 and December 31, 2025. The net amounts of derivative assets and liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets.


As of March 31, 2026							Gross Amounts Not Offset in the Statement of Financial Position
($ in thousands)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities presented in the Statement of Financial Position			Financial Instruments		Cash Collateral Pledged		Net Amount
Liabilities:
Interest rate swaps	$	63	$	—	$	63		$	—	$	—	$	63


As of December 31, 2025							Gross Amounts Not Offset in the Statement of Financial Position
($ in thousands)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities presented in the Statement of Financial Position			Financial Instruments		Cash Collateral Pledged		Net Amount
Liabilities:
Interest rate swaps	$	148	$	—	$	148		$	—	$	—	$	148

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loans - Schedule of Loans Summarized to Major Risk Category (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	$ (37,973)	$ (36,796)	$ (14,235)	$ (13,176)
Loans held-for-investment, net	539,157	541,551
Loans Receivable
Loans and Leases Receivable Disclosure [Line Items]
Total loans held-for-investment, gross	584,237	585,509
Deferred loan fees and discounts, net	(7,107)	(7,162)
Allowance for credit losses	(37,973)	(36,796)
Loans held-for-investment, net	539,157	541,551
SBA \| Loans Receivable
Loans and Leases Receivable Disclosure [Line Items]
Total loans held-for-investment, gross	202,438	205,615
SBA \| Loans Receivable \| SBA
Loans and Leases Receivable Disclosure [Line Items]
Total loans held-for-investment, gross	95,100	102,700
Commercial leases
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(1,799)	(1,838)	(1,587)	(1,387)
Commercial leases \| Loans Receivable
Loans and Leases Receivable Disclosure [Line Items]
Total loans held-for-investment, gross	78,913	78,743
Commercial, non-real estate \| Loans Receivable
Loans and Leases Receivable Disclosure [Line Items]
Total loans held-for-investment, gross	3,877	4,201
Residential real estate
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(815)	(777)	(598)	(788)
Residential real estate \| Loans Receivable
Loans and Leases Receivable Disclosure [Line Items]
Total loans held-for-investment, gross	62,464	59,602
Strategic Program loans - with credit enhancement
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(23,428)	(22,396)	(196)	(111)
Loans held-for-investment, net	109,100	108,100
Strategic Program loans - with credit enhancement \| Loans Receivable
Loans and Leases Receivable Disclosure [Line Items]
Total loans held-for-investment, gross	109,081	108,131
Strategic Program loans - without credit enhancement
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(5,504)	(5,930)	(5,963)	(6,193)
Strategic Program loans - without credit enhancement \| Loans Receivable
Loans and Leases Receivable Disclosure [Line Items]
Total loans held-for-investment, gross	20,779	21,637
Owner occupied
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(3,811)	(3,267)	(3,632)	(2,834)
Owner occupied \| Loans Receivable
Loans and Leases Receivable Disclosure [Line Items]
Total loans held-for-investment, gross	86,083	84,016
Non-owner occupied
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(92)	(104)	(126)	(113)
Non-owner occupied \| Loans Receivable
Loans and Leases Receivable Disclosure [Line Items]
Total loans held-for-investment, gross	2,003	1,638
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(548)	(679)	$ (676)	$ (638)
Consumer \| Loans Receivable
Loans and Leases Receivable Disclosure [Line Items]
Total loans held-for-investment, gross	$ 18,599	$ 21,926

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Stock Options
Outstanding, beginning of year (in shares)	726,491
Options exercised (in shares)	(30,126)
Options forfeited (in shares)	(2,642)
Outstanding, end of period (in shares)	693,723	726,491
Options vested and exercisable, end of period (in shares)	655,132
Weighted Average Exercise Price
Outstanding, beginning of year (in dollars per share)	$ 5.90
Options exercised (in dollars per share)	5.52
Options forfeited (in dollars per share)	8.94
Outstanding, end of period (in dollars per share)	5.91	$ 5.90
Options vested and exercisable, end of period (in dollars per share)	$ 5.74
Weighted Average Remaining Contractual Life (in years)
Outstanding	4 years 8 months 12 days	4 years 10 months 24 days
Options vested and exercisable	4 years 6 months
Aggregate Intrinsic Value
Outstanding, beginning of year	$ 8,744,727
Options exercised	376,009
Outstanding, end of period	6,903,810	$ 8,744,727
Options vested and exercisable	$ 6,632,622

SBA Servicing Asset, Net - Schedule of SBA Servicing Asset Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period	$ 3,547	$ 3,273
Additions to servicing asset	580	315
Amortization of servicing asset	(254)	(337)
Change in valuation allowance	(144)	80
Balance at end of period	3,729	3,331
SBA servicing asset, fair value	$ 3,729	$ 3,331

Commitments and Contingencies - Schedule of Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Total unfunded loan commitments	$ 355,914	$ 340,677
Revolving, open-end lines of credit
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Total unfunded loan commitments	2,867	2,566
Credit card arrangements
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Total unfunded loan commitments	318,099	305,313
Undisbursed commercial real estate loans
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Total unfunded loan commitments	34,540	32,414
Other unused commitments
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Total unfunded loan commitments	$ 408	$ 384

Loans - Schedule of Collateral-Dependent Financial Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Nonaccrual Loans with no ACL	$ 41,221	$ 38,386
Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	801	422
Individually evaluated loans	49,842	43,217
Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	46,840	40,056
Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	3,002	3,161
Construction and land development
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Nonaccrual Loans with no ACL	0	2,288
Construction and land development \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	0	0
Individually evaluated loans	0	2,288
Construction and land development \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	0	2,288
Construction and land development \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	0	0
Residential real estate \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	2	45
Individually evaluated loans	11,201	11,237
Residential real estate \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	11,201	11,237
Residential real estate \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	0	0
Owner occupied
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Nonaccrual Loans with no ACL	25,081	23,358
Owner occupied \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	588	0
Individually evaluated loans	33,296	23,768
Owner occupied \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	33,296	23,768
Owner occupied \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	0	0
Non-owner occupied
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Nonaccrual Loans with no ACL	2,343	2,763
Non-owner occupied \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	0	0
Individually evaluated loans	2,343	2,763
Non-owner occupied \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	2,343	2,763
Non-owner occupied \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	0	0
Commercial and industrial
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Nonaccrual Loans with no ACL	2,581	2,250
Commercial and industrial \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	0	0
Individually evaluated loans	2,581	2,250
Commercial and industrial \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	0	0
Commercial and industrial \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	2,581	2,250
Consumer
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Nonaccrual Loans with no ACL	0	0
Consumer \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	7	52
Individually evaluated loans	7	52
Consumer \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	0	0
Consumer \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	7	52
Commercial leases
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Nonaccrual Loans with no ACL	27	208
Commercial leases \| Collateral Pledged
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Allowance for Credit Losses	204	325
Individually evaluated loans	414	859
Commercial leases \| Real Estate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	0	0
Commercial leases \| Personal Property
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Individually evaluated loans	414	859
SBA \| SBA
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Nonaccrual Loans with no ACL	$ 26,700	$ 23,900

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2026 and 2025, income tax expense was $1.1 million and $1.2 million, respectively, resulting in an effective income tax rate of 28.0% and 28.1%, respectively. The effective tax rate differs from the statutory rate of 21.0% during the three months ended March 31, 2026 primarily due to state and local income taxes and certain non-deductible executive compensation.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 08, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40721
Entity Registrant Name	FINWISE BANCORP
Entity Incorporation, State or Country Code	UT
Entity Tax Identification Number	83-0356689
Entity Address, Address Line One	756 East Winchester, Suite 100
Entity Address, City or Town	Murray
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84107
City Area Code	801
Local Phone Number	501-7200
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	FINW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,706,039
Entity Central Index Key	0001856365
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Loans - Schedule of Nonaccrual and Past Due Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	$ 584,237	$ 585,509
Nonaccrual Loans with no ACL	41,221	38,386
Nonaccrual Loans with ACL	8,621	4,831
Current Loans
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	527,215	536,975
Total
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	7,180	5,317
30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	6,980	5,188
90 Days and Greater
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	200	129
Construction and land development
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	50,582	49,070
Nonaccrual Loans with no ACL	0	2,288
Nonaccrual Loans with ACL	0	0
Construction and land development \| Current Loans
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	50,582	46,782
Construction and land development \| Total
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Construction and land development \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Construction and land development \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Residential real estate
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	55,664	56,441
Nonaccrual Loans with no ACL	11,189	7,519
Nonaccrual Loans with ACL	12	3,718
Residential real estate \| Current Loans
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	44,463	45,204
Residential real estate \| Total
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Residential real estate \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Residential real estate \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Residential real estate multifamily
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	2,530	3,175
Nonaccrual Loans with no ACL	0	0
Nonaccrual Loans with ACL	0	0
Residential real estate multifamily \| Current Loans
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	2,530	3,175
Residential real estate multifamily \| Total
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Residential real estate multifamily \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Residential real estate multifamily \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Owner occupied
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	213,317	210,556
Nonaccrual Loans with no ACL	25,081	23,358
Nonaccrual Loans with ACL	8,216	410
Owner occupied \| Current Loans
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	180,016	186,788
Owner occupied \| Total
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	4	0
Owner occupied \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	4	0
Owner occupied \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Non-owner occupied
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	8,300	9,581
Nonaccrual Loans with no ACL	2,343	2,763
Nonaccrual Loans with ACL	0	0
Non-owner occupied \| Current Loans
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	5,957	6,818
Non-owner occupied \| Total
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Non-owner occupied \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Non-owner occupied \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	26,472	26,250
Nonaccrual Loans with no ACL	2,581	2,250
Nonaccrual Loans with ACL	0	0
Commercial and industrial \| Current Loans
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	23,891	24,000
Commercial and industrial \| Total
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Commercial and industrial \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Commercial and industrial \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Consumer
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	18,598	21,926
Nonaccrual Loans with no ACL	0	0
Nonaccrual Loans with ACL	7	52
Consumer \| Current Loans
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	18,584	21,545
Consumer \| Total
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	7	329
Consumer \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	7	309
Consumer \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	20
Commercial leases
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	78,914	78,742
Nonaccrual Loans with no ACL	27	208
Nonaccrual Loans with ACL	386	651
Commercial leases \| Current Loans
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	78,500	77,867
Commercial leases \| Total
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	1	16
Commercial leases \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	1	16
Commercial leases \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	0	0
Retained Strategic Program loans:
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	129,860	129,768
Nonaccrual Loans with no ACL	0	0
Nonaccrual Loans with ACL	0	0
Retained Strategic Program loans: \| Current Loans
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	122,692	124,796
Retained Strategic Program loans: \| Total
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	7,168	4,972
Retained Strategic Program loans: \| 30-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	6,968	4,863
Retained Strategic Program loans: \| 90 Days and Greater
Financing Receivable, Past Due [Line Items]
Loans held for investment, gross	200	109
SBA \| SBA
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans with no ACL	$ 26,700	$ 23,900

Earnings per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings per Share

The two-class method is used in the calculation of basic and diluted earnings per share as the restricted stock awards are deemed to be participating securities. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to participation rights in

undistributed earnings. The following table is a reconciliation of the components used to derive basic and diluted earnings per share for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net income	$	2,735	$	3,189
Amounts allocated to participating common shareholders(1)	(21)		(120)
Net income allocated to common shareholders	$	2,714	$	3,069
Denominator:
Weighted average shares outstanding, basic	13,019,369		12,716,155
Weighted average effect of dilutive securities:
Stock options	458,498		598,028
Warrants	164,299		169,464
Weighted average shares outstanding, diluted	13,642,166		13,483,647
Earnings per share, basic	$	0.21	$	0.24
Earnings per share, diluted	$	0.20	$	0.23

Anti-dilutive stock options excluded from the calculation of diluted earnings per share	—		658

(1)Represents earnings attributable to holders of unvested restricted stock issued to the Company’s directors and employees. On December 31, 2025, executive management elected to waive the dividend rights on their unvested restricted stock awards. As a result, beginning on December 31, 2025, the unvested shares related to executive management no longer were treated as participating securities and are excluded from the two-class method calculation of EPS. This change was effective beginning with the quarter ending December 31, 2025 and had a de minimus impact on basic and diluted earnings per share during the fourth quarter of 2025. The change does not affect previously reported periods.

Loans - Schedule of Allowance for Credit Enhancement Asset (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Change in Credit Enhancement Asset [Roll Forward]
Credit enhancement asset at beginning of period	$ 22,411	$ 111	$ 111
Credit enhancement income	5,864	$ 85	23,924
Credit losses settled with partner during period	(4,897)		(1,624)
Credit enhancement asset at end of period	$ 23,378		$ 22,411

Business, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete financial statements. All significant inter-company transactions have been eliminated in consolidation. In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair statement of the consolidated financial condition and the consolidated results of operations for the periods presented have been included. The results of operations and other data presented for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. The consolidated balance sheet data as of December 31, 2025 was derived from audited financial statements; however, the accompanying notes to the unaudited consolidated financial statements do not include all of the annual disclosures required by GAAP and should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Consolidation	All significant inter-company transactions have been eliminated in consolidation.
Reclassifications	Reclassifications – Certain reclassifications have been made to the consolidated financial statements to align them with the current period’s presentation. These adjustments did not have a material impact on the previously reported consolidated financial statements. For the period ended March 31, 2026, the Company reclassified specific assets and liabilities from individual line items on the balance sheet to “other assets” or “other liabilities.” Corresponding amounts from prior periods have also been reclassified to ensure consistency with the current period’s presentation. Management evaluated these changes and concluded that the amounts involved were not significant enough to warrant separate disclosure.
Use of Estimates	Use of Estimates – In preparing the interim consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as of the date of the consolidated balance sheets and certain revenues and expenses for the period. Actual results could differ, either positively or negatively, from those estimates.
Segment Reporting	Segment Reporting – As further described in Note 14, Segments, during the third quarter of 2025, the Company implemented segment reporting following the completion of a technology initiative to capture segment-specific financial data and develop reports used by the Company’s chief operating decision maker (“CODM”) to review the Company’s financial performance and determine how to allocate resources. The Company established three reportable segments: traditional banking, banking as a service (“BaaS”) and treasury and administration. For periods prior to July 1, 2025, the Company operated under one operating segment, consistent with the information that was presented to the Company’s CODM.
Fair Value of Financial Instruments	The Company measures and discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (that is, not a forced liquidation or distressed sale). GAAP establishes a consistent framework for measuring fair value and disclosure requirements about fair value measurements. Among other things, the standard requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s estimates for market assumptions. These two types of inputs create the following fair value hierarchy. Level 1 – Quoted prices in active markets for identical instruments. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. Level 2 – Observable inputs other than Level 1 including quoted prices in active markets for similar instruments, quoted prices in less active markets for identical or similar instruments, or other observable inputs that can be corroborated by observable market data. Level 3 – Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation also includes observable inputs from nonbinding single dealer quotes not corroborated by observable market data. In developing Level 3 measurements, management incorporates whatever market data might be available and uses discounted cash flow models where appropriate. These calculations include projections of future cash flows, including appropriate default and loss assumptions, and market-based discount rates. The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize at a future date. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. Transfers between levels of the fair value hierarchy are deemed to occur at the end of the reporting period. There were no transfers between fair value levels for the three months ended March 31, 2026 and 2025. The following methods were used to estimate the fair value of each class of financial instruments on a recurring basis: Investment securities available-for-sale: Investment securities available-for-sale consist of U.S. Treasury securities and are carried at fair value. The Company estimates the fair value of investment securities available-for-sale using current active market quotes, if available, which are considered Level 1 measurements. Level 1 measurements include securities issued by the U.S. Treasury. Investment in BFG: The Company’s valuation technique utilized the average of the discounted cash flow method and the Guideline Public Company method. A 4.5% discount for non-voting shares was applied to the valuation to arrive at fair value as of March 31, 2026 and December 31, 2025. The calculation of fair value utilized significant unobservable inputs, including projected cash flows, growth rates, and discount rates. The Company’s investment in BFG is recognized in other assets on the consolidated balance sheets. Individually evaluated loans – The loan amount above represents loans individually evaluated that have been adjusted to the lower of cost or fair value. When collateral-dependent loans are individually evaluated, they are measured using the current fair value of the collateral securing these loans, less selling costs. The fair value of real estate collateral is determined using collateral valuations or a discounted cash flow analysis using inputs such as discount rates, sale prices of similar assets, and term of expected disposition. Some appraised values are adjusted based on management’s review and analysis, which may include historical knowledge, changes in market conditions, estimated selling and other anticipated costs, and/or expertise and knowledge. The loss, if any, represents charge-offs on loans when the fair value of the collateral is less than the carrying amount of the loan.

- Definition

Disclosure of accounting policy for segment reporting.

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Investments - Schedule of Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Held-to-maturity:
Less than 12 months, fair value	$ 782	$ 39
Less than 12 months, unrealized losses	(2)	0
12 Months or more, fair value	7,214	7,536
12 Months or more, unrealized losses	(977)	(951)
Total, fair value	7,996	7,575
Total, unrealized losses	(979)	(951)
Mortgage-backed securities
Held-to-maturity:
Less than 12 months, fair value	299	0
Less than 12 months, unrealized losses	0	0
12 Months or more, fair value	3,978	4,164
12 Months or more, unrealized losses	(448)	(456)
Total, fair value	4,277	4,164
Total, unrealized losses	(448)	(456)
Collateralized mortgage obligations
Held-to-maturity:
Less than 12 months, fair value	483	39
Less than 12 months, unrealized losses	(2)	0
12 Months or more, fair value	3,236	3,372
12 Months or more, unrealized losses	(529)	(495)
Total, fair value	3,719	3,411
Total, unrealized losses	$ (531)	$ (495)

Loans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Loans - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Interest income	$ 0	$ 0
Accrued interest that was reversed against interest income	100	100
Loan default on commercial real estate owner occupied	0	$ 0
Strategic Program Loans
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total loans held-for-investment, gross	129,860		$ 129,768
Outstanding modified loans	200		200
Strategic Program loans - without credit enhancement
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Cash held in reserve by strategic programs	35,600		53,400
Strategic Program loans - with credit enhancement
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Cash held in reserve by strategic programs	$ 5,100		$ 5,400

Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Accumulated Other Comprehensive Income

The following tables present changes to accumulated other comprehensive income by component for the periods indicated (in thousands):


	Available-for-Sale Securities		Cash Flow Hedges		Accumulated OCI
Balance at December 31, 2025	$	167	$	(141)	$	26
Other comprehensive income before reclassifications and income tax	(121)		125		4
Amounts reclassified from accumulated other comprehensive income	—		19		19
Income tax (expense) benefit	31		(36)		(5)
Total other comprehensive income (loss), net of tax	(90)		108		18
Balance at March 31, 2026	$	77	$	(33)	$	44


	Available-for-Sale Securities		Cash Flow Hedges		Accumulated OCI
Balance at December 31, 2024	$	(73)	$	260	$	187
Other comprehensive income before reclassifications and income tax	203		(254)		(51)
Amounts reclassified from accumulated other comprehensive income	—		(113)		(113)
Income tax expense	(45)		41		(4)
Total other comprehensive income, net of tax	158		(326)		(168)
Balance at March 31, 2025	$	85	$	(66)	$	19

Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments on the Consolidated Balance Sheet

The tables below present the notional amount, location, and fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of the periods indicated:

Derivative Liabilities

As of March 31, 2026

($ in thousands)

Notional Amount

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate swaps

80,000

Other liabilities

Total

Derivative Liabilities

As of December 31, 2025

($ in thousands)

Notional Amount

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate swaps

80,000

Other liabilities

148

Total

148

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income

The tables below present the pre-tax effect of cash flow hedge accounting on accumulated other comprehensive income for the periods indicated:


	Three Months Ended March 31, 2026
($ in thousands)	Amount of Gain (Loss) Recognized in OCI on Derivative		Location of Gain Recognized from Accumulated OCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	125	Interest on deposits	$	(19)
Total	$	125		$	(19)


	Three Months Ended March 31, 2025
($ in thousands)	Amount of Gain (Loss) Recognized in OCI on Derivative		Location of Gain Recognized from Accumulated OCI into Income	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	(254)	Interest on deposits	$	113
Total	$	(254)		$	113

Schedule of Derivative Instruments on the Consolidated Statements of Income

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods indicated:


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
($ in thousands)	Location and Amount of Gain (Loss) Recognized in Income on Cash Flow Hedging Relationships		Location and Amount of Gain (Loss) Recognized in Income on Cash Flow Hedging Relationships
Location of gain (loss) recognized in income	Interest on deposits		Interest on deposits
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of cash flow hedges are recorded	$	(19)	$	113

The effects of cash flow hedging:
Interest rate swaps:
Amount of gain (loss) reclassified from accumulated OCI into income	$	(19)	$	113

Schedule of Offsetting Assets


As of March 31, 2026							Gross Amounts Not Offset in the Statement of Financial Position
($ in thousands)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities presented in the Statement of Financial Position			Financial Instruments		Cash Collateral Pledged		Net Amount
Liabilities:
Interest rate swaps	$	63	$	—	$	63		$	—	$	—	$	63


As of December 31, 2025							Gross Amounts Not Offset in the Statement of Financial Position
($ in thousands)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities presented in the Statement of Financial Position			Financial Instruments		Cash Collateral Pledged		Net Amount
Liabilities:
Interest rate swaps	$	148	$	—	$	148		$	—	$	—	$	148

Capital Requirements

3 Months Ended

Mar. 31, 2026

Capital Requirements [Abstract]

Capital Requirements

The Bank is subject to various regulatory capital requirements administered by federal and State of Utah banking agencies (the regulators). Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off -balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk -weighting, and other factors. Prompt corrective action provisions are not applicable to the bank holding company.

Beginning January 1, 2020, the Bank qualified and elected to use the community bank leverage ratio (“CBLR”) framework for quantitative measures which requires the Bank to maintain minimum amounts and ratios of Tier 1 capital to average total consolidated assets. Management believes, as of March 31, 2026 and December 31, 2025, that the Bank’s capital levels exceed the regulatory floors required to be classified as a well-capitalized bank.

As of March 31, 2026 and December 31, 2025, the most recent notification from the FDIC categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action (there are no conditions or events since that notification that management believes have changed the Bank’s category). The following table sets forth the actual capital amounts and ratios for the Bank and the minimum amount and ratio of capital required to be categorized as well-capitalized as of the dates indicated:


	Actual				Well-Capitalized Requirement
($ in thousands)	Amount		Ratio		Amount		Ratio
March 31, 2026
Leverage ratio (CBLR election)	$	156,768	16.8	%	$	83,914	9.0	%
December 31, 2025
Leverage ratio (CBLR election)	$	153,219	16.9	%	$	81,608	9.0	%

Bank Dividends

Federal statute and federal and state regulations and supervisory guidance, as well as prudent capital management practices, limits the dividends that a bank holding company should pay as dividends or other distribution of capital. Generally, dividends should be paid only if the existing capital and future earnings expectations exceeds its current and estimated future capital needs, and payment of such dividend or capital distribution does not compromise the entity’s compliance with the capital rules or the current and future safety and soundness of the holding company or its subsidiary banks. If a

subsidiary bank is significantly undercapitalized, or undercapitalized without an acceptable capital restoration plan, regulators may require prior Federal Reserve approval for any dividend or capital distribution.

In addition, since FinWise Bancorp is a legal entity separate and distinct from the Bank and does not conduct stand-alone operations, an ability to pay dividends depends on the ability of the Bank to pay dividends to FinWise Bancorp. The FDIC and the Utah Department of Financial Institutions (“UDFI”) may, under certain circumstances, prohibit the payment of dividends to FinWise Bancorp from the Bank. Utah corporate law also requires that dividends can only be paid out of funds legally available.

The Company has not paid any cash dividends on its common stock since inception and it does not intend to pay cash dividends in the foreseeable future. However, the Company’s Board of Directors may declare a cash or stock dividend out of retained earnings provided the regulatory capital ratio and other regulatory requirements are met. The Company plans to maintain capital ratios that meet or exceed the well-capitalized standards per the regulations and, therefore, would limit dividends to amounts that are appropriate to maintain those well-capitalized regulatory capital ratios.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Fair Value of Financial Instruments - Schedule of Assets Measured on Non-recurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Nonrecurring assets:
Individually evaluated loans	$ 49,842	$ 43,217
Level 1
Nonrecurring assets:
Individually evaluated loans	0	0
Level 2
Nonrecurring assets:
Individually evaluated loans	0	0
Level 3
Nonrecurring assets:
Individually evaluated loans	$ 49,842	$ 43,217

SBA Servicing Asset, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Transfers and Servicing [Abstract]
SBA loans serviced for others	$ 290.8	$ 275.8
Weighted average prepayment rate	19.10%	19.10%
Weighted average term (in years)	3 years 5 months 15 days	3 years 5 months 15 days
Weighted average discount rate	12.90%	12.30%

Fair Value of Financial Instruments - Schedule of Investment in BFG Level 3 Recurring Asset (Details) - Level 3 - Fair Value, Recurring	Mar. 31, 2026	Dec. 31, 2025
Discounted Cash Flows \| Revenue growth rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input (in percent)	0.129	0.129
Discounted Cash Flows \| Expense growth rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input (in percent)	0.148	0.148
Discounted Cash Flows \| Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input (in percent)	0.250	0.250
Discounted Cash Flows \| Lack of marketability discount \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input (in percent)	0.200	0.200
Guideline Public Company \| Multiples of enterprise value \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input (in percent)	3.0	3.5
Guideline Public Company \| Multiples of enterprise value \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, measurement input (in percent)	5.3	5.3

SBA Servicing Asset, Net - Schedule of Valuation Allowance SBA Servicing Asset Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Balance at beginning of period	$ (2,210)	$ (1,286)
Impairment	(144)	0
Recovery	0	80
Balance at end of period	$ (2,354)	$ (1,206)

Capital Requirements (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Amount
Actual	$ 156,768	$ 153,219
Well-Capitalized Requirement	$ 83,914	$ 81,608
Ratio
Actual	0.168	0.169
Well-Capitalized Requirement	0.090	0.090

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash and cash equivalents
Cash and due from banks	$ 6,292	$ 12,082
Interest-bearing deposits in other banks (restricted cash of $4.1 million and $4.1 million, respectively)	90,655	151,318
Total cash and cash equivalents	96,947	163,400
Investment securities available-for-sale, at fair value, net of allowance for credit losses of $0, (amortized cost of $27.5 million and $27.5 million, respectively)	27,629	27,755
Investment securities held-to-maturity, net of allowance for credit losses of $0, (fair value of $8.4 million and $9.0 million, respectively)	9,388	9,927
Strategic Program loans held-for-sale, at lower of cost or fair value	133,907	146,473
Loans held-for-investment, net of allowance for credit losses of $38.0 million and $36.8 million, respectively	539,157	541,551
Credit enhancement asset	23,378	22,411
Assets subject to operating leases, net of accumulated depreciation of $5.2 million and $4.7 million, respectively	11,692	12,575
Deferred income taxes, net	2,215	2,345
Other assets	55,127	50,698
Total assets	899,440	977,135
Deposits
Noninterest-bearing	127,223	168,442
Interest-bearing	547,633	586,119
Total deposits	674,856	754,561
Other liabilities	27,977	29,379
Total liabilities	702,833	783,940
Commitments and contingencies (Note 6)
Shareholders’ equity
Preferred stock, $0.001 par value, 4,000,000 authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value, 40,000,000 shares authorized; 13,706,693 and 13,655,961 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	14	14
Additional paid-in-capital	61,702	60,958
Retained earnings	134,847	132,197
Accumulated other comprehensive income, net of tax	44	26
Total shareholders’ equity	196,607	193,195
Total liabilities and shareholders’ equity	$ 899,440	$ 977,135

Stock-Based Compensation - Narrative (Details) - USD ($)				3 Months Ended
	Jun. 27, 2024	Jun. 20, 2019	Apr. 20, 2017	Mar. 31, 2026
2019 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period		10 years
Number of additional shares authorized (in shares)	500,000
Number of shares authorized (in shares)	1,780,000
Number of shares available for grant (in shares)				42,534
2016 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period			10 years
Number of shares authorized (in shares)			299,628
Number of shares available for grant (in shares)				3,189
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense				$ 4,900
Weighted average recognition period				8 months 12 days
Stock options \| 2019 Plan and 2016 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period				1 year
Stock options \| 2019 Plan and 2016 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period				10 years
Award vesting period				5 years
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense				$ 4,500,000
Weighted average recognition period				1 year 8 months 12 days
Restricted Stock \| 2019 Plan and 2016 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period				1 year
Restricted Stock \| 2019 Plan and 2016 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period				5 years

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,063	$ 1,247
Effective income tax rate	28.00%	28.10%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Interest income
Interest and fees on loans	$ 32,072	$ 17,155
Interest on securities	339	390
Other interest income	1,130	991
Total interest income	33,541	18,536
Interest expense
Interest on deposits	5,451	4,256
Total interest expense	5,451	4,256
Net interest income	28,090	14,280
Provision for credit losses	10,581	3,336
Net interest income after provision for credit losses	17,509	10,944
Non-interest income
Strategic Program fees	5,702	4,962
Gain on sale of loans, net	1,452	846
SBA loan servicing fees, net	158	178
Change in fair value on investment in BFG	(200)	400
Interchange income	703	0
Credit enhancement income	5,864	85
Other miscellaneous income	948	1,339
Total non-interest income	14,627	7,810
Non-interest expense
Salaries and employee benefits	11,038	9,826
Professional services	880	907
Occupancy and equipment expenses	425	543
Credit enhancement servicing expense	2,429	2
Credit enhancement guarantee expense	10,098	11
Other operating expenses	3,468	3,029
Total non-interest expense	28,338	14,318
Income before income taxes	3,798	4,436
Provision for income taxes	1,063	1,247
Net income	$ 2,735	$ 3,189
Earnings per share, basic (in dollars per share)	$ 0.21	$ 0.24
Earnings per share, diluted (in dollars per share)	$ 0.20	$ 0.23
Weighted average shares outstanding, basic (in shares)	13,019,369	12,716,155
Weighted average shares outstanding, diluted (in shares)	13,642,166	13,483,647

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The Company measures and discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (that is, not a forced liquidation or distressed sale). GAAP establishes a consistent framework for measuring fair value and disclosure requirements about fair value measurements. Among other things, the standard requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s estimates for market assumptions. These two types of inputs create the following fair value hierarchy.

Level 1 – Quoted prices in active markets for identical instruments. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.

Level 2 – Observable inputs other than Level 1 including quoted prices in active markets for similar instruments, quoted prices in less active markets for identical or similar instruments, or other observable inputs that can be corroborated by observable market data.

Level 3 – Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation also includes observable inputs from nonbinding single dealer quotes not corroborated by observable market data. In developing Level 3 measurements, management incorporates whatever market data might be available and uses discounted cash flow models where appropriate. These calculations include projections of future cash flows, including appropriate default and loss assumptions, and market-based discount rates.

The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize at a future date. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. Transfers between levels of the fair value hierarchy are deemed to occur at the end of the reporting period. There were no transfers between fair value levels for the three months ended March 31, 2026 and 2025.

The following methods were used to estimate the fair value of each class of financial instruments on a recurring basis:

Investment securities available-for-sale: Investment securities available-for-sale consist of U.S. Treasury securities and are carried at fair value. The Company estimates the fair value of investment securities available-for-sale using current active market quotes, if available, which are considered Level 1 measurements. Level 1 measurements include securities issued by the U.S. Treasury.

Investment in BFG: The Company’s valuation technique utilized the average of the discounted cash flow method and the Guideline Public Company method. A 4.5% discount for non-voting shares was applied to the valuation to arrive at fair value as of March 31, 2026 and December 31, 2025. The calculation of fair value utilized significant unobservable inputs,

including projected cash flows, growth rates, and discount rates. The Company’s investment in BFG is recognized in other assets on the consolidated balance sheets.

Derivative instruments: The Company’s derivative instruments consist of interest rate swaps accounted for as cash flow hedges. The Company’s derivative instruments are carried at fair value and considered Level 2 measurements. The Company measures fair value of interest rate swaps utilizing market observable inputs, such as forecasted yield curves.

The table below presents the Company's financial instruments valued on a recurring basis at the periods indicated:


		March 31, 2026		December 31, 2025
($ in thousands)	Level	Estimated Fair Value		Estimated Fair Value
Financial assets:
U.S. Treasury securities	1	$	27,629	$	27,755
Investment in BFG	3	$	8,800	$	9,000

Financial liabilities:
Derivative liability	2	$	63	148

The table below presents a reconciliation of the Company’s investment in BFG classified as a Level 3 financial instrument and measured at fair value on a recurring basis for the periods indicated:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Beginning balance	$	9,000	$	7,700
Purchase of BFG ownership interest	—		—
Change in fair value of BFG	(200)		400
Ending balance	$	8,800	$	8,100

The table below presents the Company’s financial instruments valued on a nonrecurring basis at the periods indicated:


($ in thousands)			Fair Value Measurements Using
Description of Financial Instrument	Fair Value		Level 1		Level 2		Level 3
March 31, 2026
Nonrecurring assets:
Individually evaluated loans	$	49,842	$	—	$	—	$	49,842
December 31, 2025
Nonrecurring assets:
Individually evaluated loans	$	43,217	$	—	$	—	$	43,217

Individually evaluated loans – The loan amount above represents loans individually evaluated that have been adjusted to the lower of cost or fair value. When collateral-dependent loans are individually evaluated, they are measured using the current fair value of the collateral securing these loans, less selling costs. The fair value of real estate collateral is determined using collateral valuations or a discounted cash flow analysis using inputs such as discount rates, sale prices of similar assets, and term of expected disposition. Some appraised values are adjusted based on management’s review and analysis, which may include historical knowledge, changes in market conditions, estimated selling and other anticipated costs, and/or expertise and knowledge. The loss, if any, represents charge-offs on loans when the fair value of the collateral is less than the carrying amount of the loan.

Quantitative information for Level 3 fair value measurements – The following table presents information about quantitative inputs and assumptions used to fair value Level 3 nonrecurring assets as of March 31, 2026 and December 31, 2025:

($ in thousands)

Fair Value

Valuation
Technique

Unobservable
Input

Range
(Weighted Average)

March 31, 2026

Individually evaluated loans

49,842

Market
comparable

Discount to appraisal value for estimated selling costs

11.40

December 31, 2025

Individually evaluated loans

43,217

Market
comparable

Discount to appraisal value for estimated selling costs

11.40

The range and weighted average of the significant unobservable inputs used to fair value the investment in BFG as of March 31, 2026 and as of December 31, 2025 are shown in the following table:


($ in thousands)	March 31, 2026 Range (Weighted Average)		December 31, 2025 Range (Weighted Average)
Discounted Cash Flows
Revenue growth rate	12.9	%	12.9	%
Expense growth rate	14.8	%	14.8	%
Discount rate	25.0	%	25.0	%
Lack of marketability discount	20.0	%	20.0	%

Guideline Public Company
Multiples of enterprise value	3.0x to 5.3x		3.5x to 5.3x

The tables below present the carrying amount and estimated fair value of the Company's financial instruments at the periods indicated:


	March 31, 2026
					Fair Value Measurements Using
($ in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	96,947	$	96,947	$	96,947	$	—	$	—
Investment securities available-for-sale	27,629		27,629		27,629		—		—
Investment securities held-to-maturity	9,388		8,410		—		8,410		—
Investment in FHLB stock	581		581		—		581		—
Loans held-for-investment, net	539,157		561,171		—		—		561,171
Strategic Program loans held-for-sale	133,907		133,907		—		133,907		—
Accrued interest receivable	3,555		3,555		—		3,555		—
SBA servicing asset, net	3,729		3,729		—		3,729		—
Investment in BFG	8,800		8,800		—		—		8,800

Financial liabilities:
Total deposits	$	674,856	$	649,484	$	—	$	649,484	$	—
Accrued interest payable	2,230		2,230		—		2,230		—
Derivative liability	63		63		—		63		—


	December 31, 2025
					Fair Value Measurements Using
($ in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	163,400	$	163,400	$	163,400	$	—	$	—
Investment securities available-for-sale	27,755		27,755		27,755		—		—
Investment securities held-to-maturity	9,927		8,982		—		8,982		—
Investment in FHLB stock	440		440		—		440		—
Loans held-for-investment, net	541,551		576,270		—		—		576,270
Strategic Program loans held-for-sale	146,473		146,473		—		146,473		—
Accrued interest receivable	3,707		3,707		—		3,707		—
SBA servicing asset, net	3,547		3,547		—		3,547		—
Investment in BFG	9,000		9,000		—		—		9,000

Financial liabilities:
Total deposits	$	754,561	$	727,637	$	—	$	727,637	$	—
Accrued interest payable	2,632		2,632		—		2,632		—
Derivative liability	148		148		—		148		—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Deposits	$ 2.7	$ 1.2
BFG
Schedule of Equity Method Investments [Line Items]
Membership interest	20.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segments - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting Information [Line Items]
Interest income	$ 33,541	$ 18,536
Interest expense	5,451	4,256
Net interest income	28,090	14,280
Non-interest income	14,782
Non-interest expense:
Salaries and benefits	3,951
Other non-interest expense	14,419
Provision for credit losses	10,581	3,336
Income before other operating expense allocation	13,921
Other operating expense allocations	10,123
Income before income taxes	3,798	4,436
Income tax expense	1,063	1,247
Net income	2,735	$ 3,189
Other segment disclosures:
Total assets	899,440		$ 977,135
Operating Segments \| Traditional Banking
Segment Reporting Information [Line Items]
Interest income	6,856
Interest expense	3,011
Net interest income	3,845
Non-interest income	3,034
Non-interest expense:
Salaries and benefits	1,295
Other non-interest expense	1,268
Provision for credit losses	2,601
Income before other operating expense allocation	1,715
Other operating expense allocations	2,012
Income before income taxes	(297)
Income tax expense	(138)
Net income	(159)
Other segment disclosures:
Total assets	435,448
Operating Segments \| BaaS
Segment Reporting Information [Line Items]
Interest income	25,216
Interest expense	1,339
Net interest income	23,877
Non-interest income	11,791
Non-interest expense:
Salaries and benefits	2,453
Other non-interest expense	13,073
Provision for credit losses	7,980
Income before other operating expense allocation	12,162
Other operating expense allocations	8,111
Income before income taxes	4,051
Income tax expense	1,192
Net income	2,859
Other segment disclosures:
Total assets	234,009
Operating Segments \| Treasury and Administration
Segment Reporting Information [Line Items]
Interest income	4,827
Interest expense	4,459
Net interest income	368
Non-interest income	(43)
Non-interest expense:
Salaries and benefits	203
Other non-interest expense	78
Provision for credit losses	0
Income before other operating expense allocation	44
Other operating expense allocations	0
Income before income taxes	44
Income tax expense	9
Net income	35
Other segment disclosures:
Total assets	229,983
Intersegment Eliminations
Segment Reporting Information [Line Items]
Interest income	(3,358)
Interest expense	$ (3,358)

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Federal Home Loan Bank Secured Line of Credit

As of March 31, 2026 and December 31, 2025, the Bank’s available line of credit with the FHLB to borrow funds was $17.0 million and $20.5 million, respectively. All borrowings are short-term and the interest rate is equal to the correspondent bank’s daily federal funds purchase rate. As of March 31, 2026 and December 31, 2025, no amounts were outstanding under the line of credit. Loans totaling $28.3 million and $34.2 million were pledged to secure the FHLB line of credit as of March 31, 2026 and December 31, 2025, respectively.

Federal Reserve Bank Lines of Credit

At March 31, 2026 and December 31, 2025, the Bank had a maximum borrowing capacity of $165.0 million and $193.8 million, respectively, with the FRB, including the secured borrowing capacity through the Discount Window and the Borrower-in-Custody (“BIC”) program, to the extend of collateral pledged. Loans totaling $196.6 million and $235.8 million and securities of $36.9 million and $37.4 million were pledged to secure these lines of credit with the FRB as of March 31, 2026 and December 31, 2025, respectively. The Company had no advances outstanding under either program as of March 31, 2026 and December 31, 2025.

Other Lines of Credit

The Bank had an available unsecured line of credit with Pacific Coast Bankers’ Bank to borrow up to $10.0 million in overnight funds at a March 31, 2026 and December 31, 2025. Through Zions Bank, the Bank had an available unsecured line of credit of $5.0 million at March 31, 2026 and December 31, 2025. The Bank had an available line of credit with Bankers’ Bank of the West to borrow up to $1.1 million in overnight funds at March 31, 2026 and December 31, 2025. The Bank had no outstanding balances on such unsecured or secured lines of credit as of March 31, 2026 and December 31, 2025.

Financial Instruments with Off-Balance Sheet Risk

Commitments to Extend Credit

In the ordinary course of business, the Bank has entered into commitments to extend credit to customers which have not yet been exercised. These financial instruments include commitments to extend credit in the form of loans and credit card arrangements. Those instruments involve to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheets. For credit card customers, the Company reserves the right to modify or terminate the terms and conditions of credit card accounts at its discretion. It is important to note that a significant portion of the Company’s commitments and undrawn credit card lines are not fully utilized by customers, so the total amount of these commitments does not necessarily reflect the Company’s future cash obligations. The Company assesses each customer’s credit profile individually to determine creditworthiness. The Company’s commitments to extend credit as of the periods indicated are summarized below. Since commitments associated with commitments to extend credit may expire unused, the amounts shown in the table below do not necessarily reflect the actual future cash funding requirements.

At March 31, 2026 and December 31, 2025, financial instruments with off-balance-sheet risk were as follows:


	March 31,		December 31,
($ in thousands)	2026		2025
Revolving, open-end lines of credit	$	2,867	$	2,566
Credit card arrangements	318,099		305,313
Undisbursed commercial real estate loans	34,540		32,414
Other unused commitments	408		384
Total unfunded loan commitments	$	355,914	$	340,677

Allowance for Credit Losses on Unfunded Commitments

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for credit losses on unfunded commitments is included in other liabilities on the consolidated balance sheets and is adjusted through a charge to provision for credit loss expense on the consolidated statements of income. The allowance for credit losses on unfunded commitments estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The allowance for credit losses on unfunded commitments was $0.6 million and $0.6 million as of March 31, 2026 and December 31, 2025, respectively.

Class Action Litigation

In July 2025, the Company notified approximately 600,000 individuals of an alleged data breach in which their personal data was exposed by a former employee following termination of their employment. Subsequently, several class action lawsuits were filed, all of which have been consolidated into a single class action lawsuit in Utah federal court. The Company participated in a pre-discovery mediation with the plaintiffs’ attorneys on March 17, 2026, which resulted in a settlement agreement that was submitted to the court for approval on May 8, 2026. If approved by the court, the settlement fund, including all fees and expense associated with the proceedings, created from the settlement agreement will be covered by the Company’s cyber insurance policy in full.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 659	$ 600
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	11	48
Restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	648	552
Income tax benefit related to restricted shares	$ 160	$ 133

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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+ Details

Investments - Schedule of Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized Cost
Due in one year or less	$ 17,497
Due after one year through five years	10,029
Total securities AFS	27,526	$ 27,500
Estimated Fair Value
Due in one year or less	17,561
Due after one year through five years	10,068
Total securities AFS	$ 27,629	$ 27,755

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The following tables present changes to accumulated other comprehensive income by component for the periods indicated (in thousands):


	Available-for-Sale Securities		Cash Flow Hedges		Accumulated OCI
Balance at December 31, 2025	$	167	$	(141)	$	26
Other comprehensive income before reclassifications and income tax	(121)		125		4
Amounts reclassified from accumulated other comprehensive income	—		19		19
Income tax (expense) benefit	31		(36)		(5)
Total other comprehensive income (loss), net of tax	(90)		108		18
Balance at March 31, 2026	$	77	$	(33)	$	44


	Available-for-Sale Securities		Cash Flow Hedges		Accumulated OCI
Balance at December 31, 2024	$	(73)	$	260	$	187
Other comprehensive income before reclassifications and income tax	203		(254)		(51)
Amounts reclassified from accumulated other comprehensive income	—		(113)		(113)
Income tax expense	(45)		41		(4)
Total other comprehensive income, net of tax	158		(326)		(168)
Balance at March 31, 2025	$	85	$	(66)	$	19

Related Party Transactions - Schedule of Related Party Transactions (Details) - Related Party - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
SBA 7(a) loans sourced from BFG
Schedule of Equity Method Investments [Line Items]
Related party transactions with BFG	$ 23,697	$ 21,727
Commission fees paid to BFG
Schedule of Equity Method Investments [Line Items]
Related party transactions with BFG	932	869
Distributions received from BFG
Schedule of Equity Method Investments [Line Items]
Related party transactions with BFG	$ 150	$ 520

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Unvested as of beginning of year (in shares) \| shares	651,221
Granted (in shares) \| shares	81,905
Forfeited (in shares) \| shares	(52,071)
Unvested as of end of year (in shares) \| shares	681,055
Weighted Average Grant Date Fair Value
Unvested as of beginning of year (in dollars per share) \| $ / shares	$ 12.34
Granted (in dollars per shares) \| $ / shares	15.86
Forfeited (in dollars per share) \| $ / shares	12.25
Unvested as of end of year (in dollars per share) \| $ / shares	$ 12.77

SBA Servicing Asset, Net

3 Months Ended

Mar. 31, 2026

Transfers and Servicing [Abstract]

SBA Servicing Asset, Net

The Company periodically sells the guaranteed portions of SBA loans and retains rights to service the loans. Loans serviced for others are not included in the accompanying balance sheets. The unpaid principal balances of SBA loans serviced for others was $290.8 million and $275.8 million at March 31, 2026 and December 31, 2025, respectively.

The following table summarizes SBA servicing asset, net activity for the periods indicated:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Balance at beginning of period	$	3,547	$	3,273
Additions to servicing asset	580		315
Amortization of servicing asset	(254)		(337)
Change in valuation allowance	(144)		80
Balance at end of period	$	3,729	$	3,331

SBA servicing asset, fair value	$	3,729	$	3,331

Activity in the valuation allowance for the SBA servicing asset was as follows for the periods indicated:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Balance at beginning of period	$	(2,210)	$	(1,286)
Impairment	(144)		—
Recovery	—		80
Balance at end of period	$	(2,354)	$	(1,206)

Recovery or impairment adjustments to servicing rights are mainly due to market-based assumptions associated with discounted cash flows, loan prepayment speeds, and changes in interest rates. A significant change in these assumptions could result in a significant change in the SBA servicing asset carrying amount.

The Company assumed a weighted average prepayment rate of 19.1%, weighted average term of 3.46 years, and a weighted average discount rate of 12.9% at March 31, 2026.

The Company assumed a weighted average prepayment rate of 19.1%, weighted average term of 3.46 years, and a weighted average discount rate of 12.3% at December 31, 2025.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 2,735	$ 3,189
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,143	1,377
Provision for credit losses	10,581	3,336
Noncash operating lease cost	200	9
Net (accretion) amortization of securities (discounts) and premiums	3	(8)
Other	(332)	(315)
Gain on sale of loans, net	(1,452)	(846)
Originations of Strategic Program loans held-for-sale	(1,671,625)	(1,180,397)
Proceeds from sale of Strategic Program loans held-for-sale	1,684,337	1,153,388
Change in fair value of BFG	200	(400)
Impairment (recovery) of SBA servicing asset	144	(80)
Stock-based compensation expense	659	600
Noncash change in credit enhancement asset	(967)	(84)
Deferred income taxes	250	(1,194)
Net changes in:
Other assets	(4,769)	5,263
Other liabilities	(1,398)	(5,446)
Net cash provided by (used in) operating activities	19,709	(21,608)
Cash flows from investing activities:
Net increase in loans receivable	(27,891)	(34,672)
Purchase of lease pools	(4,859)	(10,124)
Purchase of bank premises and equipment, net	(21)	(117)
Purchase of assets subject to operating leases	0	(1,525)
Proceeds from sales of loans held-for-investment	25,884	17,573
Proceeds from sales of assets subject to operating leases	30	287
Proceeds from maturities and paydowns of securities held-to-maturity	541	560
Purchase of FHLB stock	(141)	(90)
Net cash used in investing activities	(6,457)	(28,108)
Cash flows from financing activities:
Net increase (decrease) in deposits	(79,705)	60,806
Proceeds from exercise of stock options	0	20
Net cash (used in) provided by financing activities	(79,705)	60,826
Net change in cash and cash equivalents and restricted cash	(66,453)	11,110
Cash, cash equivalents and restricted cash, beginning of the period	163,400	109,162
Cash, cash equivalents and restricted cash, end of the period	96,947	120,272
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds	67	412
Cash paid for interest	$ 5,853	$ 3,000

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income, Net of Tax
Beginning balance (in shares) at Dec. 31, 2024		13,211,640
Beginning balance at Dec. 31, 2024	$ 173,720	$ 13	$ 56,926	$ 116,594	$ 187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	600		600
Stock options exercised, net (in shares)		5,263
Stock options exercised, net	20		22	(2)
Other comprehensive income (loss), net of tax	(168)				(168)
Net income	3,189			3,189
Ending balance (in shares) at Mar. 31, 2025		13,216,903
Ending balance at Mar. 31, 2025	177,361	$ 13	57,548	119,781	19
Beginning balance (in shares) at Dec. 31, 2025		13,655,961
Beginning balance at Dec. 31, 2025	193,195	$ 14	60,958	132,197	26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense (in shares)		29,834
Stock-based compensation expense	$ 659		659
Stock options exercised, net (in shares)	30,126	20,898
Stock options exercised, net	$ 0		85	(85)
Other comprehensive income (loss), net of tax	18				18
Net income	2,735			2,735
Ending balance (in shares) at Mar. 31, 2026		13,706,693
Ending balance at Mar. 31, 2026	$ 196,607	$ 14	$ 61,702	$ 134,847	$ 44

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Derivatives and Hedging Activities - Schedule of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	$ 125	$ (254)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(19)	113
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of cash flow hedges are recorded	5,451	4,256
Interest rate swaps
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	125	(254)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(19)	113
Interest rate swaps \| Cash Flow Hedging
Derivative [Line Items]
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of cash flow hedges are recorded	$ (19)	$ 113

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Restricted cash	$ 4,100	$ 4,100
Debt securities, available-for-sale, allowance for credit loss	0	0
Amortized cost	27,526	27,500
Investment securities held-to-maturity, allowance for credit losses	0	0
Investment securities held-to-maturity, fair value	8,410	8,982
Allowance for credit losses	37,973	36,796
Accumulated depreciation	$ 5,200	$ 4,700
Preferred stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares, issued (in shares)	13,706,693	13,655,961
Common stock, shares, outstanding (in shares)	13,706,693	13,655,961

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Financial Instruments with Off-Balance Sheet Risk

At March 31, 2026 and December 31, 2025, financial instruments with off-balance-sheet risk were as follows:


	March 31,		December 31,
($ in thousands)	2026		2025
Revolving, open-end lines of credit	$	2,867	$	2,566
Credit card arrangements	318,099		305,313
Undisbursed commercial real estate loans	34,540		32,414
Other unused commitments	408		384
Total unfunded loan commitments	$	355,914	$	340,677

SBA Servicing Asset, Net (Tables)

3 Months Ended

Mar. 31, 2026

Transfers and Servicing [Abstract]

Schedule of SBA Servicing Asset Activity

The following table summarizes SBA servicing asset, net activity for the periods indicated:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Balance at beginning of period	$	3,547	$	3,273
Additions to servicing asset	580		315
Amortization of servicing asset	(254)		(337)
Change in valuation allowance	(144)		80
Balance at end of period	$	3,729	$	3,331

SBA servicing asset, fair value	$	3,729	$	3,331

Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets

Activity in the valuation allowance for the SBA servicing asset was as follows for the periods indicated:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Balance at beginning of period	$	(2,210)	$	(1,286)
Impairment	(144)		—
Recovery	—		80
Balance at end of period	$	(2,354)	$	(1,206)

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

In the ordinary course of business, the Bank may grant loans to certain executive officers and directors and the companies with which they are associated. The Company had de minimis loans outstanding to related parties as of March 31, 2026 and December 31, 2025. Total deposits from certain executive officers and directors and the companies with which they are associated were $2.7 million and $1.2 million as of March 31, 2026 and December 31, 2025, respectively.

BFG is a small business loan broker, primarily under the SBA’s 7(a) loan program. The Company has a 20% ownership in the outstanding membership units of BFG. The Company underwrites loans sourced by BFG in its normal course of business. If approved and funded, the Company pays BFG a commission fee based on the amount funded. There is no guarantee or commitment made by the Company to BFG to approve or fund loans referred by BFG. The Company is able to use its sole discretion in deciding to approve and fund loans referred by BFG.

The following table represents a summary of related party transactions with BFG for the periods indicated:


	Three Months Ended March 31,
($ in thousands)	2026		2025
SBA 7(a) loans sourced from BFG	$	23,697	$	21,727
Commission fees paid to BFG	$	932	$	869
Distributions received from BFG(1)	$	150	$	520

(1) Recorded in the consolidated statements of income in other miscellaneous income

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Capital Requirements (Tables)

3 Months Ended

Mar. 31, 2026

Capital Requirements [Abstract]

Schedule of Capital Amounts and Ratios

The following table sets forth the actual capital amounts and ratios for the Bank and the minimum amount and ratio of capital required to be categorized as well-capitalized as of the dates indicated:


	Actual				Well-Capitalized Requirement
($ in thousands)	Amount		Ratio		Amount		Ratio
March 31, 2026
Leverage ratio (CBLR election)	$	156,768	16.8	%	$	83,914	9.0	%
December 31, 2025
Leverage ratio (CBLR election)	$	153,219	16.9	%	$	81,608	9.0	%

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 2,735	$ 3,189
Other comprehensive income (loss) items:
Unrealized gain (loss) on securities available-for-sale	(121)	203
Tax effect	31	(45)
Unrealized gain (loss) on interest rate swaps	125	(254)
Recognition of previously unrealized (gain) loss on interest rate swaps in net income	19	(113)
Tax effect	(36)	41
Other comprehensive income (loss), net of tax	18	(168)
Comprehensive income	$ 2,753	$ 3,021

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 193,195	$ 173,720
Other comprehensive income before reclassifications and income tax	4	(51)
Amounts reclassified from accumulated other comprehensive income	19	(113)
Income tax (expense) benefit	(5)	(4)
Ending balance	196,607	177,361
Accumulated OCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	26	187
Total other comprehensive income (loss), net of tax	18	(168)
Ending balance	44	19
Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	167	(73)
Other comprehensive income before reclassifications and income tax	(121)	203
Amounts reclassified from accumulated other comprehensive income	0	0
Income tax (expense) benefit	31	(45)
Total other comprehensive income (loss), net of tax	(90)	158
Ending balance	77	85
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(141)	260
Other comprehensive income before reclassifications and income tax	125	(254)
Amounts reclassified from accumulated other comprehensive income	19	(113)
Income tax (expense) benefit	(36)	41
Total other comprehensive income (loss), net of tax	108	(326)
Ending balance	$ (33)	$ (66)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted EPS

The following table is a reconciliation of the components used to derive basic and diluted earnings per share for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net income	$	2,735	$	3,189
Amounts allocated to participating common shareholders(1)	(21)		(120)
Net income allocated to common shareholders	$	2,714	$	3,069
Denominator:
Weighted average shares outstanding, basic	13,019,369		12,716,155
Weighted average effect of dilutive securities:
Stock options	458,498		598,028
Warrants	164,299		169,464
Weighted average shares outstanding, diluted	13,642,166		13,483,647
Earnings per share, basic	$	0.21	$	0.24
Earnings per share, diluted	$	0.20	$	0.23

Anti-dilutive stock options excluded from the calculation of diluted earnings per share	—		658

Derivatives and Hedging Activities - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Derivative [Line Items]
Fair Value	$ 63	$ 148
Derivatives designated as hedging instruments
Derivative [Line Items]
Fair Value	63	148
Interest rate swaps \| Derivatives designated as hedging instruments
Derivative [Line Items]
Notional Amount	80,000	80,000
Fair Value	$ 63	$ 148

- Definition

+ References + Details

Commitments and Contingencies - Narrative (Details) individual in Thousands, $ in Thousands	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jul. 31, 2025 individual	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Allowance for credit losses on unfunded commitments	$ 573	$ 558		$ 493	$ 464
Number of individuals affected by alleged data breach \| individual			600
Asset Pledged as Collateral \| Federal Reserve Bank Advances
Line of Credit Facility [Line Items]
Debt securities	36,900	37,400
Loans \| Asset Pledged as Collateral \| Federal Reserve Bank Advances
Line of Credit Facility [Line Items]
Total loans held-for-investment, gross	196,600	235,800
Line of Credit
Line of Credit Facility [Line Items]
Long-term line of credit	0	0
Line of Credit \| Federal Home Loan Bank Secured Line of Credit
Line of Credit Facility [Line Items]
Available line of credit with the FHLB	17,000	20,500
Amounts outstanding under the FHLB line of credit	0	0
Loans pledged to secure FHLB line of credit	28,300	34,200
Line of Credit \| Federal Reserve Bank, Discount Window
Line of Credit Facility [Line Items]
Maximum borrowing capacity	165,000	193,800
Line of Credit \| Pacific Coast Bankers
Line of Credit Facility [Line Items]
Maximum borrowing capacity	10,000	10,000
Line of Credit \| Zions Bank
Line of Credit Facility [Line Items]
Maximum borrowing capacity	5,000	5,000
Line of Credit \| Bank of the West
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,100	$ 1,100

Fair Value of Financial Instruments - Schedule of Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Financial assets:
Investment securities available-for-sale	$ 27,629	$ 27,755
Investment securities held-to-maturity	8,410	8,982
SBA servicing asset, net	3,729	3,547	$ 3,331	$ 3,273
Carrying Amount
Financial assets:
Cash and cash equivalents	96,947	163,400
Investment securities available-for-sale	27,629	27,755
Investment securities held-to-maturity	9,388	9,927
Investment in FHLB stock	581	440
Loans held-for-investment, net	539,157	541,551
Strategic Program loans held-for-sale	133,907	146,473
Accrued interest receivable	3,555	3,707
SBA servicing asset, net	3,729	3,547
Investment in BFG	8,800	9,000
Financial liabilities:
Total deposits	674,856	754,561
Accrued interest payable	2,230	2,632
Derivative liability	63	148
Estimated Fair Value
Financial assets:
Cash and cash equivalents	96,947	163,400
Investment securities available-for-sale	27,629	27,755
Investment securities held-to-maturity	8,410	8,982
Investment in FHLB stock	581	440
Loans held-for-investment, net	561,171	576,270
Strategic Program loans held-for-sale	133,907	146,473
Accrued interest receivable	3,555	3,707
SBA servicing asset, net	3,729	3,547
Investment in BFG	8,800	9,000
Financial liabilities:
Total deposits	649,484	727,637
Accrued interest payable	2,230	2,632
Derivative liability	63	148
Estimated Fair Value \| Level 1
Financial assets:
Cash and cash equivalents	96,947	163,400
Investment securities available-for-sale	27,629	27,755
Investment securities held-to-maturity	0	0
Investment in FHLB stock	0	0
Loans held-for-investment, net	0	0
Strategic Program loans held-for-sale	0	0
Accrued interest receivable	0	0
SBA servicing asset, net	0	0
Investment in BFG	0	0
Financial liabilities:
Total deposits	0	0
Accrued interest payable	0	0
Derivative liability	0	0
Estimated Fair Value \| Level 2
Financial assets:
Cash and cash equivalents	0	0
Investment securities available-for-sale	0	0
Investment securities held-to-maturity	8,410	8,982
Investment in FHLB stock	581	440
Loans held-for-investment, net	0	0
Strategic Program loans held-for-sale	133,907	146,473
Accrued interest receivable	3,555	3,707
SBA servicing asset, net	3,729	3,547
Investment in BFG	0	0
Financial liabilities:
Total deposits	649,484	727,637
Accrued interest payable	2,230	2,632
Derivative liability	63	148
Estimated Fair Value \| Level 3
Financial assets:
Cash and cash equivalents	0	0
Investment securities available-for-sale	0	0
Investment securities held-to-maturity	0	0
Investment in FHLB stock	0	0
Loans held-for-investment, net	561,171	576,270
Strategic Program loans held-for-sale	0	0
Accrued interest receivable	0	0
SBA servicing asset, net	0	0
Investment in BFG	8,800	9,000
Financial liabilities:
Total deposits	0	0
Accrued interest payable	0	0
Derivative liability	$ 0	$ 0

Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segments

As the Company experienced significant growth in size and complexity, management reassessed its approach to analyzing revenues, financial performance, and business activities. To align with the internal financial reporting with the organizational structure and how the CODM manages the business, evaluates performance, and allocates resources, the Company completed a technology project to capture financial information by segment. The CODM currently reviews the revenues and financial results for three operating and reportable segments: traditional banking, banking as a service (“BaaS”), and treasury and administration. Considering management’s needs due to the increased volume and complexity of its business, management implemented new processes and utilized system capabilities to capture accounting information by cost centers. The cost centers are subsequently mapped to the established business segments and reports reflecting the new structure and processes were finalized and provided to the CODM during the third quarter of 2025. Due to the fact that financial data was not previously recorded by cost center, it is not practicable to present segment financial information for comparative prior periods.

The Company’s traditional banking segment provides loan and deposit products and services to consumers and businesses nationally and in and around the Salt Lake City, Utah MSA. The Company’s BaaS segment provides lending, card and payments solutions nationally to fintech brands. The treasury and administration segment consists of investments, deposits sourced nationally to support the business segments, interest charged to the traditional banking and BaaS segments on funding provided to those businesses, and other items not specific to the traditional banking or BaaS segments.

The accounting policies applicable to our segments are consistent with those described in the notes to consolidated financial statements included in the 2025 Form 10-K. Intersegment interest and expense transactions are recorded at the Company’s cost; there is no intercompany profit or loss on intersegment transactions. The Company has implemented a transfer pricing process that credits or charges the traditional banking and BaaS segments with intrabank interest income or expense, with the treasury and administration segment as the offset for those entries.

The CODM evaluates performance and allocates resources for each of the Company’s reportable segments based on segment income or loss before other allocated operating expenses and net income. The CODM uses income or loss before other allocated operating expenses to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis using the income before other allocated operating expenses when making decisions about allocating capital and personnel to the segments.

The Company’s CODM is the chief executive officer and its president.

In the segment reporting below, a non-GAAP subtotal is shown captioned “Income before other operating expense allocation”. That subtotal presents an income subtotal before consideration of allocated corporate expenses which might be fixed, semi-fixed or otherwise resist changes without regard to a particular line of business. The following table provides segment information for the periods indicated (in thousands):


	At and for the Three Months Ended March 31, 2026
	Traditional Banking		BaaS		Treasury and Administration		Intersegment Eliminations(1)		Total
Interest income	$	6,856	$	25,216	$	4,827	$	(3,358)	$	33,541



Interest expense	3,011		1,339		4,459		(3,358)		5,451
Net interest income	3,845		23,877		368		—		28,090
Non-interest income	3,034		11,791		(43)		—		14,782
Non-interest expense:
Salaries and benefits	1,295		2,453		203		—		3,951
Other non-interest expense	1,268		13,073		78		—		14,419
Provision for credit losses	2,601		7,980		—		—		10,581
Income before other operating expense allocation	1,715		12,162		44		—		13,921
Other operating expense allocations	2,012		8,111		—		—		10,123
Income before taxes	(297)		4,051		44		—		3,798
Income tax expense	(138)		1,192		9		—		1,063
Net income	$	(159)	$	2,859	$	35	$	—	$	2,735

March 31, 2026
Other segment disclosures:
Total assets	$	435,448	$	234,009	$	229,983	$	—	$	899,440

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details