• First Savings Financial Group, Inc. Reports Financial Results for the First Fiscal Quarter Ended December 31, 2022

    Source: Nasdaq GlobeNewswire / 06 Feb 2023 18:50:01   America/New_York

    JEFFERSONVILLE, Ind., Feb. 06, 2023 (GLOBE NEWSWIRE) -- First Savings Financial Group, Inc. (NASDAQ: FSFG - news) (the "Company"), the holding company for First Savings Bank (the "Bank"), today reported net income of $2.9 million, or $0.41 per diluted share, for the quarter ended December 31, 2022 compared to net income of $4.3 million, or $0.60 per diluted share, for the quarter ended December 31, 2021.

    Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated, “This first quarter of fiscal 2023 was challenging and included a number of generally nonrecurring items that adversely affected net income. The core banking segment recognized higher than normal provisions for loan losses due primarily to a $109 million increase in gross loans for the quarter. The SBA lending segment recognized a $351,000 impairment for the loan servicing asset due to the high-rate environment. And, due to restructuring during the quarter, the mortgage banking segment recognized approximately $1.8 million of expense that will not be recognized in future periods. This restructuring in mortgage banking included changes in leadership, elimination of surplus staffing positions, closure of nonperforming loan production offices (“LPOs”), and reduction in third-party and vendor related expenses. As part of the restructuring, the Bank has strategically focused on a predominately Midwest footprint for LPOs and a greater alignment of these with the core banking operations. While some expenses associated with the restructuring will be recognized in the quarter ending March 31, 2023, we are confident that this restructuring and realignment will result in the cessation of the significant losses recognized by the mortgage banking segment in recent quarters. The core banking segment continues to perform well and asset quality remains strong, but it’s increasing facing margin compression as funding costs increase in this rate environment, particularly those associated with wholesale funding sources such as home loan bank advances and brokered deposits. We are encouraged by the strong performance of the core banking segment and are optimistic for enhanced performance of the SBA lending and mortgage banking segments in future periods. Lastly, the Company repurchased 73,392 of its common shares during the quarter, in addition to the 199,195 purchased in the third and fourth quarters of fiscal 2022, which together totaled more than 3.8% of outstanding shares.”

    Results of Operations for the Three Months Ended December 31, 2022 and 2021

    Net interest income increased $2.4 million, or 17.0%, to $16.3 million for the three months ended December 31, 2022 as compared to the same period 2021. The increase in net interest income was due to a $7.7 million increase in interest income, partially offset by a $5.4 million increase in interest expense. Interest income increased due to an increase in the average balance of interest-earning assets of $449.5 million, from $1.53 billion for 2021 to $1.98 billion for 2022, and an increase in the weighted-average tax-equivalent yield, from 4.22% for 2021 to 4.87% for 2022. The increase in the average balance of interest-earning assets was primarily due to increases in the average balance of investment securities and total loans of $152.3 million and $310.2 million, respectively. When excluding the impact from PPP loan payoffs, the increase in the average balance of loans was $360.7 million when comparing the two periods. Interest expense increased due to an increase in the average balance of interest-bearing liabilities of $415.1 million, from $1.20 billion for 2021 to $1.61 billion for 2022, and an increase in the average cost of interest-bearing liabilities, from 0.62% for 2021 to 1.79% for 2022. The increase in the average cost of interest-bearing liabilities for 2022 was due primarily to higher rates paid for brokered deposits and money market deposit accounts during the period.

    The Company recognized a provision for loan losses of $984,000 for the three months ended December 31, 2022 due primarily to loan portfolio growth, compared to a provision of $526,000 for the same period in 2021. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, increased $667,000 from $10.9 million at September 30, 2022 to $11.5 million at December 31, 2022. The Company recognized net charge-offs of $264,000 for the three months ended December 31, 2022, of which $247,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $47,000 in 2021.

    Noninterest income decreased $11.4 million for the three months ended December 31, 2022 as compared to the same period in 2021. The decrease was due primarily to decreases in mortgage banking income and net gain on sale of SBA loans of $10.2 million and $861,000, respectively. The decrease in mortgage banking income was primarily due to a $3.9 million decrease in production revenue from lower originations for sale, a $4.4 million decrease in capitalized residential mortgage loan servicing rights, a $1.2 million decrease in realized and unrealized hedging gains in 2022 and a $1.2 million decrease in the fair value of the residential mortgage loan servicing rights portfolio in 2022 as compared to a $675,000 increase in fair value recognized in 2021, partially offset by a $1.3 million increase in the fair value of loans held for sale and interest rate lock commitments as compared to a $222,000 decrease in fair value recognized in 2021. Mortgage loans originated for sale were $77.6 million in the three months ended December 31, 2022 as compared to $541.1 million in 2021. The decrease in net gain on sales of SBA loans was due primarily to decreases in production and sales volume from the SBA lending segment, and lower premiums in the secondary market.

    Noninterest expense decreased $7.3 million for the three months ended December 31, 2022 as compared to the same period in 2021. The decrease was due primarily to a decrease in compensation and benefits of $6.6 million. The decrease in compensation and benefits expense was due primarily to a reduction in staff and incentive compensation for the Company’s mortgage banking segment as a result of decreased mortgage banking income.

    The Company recognized an income tax expense of $83,000 for the three months ended December 31, 2022 compared to tax expense of $811,000 for the same period in 2021. The effective tax rate for 2022 was 2.8%, which was a decrease from the effective tax rate of 15.9% in 2021. The decrease was due to recognition of solar tax credits in 2022 and reduction of pre-tax net income in 2022 as compared to 2021.

    Comparison of Financial Condition at December 31, 2022 and September 30, 2022

    Total assets increased $103.2 million, from $2.09 billion at September 30, 2022 to $2.20 billion at December 31, 2022. Net loans held for investment increased $108.4 million during the quarter ended December 31, 2022, due primarily to growth in single-tenant net lease commercial real estate loans and residential mortgage loans.

    Total liabilities increased $94.6 million due primarily to increases in total deposits, FHLB borrowings and other borrowings of $22.0 million, $70.3 million and $7.3 million, respectively. The increase in FHLB borrowings was primarily used to fund loan growth. The increase in other borrowings represents commercial loan transfers that were accounted for as secured borrowings.

    Common stockholders’ equity increased $8.6 million, from $151.6 million at September 30, 2022 to $160.1 million at December 31, 2022, due primarily to increases in accumulated other comprehensive income and retained net income of $8.1 million and $2.0 million, respectively. The increase in accumulated other comprehensive income was primarily due to decreasing market interest rates during the three months ended December 31, 2022, which resulted in an increase in the fair value of the available-for-sale securities portfolio. At December 31, 2022 and September 30, 2022, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

    First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has three national lending programs, including single-tenant net lease commercial real estate, SBA lending and residential mortgage banking, with offices located throughout the United States. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

    This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions.

    Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including the duration, extent and severity of the COVID-19 pandemic, including its effect on our customers, service providers and on the economy and financial markets in general; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission.

    Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    Contact:
    Tony A. Schoen, CPA
    Chief Financial Officer
    812-283-0724


    FIRST SAVINGS FINANCIAL GROUP, INC.   
    CONSOLIDATED FINANCIAL HIGHLIGHTS   
    (Unaudited)   
                 
    * All share and per share amounts have been adjusted to reflect the three-for-one stock split effective September 15, 2021.         
                 
     Three Months Ended       
    OPERATING DATA:December 31,       
    (In thousands, except share and per share data) 2022   2021          
                 
    Total interest income$23,483  $15,762          
    Total interest expense 7,222   1,859          
                 
    Net interest income 16,261   13,903          
    Provision for loan losses 984   526          
                 
    Net interest income after provision for loan losses 15,277   13,377          
                 
    Total noninterest income 5,188   16,591          
    Total noninterest expense 17,511   24,852          
                 
    Income before income taxes 2,954   5,116          
    Income tax expense 83   811          
                 
    Net income$2,871  $4,305          
                 
    Net income per share, basic$0.42  $0.60          
    Weighted average shares outstanding, basic 6,915,909   7,116,790          
                 
    Net income per share, diluted$0.41  $0.60          
    Weighted average shares outstanding, diluted 6,972,055   7,207,210          
                 
                 
    Performance ratios (three-month data annualized)            
    Return on average assets 0.54%  1.01%         
    Return on average equity 7.50%  9.45%         
    Return on average common stockholders' equity 7.50%  9.45%         
    Net interest margin (tax equivalent basis) 3.41%  3.73%         
    Efficiency ratio 81.64%  81.50%         
                 
                 
                 
    FINANCIAL CONDITION DATA:December 31, September 30, Increase       
    (In thousands, except per share data) 2022   2022  (Decrease)       
       (As Restated)         
                 
    Total assets$2,196,919  $2,093,725  $103,194        
    Cash and cash equivalents 38,278   41,665   (3,387)       
    Investment securities 330,683   318,075   12,608        
    Loans held for sale 44,281   60,462   (16,181)       
    Gross loans (1) 1,599,020   1,489,904   109,116        
    Allowance for loan losses 16,080   15,360   720        
    Interest earning assets 1,994,374   1,898,051   96,323        
    Goodwill 9,848   9,848   -        
    Core deposit intangibles 721   775   (54)       
    Loan servicing rights 65,598   67,194   (1,596)       
    Noninterest-bearing deposits 315,390   340,172   (24,782)       
    Interest-bearing deposits (2) 1,222,451   1,175,662   46,789        
    Federal Home Loan Bank borrowings 377,643   307,303   70,340        
    Subordinated debt and other borrowings, net of issuance costs 95,458   88,206   7,252        
    Total liabilities 2,036,775   1,942,160   94,615        
    Accumulated other comprehensive income (loss) (19,000)  (27,079)  8,079        
    Stockholders' equity, net of noncontrolling interests 160,144   151,565   8,579        
                 
    Book value per share$23.15  $21.74  $1.41        
    Tangible book value per share (3) 21.62   20.22   1.40        
                 
    Non-performing assets:            
    Nonaccrual loans - SBA guaranteed$5,465  $5,474  $(9)       
    Nonaccrual loans - unguaranteed 6,058   5,382   676        
    Total nonaccrual loans$11,523  $10,856  $667        
    Accruing loans past due 90 days -   -   -        
    Total non-performing loans 11,523   10,856   667        
    Foreclosed real estate -   -   -        
    Troubled debt restructurings classified as performing loans 2,580   2,714   (134)       
    Total non-performing assets$14,103  $13,570  $533        
                 
    Asset quality ratios:            
    Allowance for loan losses as a percent of total gross loans 1.01%  1.03%  (0.02%)       
    Allowance for loan losses as a percent of total gross loans, excluding PPP loans (4) 1.01%  1.03%  (0.02%)       
    Allowance for loan losses as a percent of nonperforming loans 139.55%  141.49%  (1.94%)       
    Nonperforming loans as a percent of total gross loans 0.72%  0.73%  (0.01%)       
    Nonperforming assets as a percent of total assets 0.64%  0.65%  (0.01%)       
                 
    (1) Includes $591,000 and $862,000 of PPP loans at December 31, 2022 and September 30, 2022, respectively.           
                 
    (2) Includes $326.2 million and $292.5 million of brokered certificates of deposit at December 31, 2022 and September 30, 2022, respectively.       
                 
    (3) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item.         
                 
    (4) Denominator excludes PPP loans, which are fully guaranteed by the SBA. This ratio is non-GAAP, but is believed by management to be meaningful because it provides a comparable ratio   
    after eliminating PPP loans.            
                 
                 
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):           
    The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company's        
    performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to       
    evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the       
    Company's consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.       
                 
                 
     December 31, September 30, Increase       
    Tangible Book Value Per Share 2022   2022  (Decrease)       
    (In thousands, except share and per share data)  (As Restated)         
                 
    Stockholders' equity, net of noncontrolling interests (GAAP)$160,144  $151,565  $8,579        
    Less: goodwill and core deposit intangibles (10,569)  (10,623)  54        
    Tangible equity (non-GAAP)$149,575  $140,942   8,633        
                 
    Outstanding common shares 6,917,921   6,970,631   (52,710)       
                 
    Tangible book value per share (non-GAAP)$21.62  $20.22  $1.40        
                 
    Book value per share (GAAP)$23.15  $21.74  $1.41        
                 
                 
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):As of   
    Summarized Consolidated Balance SheetsDecember 31, September 30, June 30, March 31, December 31,   
    (In thousands, except per share data) 2022   2022   2022   2022   2021    
       (As Restated)         
                 
    Total cash and cash equivalents$38,278  $41,665  $37,468  $31,105  $40,592    
    Total investment securities 330,683   318,075   309,027   284,674   220,926    
    Total loans held for sale 44,281   60,462   188,031   152,652   161,218    
    Total loans, net of allowance for loan losses 1,582,940   1,474,544   1,267,816   1,126,818   1,142,655    
    PPP loans 591   862   1,766   13,415   46,020    
    Loan servicing rights 65,598   67,194   69,039   68,267   59,187    
    Total assets 2,196,919   2,093,725   2,006,666   1,801,944   1,764,589    
                 
    Retail deposits$1,211,677  $1,223,330  $1,186,582  $1,151,437  $1,146,454    
    Brokered deposits 326,164   292,504   159,125   69,752   120,581    
    Total deposits 1,537,841   1,515,834   1,345,707   1,221,189   1,267,035    
    Federal Home Loan Bank borrowings 377,643   307,303   404,098   296,592   258,377    
                 
    Common stock and additional paid-in capital$27,425  $26,848  $27,236  $27,154  $27,073    
    Retained earnings - substantially restricted 163,890   161,927   161,438   159,732   153,630    
    Accumulated other comprehensive income (loss) (19,000)  (27,079)  (12,560)  (1,336)  9,219    
    Unearned stock compensation (1,361)  (969)  (1,075)  (1,180)  (1,285)   
    Less treasury stock, at cost (10,810)  (9,162)  (5,826)  (4,417)  (4,417)   
    Total stockholders' equity 160,144   151,565   169,213   179,953   184,220    
                 
    Outstanding common shares 6,917,921   6,970,631   7,110,706   7,169,826   7,169,826    
                 
                 
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended   
    Summarized Consolidated Statements of IncomeDecember 31, September 30, June 30, March 31, December 31,   
    (In thousands, except per share data) 2022   2022   2022   2022   2021    
       (As Restated)         
                 
    Total interest income$23,483  $21,152  $18,479  $15,801  $15,762    
    Total interest expense 7,222   4,327   2,568   1,788   1,859    
    Net interest income 16,261   16,825   15,911   14,013   13,903    
    Provision (credit) for loan losses 984   880   532   (30)  526    
    Net interest income after provision (credit) for loan losses 15,277   15,945   15,379   14,043   13,377    
                 
    Total noninterest income 5,188   4,531   10,033   20,072   16,591    
    Total noninterest expense 17,511   19,514   22,835   25,461   24,852    
    Income before income taxes 2,954   962   2,577   8,654   5,116    
    Income tax expense (benefit) 83   (446)  (61)  1,619   811    
    Net income$2,871  $1,408  $2,638  $7,035  $4,305    
                 
                 
    Net income per share, basic$0.42  $0.20  $0.37  $0.99  $0.60    
    Weighted average shares outstanding, basic 6,915,909   6,988,873   7,073,204   7,076,355   7,116,790    
                 
    Net income per share, diluted$0.41  $0.20  $0.37  $0.98  $0.60    
    Weighted average shares outstanding, diluted 6,972,055   7,056,138   7,145,288   7,156,229   7,207,210    
                 
     Three Months Ended   
     December 31, September 30, June 30, March 31, December 31,   
    Consolidated Performance Ratios (Annualized) 2022   2022   2022   2022   2021    
       (As Restated)         
                 
    Return on average assets 0.54%  0.28%  0.55%  1.61%  1.01%   
    Return on average equity 7.50%  3.30%  6.06%  15.24%  9.45%   
    Return on average common stockholders' equity 7.50%  3.30%  6.06%  15.24%  9.45%   
    Net interest margin (tax equivalent basis) 3.41%  3.75%  3.77%  3.68%  3.73%   
    Efficiency ratio 81.64%  91.37%  88.02%  74.70%  81.50%   
                 
     As of or for the Three Months Ended   
     December 31, September 30, June 30, March 31, December 31,   
    Consolidated Asset Quality Ratios 2022   2022   2022   2022   2021    
       (As Restated)         
                 
    Nonperforming loans as a percentage of total loans 0.72%  0.73%  0.77%  0.88%  1.10%   
    Nonperforming assets as a percentage of total assets 0.64%  0.65%  0.63%  0.73%  0.82%   
    Allowance for loan losses as a percentage of total loans 1.01%  1.03%  1.17%  1.27%  1.28%   
    Allowance for loan losses as a percentage of nonperforming loans 139.55%  141.49%  151.59%  143.94%  116.12%   
    Net charge-offs to average outstanding loans 0.02%  0.03%  0.00%  0.02%  0.00%   
                 
                 
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended   
    Segmented Statements of Income InformationDecember 31, September 30, June 30, March 31, December 31,   
    (In thousands, except per share data) 2022   2022   2022   2022   2021    
       (As Restated)         
    Core Banking Segment:            
    Net interest income$15,008  $14,994  $13,848  $11,847  $11,495    
    Provision (credit) for loan losses 701   769   910   (240)  (144)   
    Net interest income after provision (credit) for loan losses 14,307   14,225   12,938   12,087   11,639    
    Noninterest income 1,928   1,808   2,379   2,163   1,942    
    Noninterest expense 9,797   10,499   10,187   9,811   9,482    
    Income before income taxes 6,438   5,534   5,130   4,439   4,099    
    Income tax expense 946   735   568   330   500    
    Net income$5,492  $4,799  $4,562  $4,109  $3,599    
                 
    SBA Lending Segment (Q2):            
    Net interest income (5)$995  $1,182  $1,449  $1,602  $1,875    
    Provision (credit) for loan losses 283   111   (378)  210   670    
    Net interest income after provision (credit) for loan losses 712   1,071   1,827   1,392   1,205    
    Noninterest income 754   480   584   1,658   1,901    
    Noninterest expense 1,924   1,891   2,341   2,253   2,236    
    Income (loss) before income taxes (458)  (340)  70   797   870    
    Income tax expense (benefit) (107)  (123)  26   240   265    
    Net income (loss) (6)$(351) $(217) $44  $557  $605    
                 
    Mortgage Banking Segment:            
    Net interest income$258  $649  $614  $564  $533    
    Provision for loan losses -   -   -   -   -    
    Net interest income after provision for loan losses 258   649   614   564   533    
    Noninterest income 2,506   2,243   7,070   16,251   12,748    
    Noninterest expense 5,790   7,124   10,307   13,397   13,134    
    Income (loss) before income taxes (3,026)  (4,232)  (2,623)  3,418   147    
    Income tax expense (benefit) (756)  (1,058)  (655)  1,049   46    
    Net income (loss)$(2,270) $(3,174) $(1,968) $2,369  $101    
                 
    (5) Includes net interest income derived from PPP loans of:$1  $16  $173  $239  $550    
                 
    (6) Includes net income attributable to the Company derived from PPP loans (tax effected) of:$1  $12  $130  $179  $413    
                 
                 
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended   
    Segmented Statements of Income InformationDecember 31, September 30, June 30, March 31, December 31,   
    (In thousands, except per share data) 2022   2022   2022   2022   2021    
       (As Restated)         
    Net Income (Loss) Per Share by Segment            
    Net income per share, basic - Core Banking$0.80  $0.68  $0.64  $0.58  $0.50    
    Net income (loss) per share, basic - SBA Lending (Q2) (7) (0.05)  (0.03)  0.01   0.08   0.09    
    Net income (loss) per share, basic - Mortgage Banking (0.33)  (0.45)  (0.28)  0.33   0.01    
    Total net income per share, basic (8)$0.42  $0.20  $0.37  $0.99  $0.60    
                 
    Net Income (Loss) Per Diluted Share by Segment            
    Net income per share, diluted - Core Banking$0.79  $0.68  $0.64  $0.57  $0.50    
    Net income (loss) per share, diluted - SBA Lending (Q2) (8) (0.05)  (0.03)  0.01   0.08   0.09    
    Net income (loss) per share, diluted - Mortgage Banking (0.33)  (0.45)  (0.28)  0.33   0.01    
    Total net income per share, diluted (8)$0.41  $0.20  $0.37  $0.98  $0.60    
                 
    Return on Average Assets by Segment (three-month data annualized)            
    Core Banking 1.17%  1.08%  1.12%  1.14%  1.05%   
    SBA Lending (1.38%)  (0.85%)  0.17%  1.80%  1.55%   
    Mortgage Banking (9.31%)  (9.44%)  (4.50%)  5.38%  0.23%   
                 
    Efficiency Ratio by Segment (three-month data annualized)            
    Core Banking 57.85%  62.49%  62.78%  70.03%  70.57%   
    SBA Lending 110.01%  113.78%  115.15%  69.11%  59.22%   
    Mortgage Banking 209.48%  246.33%  134.14%  79.67%  98.89%   
                 
    (7) Includes basic net income per share derived from PPP loans (tax effected) of:$0.00  $0.00  $0.02  $0.03  $0.06    
                 
    (8) Includes diluted net income per share derived from PPP loans (tax effected) of:$0.00  $0.00  $0.02  $0.03  $0.06    
                 
                 
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended   
    Noninterest Expense Detail by SegmentDecember 31, September 30, June 30, March 31, December 31,   
    (In thousands) 2022   2022   2022   2022   2021    
       (As Restated)         
    Core Banking Segment:            
    Compensation (9)$5,275  $4,444  $5,995  $5,207  $5,776    
    Occupancy 1,443   1,374   1,412   1,393   1,357    
    Advertising 213   272   284   297   232    
    Other 2,866   4,409   2,496   2,914   2,117    
    Total Noninterest Expense$9,797  $10,499  $10,187  $9,811  $9,482    
                 
    SBA Lending Segment (Q2):            
    Compensation$1,622  $1,690  $1,619  $1,724  $1,685    
    Occupancy 54   41   60   64   78    
    Advertising 2   8   3   9   9    
    Other 246   152   659   456   464    
    Total Noninterest Expense$1,924  $1,891  $2,341  $2,253  $2,236    
                 
    Mortgage Banking Segment:            
    Compensation (9)$3,788  $5,091  $7,601  $10,292  $9,867    
    Occupancy 363   491   597   622   678    
    Advertising 203   319   519   696   551    
    Other 1,436   1,223   1,590   1,787   2,038    
    Total Noninterest Expense$5,790  $7,124  $10,307  $13,397  $13,134    
                 
    (9) Compensation includes increases for Core Banking and corresponding decreases for Mortgage            
    Banking segment that represent intersegment allocations for loans originated by the            
    Mortgage Banking segment to be held for investment in the Core Banking loan portfolio of:$1,192  $945  $1,164  $869  $975    
                 
                 
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended   
     December 31, September 30, June 30, March 31, December 31,   
    Mortgage Banking Noninterest Expense Fixed vs. Variable 2022   2022   2022   2022   2021    
    (In thousands)            
    Noninterest Expense - Fixed Expenses$4,561  $5,724  $6,989  $7,936  $7,752    
    Noninterest Expense - Variable Expenses (10) 1,229   1,400   3,318   5,461   5,382    
    Total Noninterest Expense$5,790 12,202$7,124 12,202$10,307 12,202$13,397 12,202$13,134    
                 
                 
     Three Months Ended   
    SBA Lending (Q2) DataDecember 31, September 30, June 30, March 31, December 31,   
    (In thousands, except percentage data) 2022   2022   2022   2022   2021    
    Final funded loans guaranteed portion sold, SBA$11,293  $3,772  $5,364  $14,355  $14,131    
                 
    Gross gain on sales of loans, SBA$936  $393  $592  $1,670  $1,841    
    Weighted average gross gain on sales of loans, SBA 8.29%  10.42%  11.04%  11.63%  13.03%   
                 
    Net gain on sales of loans, SBA (11)$775  $249  $486  $1,327  $1,636    
    Weighted average net gain on sales of loans, SBA 6.86%  6.60%  9.06%  9.24%  11.58%   
                 
                 
     Three Months Ended   
    Mortgage Banking DataDecember 31, September 30, June 30, March 31, December 31,   
    (In thousands, except percentage data) 2022   2022   2022   2022   2021    
                 
    Mortgage originations for sale in the secondary market$77,605  $185,981  $421,426  $459,434  $541,074    
                 
    Mortgage sales$96,177  $241,804  $426,200  $478,816  $587,928    
                 
    Gross gain on sales of loans, mortgage banking (12)$1,217  $2,630  $7,419  $10,988  $11,082    
    Weighted average gross gain on sales of loans, mortgage banking 1.27%  1.09%  1.74%  2.29%  1.88%   
                 
    Mortgage banking income (13)$2,496  $2,246  $7,093  $16,254  $12,744    
                 
    (10) Variable expenses include incentive compensation and advertising expenses.            
                 
    (11) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.       
                 
    (12) Inclusive of gains on capitalized mortgage servicing rights, realized hedging gains and loan fees, and net of lender credits and other investor expenses.       
                 
    (13) Inclusive of loan fees, servicing income, gains or losses on mortgage servicing rights, fair value adjustments and gains or losses on derivative instruments, and net of lender credits and other investor expenses. 
                 
                 
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended   
    Summarized Consolidated Average Balance SheetsDecember 31, September 30, June 30, March 31, December 31,   
    (In thousands) 2022   2022   2022   2022   2021    
    Interest-earning assets  (As Restated)         
    Average balances:            
    Interest-bearing deposits with banks$19,379  $28,318  $25,068  $36,029  $33,065    
    Loans, excluding PPP loans 1,582,538   1,477,857   1,381,366   1,268,983   1,221,879    
    PPP loans 644   1,310   4,271   22,066   51,178    
    Investment securities - taxable 111,936   94,836   103,536   50,165   47,717    
    Investment securities - nontaxable 241,504   230,312   202,534   163,472   153,452    
    FRB and FHLB stock 20,063   19,890   18,691   19,021   19,258    
    Total interest-earning assets$1,976,064  $1,852,523  $1,735,466  $1,559,736  $1,526,549    
                 
    Interest income (tax equivalent basis):            
    Interest-bearing deposits with banks$144  $97  $37  $13  $14    
    Loans, excluding PPP loans 20,219   18,012   15,788   13,745   13,424    
    PPP loans 3   17   177   258   595    
    Investment securities - taxable 955   740   769   420   405    
    Investment securities - nontaxable 2,505   2,352   1,987   1,571   1,509    
    FRB and FHLB stock 220   265   169   146   149    
    Total interest income (tax equivalent basis)$24,046  $21,483  $18,927  $16,153  $16,096    
                 
    Weighted average yield (tax equivalent basis, annualized):            
    Interest-bearing deposits with banks 2.97%  1.37%  0.59%  0.14%  0.17%   
    Loans, excluding PPP loans 5.11%  4.88%  4.57%  4.33%  4.39%   
    PPP loans 1.86%  5.19%  16.58%  4.68%  4.65%   
    Investment securities - taxable 3.41%  3.12%  2.97%  3.35%  3.40%   
    Investment securities - nontaxable 4.15%  4.08%  3.92%  3.84%  3.93%   
    FRB and FHLB stock 4.39%  5.33%  3.62%  3.07%  3.09%   
    Total interest-earning assets 4.87%  4.64%  4.36%  4.14%  4.22%   
                 
                 
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months Ended   
    Summarized Consolidated Average Balance SheetsDecember 31, September 30, June 30, March 31, December 31,   
    (In thousands) 2022   2022   2022   2022   2021    
    Interest-bearing liabilities  (As Restated)         
    Average balances:            
    Interest-bearing deposits$1,213,419  $1,125,659  $998,868  $922,137  $913,297    
    Federal Home Loan Bank borrowings 311,146   301,027   325,460   280,190   264,617    
    Subordinated debt and other borrowings 88,304   50,179   50,152   24,592   19,870    
    Total interest-bearing liabilities$1,612,869  $1,476,865  $1,374,480  $1,226,919  $1,197,784    
                 
    Interest expense:            
    Interest-bearing deposits$4,158  $2,306  $1,047  $738  $811    
    Federal Home Loan Bank borrowings 1,919   1,111   811   681   730    
    Subordinated debt and other borrowings 1,145   714   710   369   318    
    Total interest expense$7,222  $4,131  $2,568  $1,788  $1,859    
                 
    Weighted average cost (annualized):            
    Interest-bearing deposits 1.37%  0.82%  0.42%  0.32%  0.36%   
    Federal Home Loan Bank borrowings 2.47%  1.48%  1.00%  0.97%  1.10%   
    Subordinated debt and other borrowings 5.19%  5.69%  5.66%  6.00%  6.40%   
    Total interest-bearing liabilities 1.79%  1.12%  0.75%  0.58%  0.62%   
                 
    Interest rate spread (tax equivalent basis, annualized) 3.08%  3.52%  3.61%  3.56%  3.60%   
                 
    Net interest margin (tax equivalent basis, annualized) 3.41%  3.75%  3.77%  3.68%  3.73%   
                 
    Net interest margin, excluding PPP loans and PPPLF borrowings (non-GAAP), (tax equivalent basis, annualized) 3.41%  3.75%  3.74%  3.67%  3.70%   
                 

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