QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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The
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Large accelerated filer
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☐
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☒
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Non-accelerated filer
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☐
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Smaller reporting company
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Emerging growth company
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Page
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PART I.
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3
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Item 1.
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3
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3
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4
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6
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7
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8
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Item 2.
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32
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Item 3.
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54
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Item 4.
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54
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PART II.
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56
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Item 1.
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56
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Item 1A.
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56
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Item 2.
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56
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Item 3.
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56
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Item 4.
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56
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Item 5.
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56
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Item 6.
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57
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58
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June 30,
2024
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December 31,
2023
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(Unaudited)
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ASSETS
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||||||||
Cash and due from banks
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$
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$
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Interest-bearing deposits in banks
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Cash and cash equivalents
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Securities available for sale
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Loans held for sale ($
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Loans held for investment
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Allowance for credit losses on loans
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(
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)
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(
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)
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Loans held for investment, net
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Accrued interest receivable
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Premises and equipment, net
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Bank-owned life insurance
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Goodwill
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Intangible assets, net
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Mortgage servicing rights
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Deferred tax asset, net
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Other assets
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Total assets
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$
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$
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Deposits:
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Noninterest-bearing
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$
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$
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Interest-bearing
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Total deposits
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Accrued expenses and other liabilities
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Subordinated debt
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Junior subordinated deferrable interest debentures
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Total liabilities
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Stockholders’ equity:
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Common stock, $
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Additional paid-in capital
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Retained earnings
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Accumulated other comprehensive loss
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(
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)
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(
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)
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Total stockholders’ equity
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Total liabilities and stockholders’ equity
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$
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$
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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2024
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2023
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2024
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2023
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|||||||||||||
Interest income:
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Loans, including fees
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$
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$
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$
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$
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Securities:
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Taxable
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Non-taxable
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Federal funds sold and interest-bearing deposits in banks
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Total interest income
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Interest expense:
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Deposits
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Notes payable & other borrowings
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Subordinated debt
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Junior subordinated deferrable interest debentures
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Total interest expense
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Net interest income
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Provision for credit losses |
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Net interest income, after provision for credit losses
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Noninterest income:
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Service charges on deposit accounts
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Income from insurance activities
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Net gain on sales of loans
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Bank card services and interchange fees
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Other mortgage banking income
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Investment commissions
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Fiduciary fees
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Gain on sale of subsidiary
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Other
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Total noninterest income
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Noninterest expense:
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Salaries and employee benefits
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Occupancy and equipment, net
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Professional services
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Marketing and development
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IT and data services
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Bank card expenses
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Appraisal expenses
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Realized loss on sale of securities
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Other
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Total noninterest expense
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Income before income taxes
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Income tax expense
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Net income
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$
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$
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$
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$
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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2024
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2023
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2024
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2023
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Earnings per share:
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Basic
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$
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$
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$
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$
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Diluted
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$
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$
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$
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$
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Net income
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$
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$
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$
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$
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Other comprehensive income (loss): | ||||||||||||||||
Unrealized gains (losses) on securities available for sale |
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(
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)
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(
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)
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Less: Change in fair value on
hedged state and municipal securities
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(
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)
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(
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)
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Reclassification adjustment for loss on sale of securities
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Tax effect
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(
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)
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(
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)
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Other comprehensive income (loss)
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(
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)
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(
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)
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Comprehensive income
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$
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$
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$
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$
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Common Stock
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Additional
Paid-in
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Retained
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Accumulated
Other
Comprehensive
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|||||||||||||||||||||
Shares
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Amount
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Capital
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Earnings
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Income (Loss)
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Total
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Six
Months Ended June 30, 2023
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Balance at beginning of period
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$
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$
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$
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$
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(
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)
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$
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||||||||||||
Net income
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—
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Cash dividends declared - $
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—
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(
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)
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(
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)
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||||||||||||||||
Other comprehensive income
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—
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Impact of adoption of ASU 2016-13 - CECL
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— | ( |
) | ( |
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Issuance of stock related to stock-based awards, net of
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(
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)
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(
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)
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||||||||||||||||
Repurchases of common stock
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(
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)
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(
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)
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(
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)
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(
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)
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Stock-based compensation
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—
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Balance at end of period
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$
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$
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$
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$
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(
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)
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$
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||||||||||||
Six Months Ended June 30, 2024 |
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Balance at beginning of period
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$
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$
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$
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$
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(
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)
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$
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Net income
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—
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Cash dividends declared - $
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—
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(
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)
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(
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)
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||||||||||||||||
Other comprehensive loss
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—
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(
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)
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(
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)
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||||||||||||||||
Issuance of stock related to stock-based awards, net of
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(
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)
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(
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)
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||||||||||||||||
Repurchases of common stock
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(
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)
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(
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)
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(
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)
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(
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)
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||||||||||||||
Stock-based compensation
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—
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Balance at end of period
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$
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$
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$
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$
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(
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)
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$
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||||||||||||
Three Months Ended June 30, 2023
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||||||||||||||||||||||||
Balance at beginning of period
|
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$
|
|
$
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$
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$
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(
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)
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$
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||||||||||||
Net income
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—
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Cash dividends declared - $
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—
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(
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)
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(
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)
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||||||||||||||||
Other comprehensive loss
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—
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(
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)
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(
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)
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||||||||||||||||
Issuance of stock related to stock-based awards, net of
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( |
) | ||||||||||||||||||||||
Repurchases of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Stock-based compensation
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—
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||||||||||||||||||
Balance at end of period
|
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$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
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||||||||||||
Three Months Ended June 30, 2024 | ||||||||||||||||||||||||
Balance at beginning of period
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||||
Net income
|
—
|
|
|
|
|
|
||||||||||||||||||
Cash dividends declared - $
|
—
|
|
|
(
|
)
|
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(
|
)
|
||||||||||||||||
Other comprehensive income
|
—
|
|
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|
|
|
||||||||||||||||||
Issuance of stock related to stock-based awards, net of
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