v3.24.3
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income:        
Interest and fees on loans receivable $ 92,182 $ 85,398 $ 274,608 $ 249,888
Interest on securities 5,523 4,204 15,717 12,356
Dividends on FHLB stock 356 317 1,075 888
Interest on deposits in other banks 2,356 4,153 7,270 9,012
Total interest and dividend income 100,417 94,072 298,670 272,144
Interest expense:        
Interest on deposits 47,153 36,818 139,286 94,431
Interest on borrowings 1,561 753 5,112 4,755
Interest on subordinated debentures 1,652 1,646 4,948 4,828
Total interest expense 50,366 39,217 149,346 104,014
Net interest income before credit loss expense 50,051 54,855 149,324 168,130
Credit loss expense 2,286 5,154 3,474 7,210
Net interest income after credit loss expense 47,765 49,701 145,850 160,920
Noninterest income:        
Service charges on deposit accounts 2,311 2,605 7,189 7,756
Trade finance and other service charges and fees 1,254 1,155 3,945 3,586
Gain on sale of Small Business Administration ("SBA") loans 1,544 1,172 4,669 4,253
Gain on sale of mortgage loans 324   1,132  
Other operating income 3,005 6,296 7,293 11,904
Total noninterest income 8,438 11,228 24,228 27,499
Noninterest expense:        
Salaries and employee benefits 20,851 20,361 62,870 61,336
Occupancy and equipment 4,499 4,825 13,643 13,737
Data processing 3,839 3,490 11,076 10,208
Professional fees 1,492 1,568 5,134 4,278
Supplies and communications 538 552 1,710 1,866
Advertising and promotion 631 534 2,207 2,114
Other operating expenses 3,230 2,915 10,160 7,777
Total noninterest expense 35,080 34,245 106,800 101,316
Income before tax 21,123 26,684 63,278 87,103
Income tax expense 6,231 7,888 18,772 25,695
Net income $ 14,892 $ 18,796 $ 44,506 $ 61,408
Basic earnings per share $ 0.49 $ 0.62 $ 1.47 $ 2.01
Diluted earnings per share $ 0.49 $ 0.62 $ 1.47 $ 2.01
Weighted-average shares outstanding:        
Basic 29,968,004 30,251,961 30,048,748 30,296,991
Diluted 30,033,679 30,292,872 30,117,269 30,338,678

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