v3.21.1
Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest and dividend income:    
Interest and fees on loans receivable $ 50,614,000 $ 54,648,000
Interest on securities 1,140,000 3,655,000
Dividends on FHLB stock 206,000 289,000
Interest on deposits in other banks 96,000 333,000
Total interest and dividend income 52,056,000 58,925,000
Interest expense:    
Interest on deposits 3,958,000 12,742,000
Interest on borrowings 478,000 496,000
Interest on subordinated debentures 1,619,000 1,712,000
Total interest expense 6,055,000 14,950,000
Net interest income before credit loss expense 46,001,000 43,975,000
Credit loss expense 2,109,000 15,739,000
Net interest income after credit loss expense 43,892,000 28,236,000
Noninterest income:    
Service charges on deposit accounts 2,357,000 2,400,000
Trade finance and other service charges and fees 1,034,000 986,000
Gain on sale of Small Business Administration ("SBA") loans 4,125,000 1,154,000
Net gain on sales of securities 99,000  
Other operating income 2,193,000 1,683,000
Total noninterest income 9,808,000 6,223,000
Noninterest expense:    
Salaries and employee benefits 16,820,000 17,749,000
Occupancy and equipment 4,595,000 4,475,000
Data processing 2,926,000 2,669,000
Professional fees 1,447,000 1,915,000
Supplies and communications 757,000 781,000
Advertising and promotion 359,000 734,000
Other operating expenses 2,631,000 2,745,000
Total noninterest expense 29,535,000 31,068,000
Income before tax 24,165,000 3,391,000
Income tax expense 7,506,000 1,041,000
Net income $ 16,659,000 $ 2,350,000
Basic earnings per share $ 0.54 $ 0.08
Diluted earnings per share $ 0.54 $ 0.08
Weighted-average shares outstanding:    
Basic 30,461,681 30,469,022
Diluted 30,473,970 30,472,899

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