Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.20.2
Consolidated Statements of Income (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and dividend income:        
Interest and fees on loans receivable $ 52,586,000 $ 57,929,000 $ 159,464,000 $ 173,135,000
Interest on securities 1,972,000 3,769,000 8,852,000 10,996,000
Dividends on FHLB stock 204,000 286,000 696,000 858,000
Interest on deposits in other banks 84,000 193,000 495,000 1,085,000
Total interest and dividend income 54,846,000 62,177,000 169,507,000 186,074,000
Interest expense:        
Interest on deposits 7,032,000 15,995,000 28,663,000 48,406,000
Interest on borrowings 582,000 367,000 1,838,000 439,000
Interest on subordinated debentures 1,627,000 1,757,000 4,984,000 5,293,000
Total interest expense 9,241,000 18,119,000 35,485,000 54,138,000
Net interest income before credit loss expense 45,605,000 44,058,000 134,022,000 131,936,000
Credit loss expense 38,000 1,602,000 40,371,000 19,418,000
Net interest income after credit loss expense 45,567,000 42,456,000 93,651,000 112,518,000
Noninterest income:        
Service charges on deposit accounts 2,002,000 2,518,000 6,434,000 7,362,000
Trade finance and other service charges and fees 972,000 1,191,000 2,920,000 3,519,000
Gain on sale of Small Business Administration ("SBA") loans 2,324,000 1,767,000 3,478,000 3,752,000
Net gain on sales of securities     15,712,000 1,295,000
Other operating income 1,842,000 1,384,000 5,751,000 4,915,000
Total noninterest income 7,140,000 6,860,000 34,295,000 20,843,000
Noninterest expense:        
Salaries and employee benefits 17,194,000 17,530,000 49,645,000 50,149,000
Occupancy and equipment 4,650,000 4,528,000 13,633,000 12,517,000
Data processing 2,761,000 2,410,000 8,233,000 6,633,000
Professional fees 1,794,000 2,826,000 5,255,000 6,459,000
Supplies and communications 698,000 726,000 2,337,000 2,220,000
Advertising and promotion 594,000 927,000 1,783,000 2,632,000
Other operating expenses 2,233,000 3,660,000 7,245,000 11,207,000
Total noninterest expense 29,924,000 32,607,000 88,131,000 91,817,000
Income before tax 22,783,000 16,709,000 39,815,000 41,544,000
Income tax expense 6,439,000 4,333,000 11,945,000 11,840,000
Net income $ 16,344,000 $ 12,376,000 $ 27,870,000 $ 29,704,000
Basic earnings per share $ 0.53 $ 0.40 $ 0.91 $ 0.96
Diluted earnings per share $ 0.53 $ 0.40 $ 0.91 $ 0.96
Weighted-average shares outstanding:        
Basic 30,464,263 30,830,445 30,276,462 30,736,456
Diluted 30,464,263 30,859,119 30,276,462 30,769,160