Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.20.4
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest and dividend income:      
Interest and fees on loans receivable $ 211,836 $ 229,402 $ 219,590
Interest on securities 10,536 14,661 12,817
Dividends on FHLB stock 902 1,147 1,413
Interest on deposits in other banks 592 1,562 577
Total interest and dividend income 223,866 246,772 234,397
Interest expense:      
Interest on deposits 33,994 63,105 43,080
Interest on borrowings 2,367 763 3,379
Interest on subordinated debentures 6,607 7,032 6,925
Total interest expense 42,968 70,900 53,384
Net interest income before credit loss expense 180,898 175,872 181,013
Credit loss expense 45,454 30,170 3,990
Net interest income after credit loss expense 135,444 145,702 177,023
Noninterest income:      
Service charges on deposit accounts 8,485 9,951 10,000
Trade finance and other service charges and fees 4,033 4,786 4,616
Gain on sale of Small Business Administration ("SBA") loans 5,247 5,251 4,954
Net gain (loss) on sales of securities 15,712 1,295 (341)
Other operating income 9,627 6,269 5,291
Total noninterest income 43,104 27,552 24,520
Noninterest expense:      
Salaries and employee benefits 66,988 67,900 69,435
Occupancy and equipment 18,283 17,064 15,944
Data processing 11,222 8,755 6,870
Professional fees 6,771 9,060 6,178
Supplies and communications 3,096 2,936 3,003
Advertising and promotion 2,671 3,797 4,041
Merger and integration costs     846
Other operating expenses 10,022 16,394 11,256
Total noninterest expense 119,053 125,906 117,573
Income before tax 59,495 47,348 83,970
Income tax expense 17,299 14,560 26,102
Net income $ 42,196 $ 32,788 $ 57,868
Basic earnings per share $ 1.38 $ 1.06 $ 1.80
Diluted earnings per share $ 1.38 $ 1.06 $ 1.79
Weighted-average shares outstanding:      
Basic 30,280,415 30,725,376 31,924,863
Diluted 30,280,415 30,760,422 32,051,333