Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

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Consolidated Statements of Income (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest and dividend income:    
Interest and fees on loans receivable $ 54,648,000 $ 58,334,000
Interest on securities 3,655,000 3,456,000
Dividends on FHLB stock 289,000 289,000
Interest on deposits in other banks 333,000 335,000
Total interest and dividend income 58,925,000 62,414,000
Interest expense:    
Interest on deposits 12,742,000 15,683,000
Interest on borrowings 496,000 71,000
Interest on subordinated debentures 1,712,000 1,772,000
Total interest expense 14,950,000 17,526,000
Net interest income before credit loss expense 43,975,000 44,888,000
Credit loss expense 15,739,000 1,117,000
Net interest income after credit loss expense 28,236,000 43,771,000
Noninterest income:    
Service charges on deposit accounts 2,400,000 2,358,000
Trade finance and other service charges and fees 986,000 1,124,000
Gain on sale of Small Business Administration ("SBA") loans 1,154,000 926,000
Net gain on sales of securities   725,000
Other operating income 1,683,000 1,121,000
Total noninterest income 6,223,000 6,254,000
Noninterest expense:    
Salaries and employee benefits 17,749,000 15,738,000
Occupancy and equipment 4,475,000 4,521,000
Data processing 2,669,000 2,083,000
Professional fees 1,915,000 1,649,000
Supplies and communications 781,000 844,000
Advertising and promotion 734,000 760,000
Other operating expenses 2,745,000 3,470,000
Total noninterest expense 31,068,000 29,065,000
Income before tax 3,391,000 20,960,000
Income tax expense 1,041,000 6,288,000
Net income $ 2,350,000 $ 14,672,000
Basic earnings per share $ 0.08 $ 0.48
Diluted earnings per share $ 0.08 $ 0.48
Weighted-average shares outstanding:    
Basic 30,469,022 30,667,378
Diluted 30,472,899 30,720,772