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 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and dividend income:        
Interest and fees on loans receivable $ 59,855,000 $ 52,785,000 $ 113,779,000 $ 103,400,000
Interest on securities 2,930,000 1,404,000 5,447,000 2,544,000
Dividends on FHLB stock 242,000 242,000 490,000 448,000
Interest on deposits in other banks 193,000 176,000 408,000 272,000
Total interest and dividend income 63,220,000 54,607,000 120,124,000 106,664,000
Interest expense:        
Interest on deposits 2,457,000 3,003,000 4,470,000 6,953,000
Interest on borrowings 370,000 447,000 707,000 933,000
Interest on subordinated debentures 1,349,000 1,585,000 4,947,000 3,204,000
Total interest expense 4,176,000 5,035,000 10,124,000 11,090,000
Net interest income before credit loss expense 59,044,000 49,572,000 110,000,000 95,574,000
Credit loss expense (recovery) 1,596,000 (3,327,000) 220,000 (1,217,000)
Net interest income after credit loss expense (recovery) 57,448,000 52,899,000 109,780,000 96,791,000
Noninterest income:        
Service charges on deposit accounts 2,875,000 2,344,000 5,750,000 4,599,000
Trade finance and other service charges and fees 1,416,000 1,259,000 2,558,000 2,280,000
Gain on sale of Small Business Administration ("SBA") loans 2,774,000 3,508,000 5,295,000 7,633,000
Net gain on sales of securities       99,000
Other operating income 2,245,000 1,775,000 4,226,000 4,081,000
Total noninterest income 9,310,000 8,886,000 17,829,000 18,692,000
Noninterest expense:        
Salaries and employee benefits 18,779,000 18,302,000 36,496,000 35,122,000
Occupancy and equipment 4,597,000 4,602,000 9,243,000 9,198,000
Data processing 3,114,000 2,915,000 6,351,000 5,841,000
Professional fees 1,231,000 1,413,000 2,661,000 2,860,000
Supplies and communications 581,000 733,000 1,245,000 1,489,000
Advertising and promotion 660,000 374,000 1,477,000 732,000
Other operating expenses 2,513,000 2,444,000 5,694,000 5,074,000
Total noninterest expense 31,475,000 30,783,000 63,167,000 60,316,000
Income before tax 35,283,000 31,002,000 64,442,000 55,167,000
Income tax expense 10,233,000 8,880,000 18,697,000 16,386,000
Net income $ 25,050,000 $ 22,122,000 $ 45,745,000 $ 38,781,000
Basic earnings per share $ 0.82 $ 0.72 $ 1.50 $ 1.26
Diluted earnings per share $ 0.82 $ 0.72 $ 1.50 $ 1.26
Weighted-average shares outstanding:        
Basic 30,296,897 30,442,993 30,271,761 30,452,320
Diluted 30,412,348 30,520,456 30,391,273 30,526,120