Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.22.2.2
Consolidated Statements of Income (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and dividend income:        
Interest and fees on loans receivable $ 66,976,000 $ 52,961,000 $ 180,755,000 $ 156,361,000
Interest on securities 3,271,000 1,865,000 8,718,000 4,409,000
Dividends on FHLB stock 245,000 245,000 735,000 693,000
Interest on deposits in other banks 958,000 329,000 1,366,000 601,000
Total interest and dividend income 71,450,000 55,400,000 191,574,000 162,064,000
Interest expense:        
Interest on deposits 6,567,000 2,466,000 11,038,000 9,419,000
Interest on borrowings 349,000 409,000 1,056,000 1,332,000
Interest on subordinated debentures 1,448,000 2,545,000 6,394,000 5,759,000
Total interest expense 8,364,000 5,420,000 18,488,000 16,510,000
Net interest income before credit loss expense 63,086,000 49,980,000 173,086,000 145,554,000
Credit loss expense (recovery) 563,000 (7,234,000) 783,000 (8,452,000)
Net interest income after credit loss expense (recovery) 62,523,000 57,214,000 172,303,000 154,006,000
Noninterest income:        
Service charges on deposit accounts 2,996,000 3,437,000 8,745,000 8,036,000
Trade finance and other service charges and fees 1,132,000 1,188,000 3,690,000 3,468,000
Gain on sale of Small Business Administration ("SBA") loans 2,250,000 5,842,000 7,545,000 13,475,000
Net gain on sales of securities       99,000
Other operating income 2,536,000 2,042,000 6,763,000 6,123,000
Total noninterest income 8,914,000 12,509,000 26,743,000 31,201,000
Noninterest expense:        
Salaries and employee benefits 19,365,000 18,795,000 55,861,000 53,917,000
Occupancy and equipment 4,736,000 5,037,000 13,979,000 14,235,000
Data processing 3,352,000 2,934,000 9,702,000 8,775,000
Professional fees 1,249,000 1,263,000 3,909,000 4,123,000
Supplies and communications 710,000 741,000 1,956,000 2,231,000
Advertising and promotion 1,186,000 953,000 2,664,000 1,685,000
Other operating expenses 2,677,000 2,779,000 8,370,000 7,852,000
Total noninterest expense 33,275,000 32,502,000 96,441,000 92,818,000
Income before tax 38,162,000 37,221,000 102,605,000 92,389,000
Income tax expense 10,993,000 10,656,000 29,690,000 27,042,000
Net income $ 27,169,000 $ 26,565,000 $ 72,915,000 $ 65,346,000
Basic earnings per share $ 0.89 $ 0.87 $ 2.39 $ 2.13
Diluted earnings per share $ 0.89 $ 0.86 $ 2.39 $ 2.13
Weighted-average shares outstanding:        
Basic 30,314,439 30,474,391 30,289,068 30,222,978
Diluted 30,396,762 30,552,196 30,369,538 30,298,553