Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.22.4
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest and dividend income:      
Interest and fees on loans receivable $ 257,878 $ 208,602 $ 211,836
Interest on securities 12,351 6,230 10,536
Dividends on FHLB stock 1,024 941 902
Interest on deposits in other banks 2,560 902 592
Total interest and dividend income 273,813 216,675 223,866
Interest expense:      
Interest on deposits 25,938 11,655 33,994
Interest on borrowings 2,249 1,697 2,367
Interest on subordinated debentures 7,979 8,273 6,607
Total interest expense 36,166 21,625 42,968
Net interest income before credit loss expense 237,647 195,050 180,898
Credit loss expense (recovery) 836 (24,403) 45,454
Net interest income after credit loss expense (recovery) 236,811 219,453 135,444
Noninterest income:      
Service charges on deposit accounts 11,488 11,043 8,485
Trade finance and other service charges and fees 4,805 4,628 4,033
Gain on sale of SBA loans 9,478 17,266 5,247
Net gain (loss) on sales of securities   (499) 15,712
Other operating income 8,429 8,058 9,627
Total noninterest income 34,200 40,496 43,104
Noninterest expense:      
Salaries and employee benefits 76,140 72,561 66,988
Occupancy and equipment 17,648 19,075 18,283
Data processing 13,134 12,003 11,222
Professional fees 5,692 5,566 6,771
Supplies and communications 2,638 3,026 3,096
Advertising and promotion 3,637 2,649 2,671
Other operating expenses 11,395 9,575 10,022
Total noninterest expense 130,284 124,455 119,053
Income before tax 140,727 135,494 59,495
Income tax expense 39,333 36,817 17,299
Net income $ 101,394 $ 98,677 $ 42,196
Basic earnings per share [1] $ 3.33 $ 3.22 $ 1.38
Diluted earnings per share [1] $ 3.32 $ 3.22 $ 1.38
Weighted-average shares outstanding:      
Basic 30,299,148 30,393,559 30,280,415
Diluted 30,392,057 30,471,747 30,280,415
[1] Per share amounts may not be able to be recalculated using net income and weighted-average shares presented above due to rounding.