Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.23.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest and dividend income:    
Interest and fees on loans receivable $ 80,923 $ 53,924
Interest on securities 4,025 2,516
Dividends on FHLB stock 289 248
Interest on deposits in other banks 2,066 216
Total interest and dividend income 87,303 56,904
Interest expense:    
Interest on deposits 25,498 2,013
Interest on borrowings 2,369 337
Interest on subordinated debentures 1,583 3,598
Total interest expense 29,450 5,948
Net interest income before credit loss expense 57,853 50,956
Credit loss expense (recovery) 2,133 (1,375)
Net interest income after credit loss expense (recovery) 55,720 52,331
Noninterest income:    
Service charges on deposit accounts 2,579 2,875
Trade finance and other service charges and fees 1,258 1,142
Gain on sale of Small Business Administration ("SBA") loans 1,869 2,521
Other operating income 2,630 1,982
Total noninterest income 8,336 8,520
Noninterest expense:    
Salaries and employee benefits 20,610 17,717
Occupancy and equipment 4,412 4,646
Data processing 3,253 3,236
Professional fees 1,335 1,430
Supplies and communications 676 665
Advertising and promotion 833 817
Other operating expenses 1,672 3,181
Total noninterest expense 32,791 31,692
Income before tax 31,265 29,159
Income tax expense 9,274 8,464
Net income $ 21,991 $ 20,695
Basic earnings per share $ 0.72 $ 0.68
Diluted earnings per share $ 0.72 $ 0.68
Weighted-average shares outstanding:    
Basic 30,347,325 30,254,212
Diluted 30,430,745 30,377,580