Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest and dividend income:    
Interest and fees on loans receivable $ 91,674 $ 80,923
Interest on securities 4,955 4,025
Dividends on FHLB stock 361 289
Interest on deposits in other banks 2,604 2,066
Total interest and dividend income 99,594 87,303
Interest expense:    
Interest on deposits 45,638 25,498
Interest on borrowings 1,655 2,369
Interest on subordinated debentures 1,646 1,583
Total interest expense 48,939 29,450
Net interest income before credit loss expense 50,655 57,853
Credit loss expense 227 2,133
Net interest income after credit loss expense 50,428 55,720
Noninterest income:    
Service charges on deposit accounts 2,450 2,579
Trade finance and other service charges and fees 1,414 1,258
Gain on sale of Small Business Administration ("SBA") loans 1,482 1,869
Other operating income 2,387 2,630
Total noninterest income 7,733 8,336
Noninterest expense:    
Salaries and employee benefits 21,585 20,610
Occupancy and equipment 4,537 4,412
Data processing 3,551 3,253
Professional fees 1,893 1,335
Supplies and communications 601 676
Advertising and promotion 907 833
Other operating expenses 3,371 1,672
Total noninterest expense 36,445 32,791
Income before tax 21,716 31,265
Income tax expense 6,552 9,274
Net income $ 15,164 $ 21,991
Basic earnings per share $ 0.5 $ 0.72
Diluted earnings per share $ 0.5 $ 0.72
Weighted-average shares outstanding:    
Basic 30,119,646 30,347,325
Diluted 30,119,646 30,430,745