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 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and dividend income:        
Interest and fees on loans receivable $ 90,752 $ 83,567 $ 182,427 $ 164,490
Interest on securities 5,238 4,126 10,193 8,152
Dividends on FHLB stock 357 283 719 572
Interest on deposits in other banks 2,313 2,794 4,914 4,859
Total interest and dividend income 98,660 90,770 198,253 178,073
Interest expense:        
Interest on deposits 46,495 32,115 92,133 57,613
Interest on borrowings 1,896 1,633 3,551 4,002
Interest on subordinated debentures 1,649 1,600 3,295 3,182
Total interest expense 50,040 35,348 98,979 64,797
Net interest income before credit loss expense 48,620 55,422 99,274 113,276
Credit loss expense (recovery) 961 (77) 1,188 2,056
Net interest income after credit loss expense (recovery) 47,659 55,499 98,086 111,220
Noninterest income:        
Service charges on deposit accounts 2,429 2,571 4,878 5,151
Trade finance and other service charges and fees 1,277 1,173 2,691 2,431
Gain on sale of Small Business Administration ("SBA") loans 1,644 1,212 3,126 3,081
Other operating income 2,707 2,979 5,095 5,608
Total noninterest income 8,057 7,935 15,790 16,271
Noninterest expense:        
Salaries and employee benefits 20,434 20,365 42,019 40,975
Occupancy and equipment 4,607 4,500 9,144 8,912
Data processing 3,686 3,465 7,237 6,718
Professional fees 1,749 1,376 3,642 2,710
Supplies and communications 570 638 1,172 1,314
Advertising and promotion 669 748 1,576 1,581
Other operating expenses 3,561 3,188 6,930 4,862
Total noninterest expense 35,276 34,280 71,720 67,072
Income before tax 20,440 29,154 42,156 60,419
Income tax expense 5,989 8,534 12,541 17,807
Net income $ 14,451 $ 20,620 $ 29,615 $ 42,612
Basic earnings per share $ 0.48 $ 0.68 $ 0.98 $ 1.4
Diluted earnings per share $ 0.48 $ 0.67 $ 0.97 $ 1.39
Weighted-average shares outstanding:        
Basic 30,055,913 30,324,264 30,089,341 30,320,281
Diluted 30,133,646 30,387,041 30,166,181 30,383,226