Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Income (Unaudited)

v3.25.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest and dividend income:    
Interest and fees on loans receivable $ 90,887 $ 91,674
Interest on securities 6,169 4,955
Dividends on FHLB stock 360 361
Interest on deposits in other banks 1,841 2,604
Total interest and dividend income 99,257 99,594
Interest expense:    
Interest on deposits 40,559 45,638
Interest on borrowings 2,024 1,655
Interest on subordinated debentures 1,582 1,646
Total interest expense 44,165 48,939
Net interest income before credit loss expense 55,092 50,655
Credit loss expense 2,721 227
Net interest income after credit loss expense 52,371 50,428
Noninterest income:    
Service charges on deposit accounts 2,217 2,450
Trade finance and other service charges and fees 1,396 1,414
Gain on sale of Small Business Administration ("SBA") loans 2,000 1,482
Gain on sale of mortgage loans 175  
Other operating income 1,938 2,387
Total noninterest income 7,726 7,733
Noninterest expense:    
Salaries and employee benefits 20,972 21,585
Occupancy and equipment 4,450 4,537
Data processing 3,787 3,551
Professional fees 1,468 1,893
Supplies and communications 517 601
Advertising and promotion 585 907
Other operating expenses 3,205 3,371
Total noninterest expense 34,984 36,445
Income before tax 25,113 21,716
Income tax expense 7,441 6,552
Net income $ 17,672 $ 15,164
Basic earnings per share $ 0.59 $ 0.5
Diluted earnings per share $ 0.58 $ 0.5
Weighted-average shares outstanding:    
Basic 29,937,660 30,119,646
Diluted 30,058,248 30,119,646