Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

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Consolidated Statements of Income (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and dividend income:        
Interest and fees on loans receivable $ 52,230,000 $ 56,872,000 $ 106,878,000 $ 115,206,000
Interest on securities 3,225,000 3,770,000 6,880,000 7,226,000
Dividends on FHLB stock 203,000 283,000 492,000 572,000
Interest on deposits in other banks 78,000 557,000 411,000 892,000
Total interest and dividend income 55,736,000 61,482,000 114,661,000 123,896,000
Interest expense:        
Interest on deposits 8,889,000 16,728,000 21,631,000 32,410,000
Interest on borrowings 760,000 0 1,256,000 72,000
Interest on subordinated debentures 1,645,000 1,764,000 3,357,000 3,536,000
Total interest expense 11,294,000 18,492,000 26,244,000 36,018,000
Net interest income before credit loss expense 44,442,000 42,990,000 88,417,000 87,878,000
Credit loss expense 24,594,000 16,699,000 40,333,000 17,816,000
Net interest income after credit loss expense 19,848,000 26,291,000 48,084,000 70,062,000
Noninterest income:        
Service charges on deposit accounts 2,032,000 2,486,000 4,432,000 4,844,000
Trade finance and other service charges and fees 961,000 1,204,000 1,948,000 2,328,000
Gain on sale of Small Business Administration ("SBA") loans   1,060,000 1,154,000 1,986,000
Net gain on sales of securities 15,712,000 570,000 15,712,000 1,295,000
Other operating income 2,226,000 2,409,000 3,908,000 3,530,000
Total noninterest income 20,931,000 7,729,000 27,154,000 13,983,000
Noninterest expense:        
Salaries and employee benefits 14,701,000 16,881,000 32,450,000 32,619,000
Occupancy and equipment 4,508,000 3,468,000 8,983,000 7,989,000
Data processing 2,804,000 2,140,000 5,473,000 4,223,000
Professional fees 1,545,000 1,983,000 3,460,000 3,632,000
Supplies and communications 858,000 649,000 1,639,000 1,493,000
Advertising and promotion 456,000 945,000 1,190,000 1,705,000
Other operating expenses 2,266,000 4,078,000 5,011,000 7,549,000
Total noninterest expense 27,138,000 30,144,000 58,206,000 59,210,000
Income before tax 13,641,000 3,876,000 17,032,000 24,835,000
Income tax expense 4,466,000 1,220,000 5,506,000 7,507,000
Net income $ 9,175,000 $ 2,656,000 $ 11,526,000 $ 17,328,000
Basic earnings per share $ 0.30 $ 0.09 $ 0.38 $ 0.56
Diluted earnings per share $ 0.30 $ 0.09 $ 0.38 $ 0.56
Weighted-average shares outstanding:        
Basic 30,426,967 30,685,301 30,447,984 30,688,698
Diluted 30,426,967 30,727,681 30,450,231 30,729,020