Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest and dividend income:      
Interest and fees on loans receivable $ 208,602 $ 211,836 $ 229,402
Interest on securities 6,230 10,536 14,661
Dividends on FHLB stock 941 902 1,147
Interest on deposits in other banks 902 592 1,562
Total interest and dividend income 216,675 223,866 246,772
Interest expense:      
Interest on deposits 11,655 33,994 63,105
Interest on borrowings 1,697 2,367 763
Interest on subordinated debentures 8,273 6,607 7,032
Total interest expense 21,625 42,968 70,900
Net interest income before credit loss expense 195,050 180,898 175,872
Credit loss (recovery) expense (24,403) 45,454 30,170
Net interest income after credit loss (recovery) expense 219,453 135,444 145,702
Noninterest income:      
Service charges on deposit accounts 11,043 8,485 9,951
Trade finance and other service charges and fees 4,628 4,033 4,786
Gain on sale of Small Business Administration ("SBA") loans 17,266 5,247 5,251
Net gain (loss) on sales of securities (499) 15,712 1,295
Other operating income 8,058 9,627 6,269
Total noninterest income 40,496 43,104 27,552
Noninterest expense:      
Salaries and employee benefits 72,561 66,988 67,900
Occupancy and equipment 19,075 18,283 17,064
Data processing 12,003 11,222 8,755
Professional fees 5,566 6,771 9,060
Supplies and communications 3,026 3,096 2,936
Advertising and promotion 2,649 2,671 3,797
Other operating expenses 9,575 10,022 16,394
Total noninterest expense 124,455 119,053 125,906
Income before tax 135,494 59,495 47,348
Income tax expense 36,817 17,299 14,560
Net income $ 98,677 $ 42,196 $ 32,788
Basic earnings per share $ 3.22 $ 1.38 $ 1.06
Diluted earnings per share $ 3.22 $ 1.38 $ 1.06
Weighted-average shares outstanding:      
Basic 30,393,559 30,280,415 30,725,376
Diluted 30,471,747 30,280,415 30,760,422