Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.24.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest and dividend income:      
Interest and fees on loans receivable $ 339,811 $ 257,878 $ 208,602
Interest on securities 16,938 12,351 6,230
Dividends on FHLB stock 1,229 1,024 941
Interest on deposits in other banks 11,350 2,560 902
Total interest and dividend income 369,328 273,813 216,675
Interest expense:      
Interest on deposits 134,708 25,938 11,655
Interest on borrowings 6,867 2,249 1,697
Interest on subordinated debentures 6,482 7,979 8,273
Total interest expense 148,057 36,166 21,625
Net interest income before credit loss expense 221,271 237,647 195,050
Credit loss expense (recovery) 4,342 836 (24,403)
Net interest income after credit loss expense (recovery) 216,929 236,811 219,453
Noninterest income:      
Service charges on deposit accounts 10,147 11,488 11,043
Trade finance and other service charges and fees 4,832 4,805 4,628
Gain on sale of SBA loans 5,701 9,478 17,266
Net gain (loss) on sales of securities (1,871)   (499)
Other operating income 15,370 8,429 8,058
Total noninterest income 34,179 34,200 40,496
Noninterest expense:      
Salaries and employee benefits 81,398 76,140 72,561
Occupancy and equipment 18,340 17,648 19,075
Data processing 13,695 13,134 12,003
Professional fees 6,255 5,692 5,566
Supplies and communications 2,479 2,638 3,026
Advertising and promotion 3,105 3,637 2,649
Other operating expenses 11,255 11,395 9,575
Total noninterest expense 136,527 130,284 124,455
Income before tax 114,581 140,727 135,494
Income tax expense 34,540 39,333 36,817
Net income $ 80,041 $ 101,394 $ 98,677
Basic earnings per share [1] $ 2.63 $ 3.33 $ 3.22
Diluted earnings per share [1] $ 2.62 $ 3.32 $ 3.22
Weighted-average shares outstanding:      
Basic 30,269,740 30,299,148 30,393,559
Diluted 30,330,258 30,392,057 30,471,747
[1] Per share amounts may not be able to be recalculated using net income and weighted-average shares presented above due to rounding.