Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.21.2
Consolidated Statements of Income (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest and dividend income:        
Interest and fees on loans receivable $ 52,961,000 $ 52,586,000 $ 156,361,000 $ 159,464,000
Interest on securities 1,865,000 1,972,000 4,409,000 8,852,000
Dividends on FHLB stock 245,000 204,000 693,000 696,000
Interest on deposits in other banks 329,000 84,000 601,000 495,000
Total interest and dividend income 55,400,000 54,846,000 162,064,000 169,507,000
Interest expense:        
Interest on deposits 2,466,000 7,032,000 9,419,000 28,663,000
Interest on borrowings 409,000 582,000 1,332,000 1,838,000
Interest on subordinated debentures 2,545,000 1,627,000 5,759,000 4,984,000
Total interest expense 5,420,000 9,241,000 16,510,000 35,485,000
Net interest income before credit loss expense 49,980,000 45,605,000 145,554,000 134,022,000
Credit loss (recovery) expense (7,234,000) 38,000 (8,452,000) 40,371,000
Net interest income after credit loss (recovery) expense 57,214,000 45,567,000 154,006,000 93,651,000
Noninterest income:        
Service charges on deposit accounts 3,437,000 2,002,000 8,036,000 6,434,000
Trade finance and other service charges and fees 1,188,000 972,000 3,468,000 2,920,000
Gain on sale of Small Business Administration ("SBA") loans 5,842,000 2,324,000 13,475,000 3,478,000
Net gain on sales of securities     99,000 15,712,000
Other operating income 2,042,000 1,842,000 6,123,000 5,751,000
Total noninterest income 12,509,000 7,140,000 31,201,000 34,295,000
Noninterest expense:        
Salaries and employee benefits 18,795,000 17,194,000 53,917,000 49,645,000
Occupancy and equipment 5,037,000 4,650,000 14,235,000 13,633,000
Data processing 2,934,000 2,761,000 8,775,000 8,233,000
Professional fees 1,263,000 1,794,000 4,123,000 5,255,000
Supplies and communications 741,000 698,000 2,231,000 2,337,000
Advertising and promotion 953,000 594,000 1,685,000 1,783,000
Other operating expenses 2,779,000 2,233,000 7,852,000 7,245,000
Total noninterest expense 32,502,000 29,924,000 92,818,000 88,131,000
Income before tax 37,221,000 22,783,000 92,389,000 39,815,000
Income tax expense 10,656,000 6,439,000 27,042,000 11,945,000
Net income $ 26,565,000 $ 16,344,000 $ 65,346,000 $ 27,870,000
Basic earnings per share $ 0.87 $ 0.53 $ 2.13 $ 0.91
Diluted earnings per share $ 0.86 $ 0.53 $ 2.13 $ 0.91
Weighted-average shares outstanding:        
Basic 30,474,391 30,464,263 30,222,978 30,276,462
Diluted 30,552,196 30,464,263 30,298,553 30,276,462