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
Mar. 31, 2022
Mar. 31, 2021
Interest and dividend income:    
Interest and fees on loans receivable $ 53,924,000 $ 50,614,000
Interest on securities 2,516,000 1,140,000
Dividends on FHLB stock 248,000 206,000
Interest on deposits in other banks 216,000 96,000
Total interest and dividend income 56,904,000 52,056,000
Interest expense:    
Interest on deposits 2,013,000 3,958,000
Interest on borrowings 337,000 478,000
Interest on subordinated debentures 3,598,000 1,619,000
Total interest expense 5,948,000 6,055,000
Net interest income before credit loss expense 50,956,000 46,001,000
Credit loss (recovery) expense (1,375,000) 2,109,000
Net interest income after credit loss (recovery) expense 52,331,000 43,892,000
Noninterest income:    
Service charges on deposit accounts 2,875,000 2,357,000
Trade finance and other service charges and fees 1,142,000 1,034,000
Gain on sale of Small Business Administration ("SBA") loans 2,521,000 4,125,000
Net gain on sales of securities   99,000
Other operating income 1,982,000 2,193,000
Total noninterest income 8,520,000 9,808,000
Noninterest expense:    
Salaries and employee benefits 17,717,000 16,820,000
Occupancy and equipment 4,646,000 4,595,000
Data processing 3,236,000 2,926,000
Professional fees 1,430,000 1,447,000
Supplies and communications 665,000 757,000
Advertising and promotion 817,000 359,000
Other operating expenses 3,181,000 2,631,000
Total noninterest expense 31,692,000 29,535,000
Income before tax 29,159,000 24,165,000
Income tax expense 8,464,000 7,506,000
Net income $ 20,695,000 $ 16,659,000
Basic earnings per share $ 0.68 $ 0.54
Diluted earnings per share $ 0.68 $ 0.54
Weighted-average shares outstanding:    
Basic 30,254,212 30,461,681
Diluted 30,377,580 30,473,970