Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.23.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income:        
Interest and fees on loans receivable $ 83,567 $ 59,855 $ 164,490 $ 113,779
Interest on securities 4,126 2,930 8,152 5,447
Dividends on FHLB stock 283 242 572 490
Interest on deposits in other banks 2,794 193 4,859 408
Total interest and dividend income 90,770 63,220 178,073 120,124
Interest expense:        
Interest on deposits 32,115 2,457 57,613 4,470
Interest on borrowings 1,633 370 4,002 707
Interest on subordinated debentures 1,600 1,349 3,182 4,947
Total interest expense 35,348 4,176 64,797 10,124
Net interest income before credit loss expense 55,422 59,044 113,276 110,000
Credit loss expense (recovery) (77) 1,596 2,056 220
Net interest income after credit loss expense (recovery) 55,499 57,448 111,220 109,780
Noninterest income:        
Service charges on deposit accounts 2,571 2,875 5,151 5,750
Trade finance and other service charges and fees 1,173 1,416 2,431 2,558
Gain on sale of Small Business Administration ("SBA") loans 1,212 2,774 3,081 5,295
Other operating income 2,979 2,245 5,608 4,226
Total noninterest income 7,935 9,310 16,271 17,829
Noninterest expense:        
Salaries and employee benefits 20,365 18,779 40,975 36,496
Occupancy and equipment 4,500 4,597 8,912 9,243
Data processing 3,465 3,114 6,718 6,351
Professional fees 1,376 1,231 2,710 2,661
Supplies and communications 638 581 1,314 1,245
Advertising and promotion 748 660 1,581 1,477
Other operating expenses 3,188 2,513 4,862 5,694
Total noninterest expense 34,280 31,475 67,072 63,167
Income before tax 29,154 35,283 60,419 64,442
Income tax expense 8,534 10,233 17,807 18,697
Net income $ 20,620 $ 25,050 $ 42,612 $ 45,745
Basic earnings per share $ 0.68 $ 0.82 $ 1.4 $ 1.5
Diluted earnings per share $ 0.67 $ 0.82 $ 1.39 $ 1.5
Weighted-average shares outstanding:        
Basic 30,324,264 30,296,897 30,320,281 30,271,761
Diluted 30,387,041 30,412,348 30,383,226 30,391,273