Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.23.3
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income:        
Interest and fees on loans receivable $ 85,398 $ 66,976 $ 249,888 $ 180,755
Interest on securities 4,204 3,271 12,356 8,718
Dividends on FHLB stock 317 245 888 735
Interest on deposits in other banks 4,153 958 9,012 1,366
Total interest and dividend income 94,072 71,450 272,144 191,574
Interest expense:        
Interest on deposits 36,818 6,567 94,431 11,038
Interest on borrowings 753 349 4,755 1,056
Interest on subordinated debentures 1,646 1,448 4,828 6,394
Total interest expense 39,217 8,364 104,014 18,488
Net interest income before credit loss expense 54,855 63,086 168,130 173,086
Credit loss expense 5,154 563 7,210 783
Net interest income after credit loss expense 49,701 62,523 160,920 172,303
Noninterest income:        
Service charges on deposit accounts 2,605 2,996 7,756 8,745
Trade finance and other service charges and fees 1,155 1,132 3,586 3,690
Gain on sale of Small Business Administration ("SBA") loans 1,172 2,250 4,253 7,545
Other operating income 6,296 2,536 11,904 6,763
Total noninterest income 11,228 8,914 27,499 26,743
Noninterest expense:        
Salaries and employee benefits 20,361 19,365 61,336 55,861
Occupancy and equipment 4,825 4,736 13,737 13,979
Data processing 3,490 3,352 10,208 9,702
Professional fees 1,568 1,249 4,278 3,909
Supplies and communications 552 710 1,866 1,956
Advertising and promotion 534 1,186 2,114 2,664
Other operating expenses 2,915 2,677 7,777 8,370
Total noninterest expense 34,245 33,275 101,316 96,441
Income before tax 26,684 38,162 87,103 102,605
Income tax expense 7,888 10,993 25,695 29,690
Net income $ 18,796 $ 27,169 $ 61,408 $ 72,915
Basic earnings per share $ 0.62 $ 0.89 $ 2.01 $ 2.39
Diluted earnings per share $ 0.62 $ 0.89 $ 2.01 $ 2.39
Weighted-average shares outstanding:        
Basic 30,251,961 30,314,439 30,296,991 30,289,068
Diluted 30,292,872 30,396,762 30,338,678 30,369,538