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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and dividend income          
Loans, including fees $ 78,895 $ 76,234 $ 61,900 $ 155,129 $ 123,245
Securities 8,124 7,309 6,986 15,433 13,487
Other interest-earning assets 1,399 726 791 2,125 1,563
Total interest and dividend income 88,418 84,269 69,677 172,687 138,295
Interest expense          
Deposits 3,180 1,388 3,543 4,568 7,829
Federal Home Loan Bank advances 3,114 2,953 2,944 6,067 6,056
Long-term debt and other interest-bearing liabilities 3,825 3,487 3,343 7,312 6,647
Total interest expense 10,119 7,828 9,830 17,947 20,532
Net interest income 78,299 76,441 59,847 154,740 117,763
(Reversal of) provision for credit losses 0 (31,542) (2,154) (31,542) (3,261)
Net interest income after (reversal of) provision for credit losses 78,299 107,983 62,001 186,282 121,024
Noninterest income          
Customer service fees 2,578 2,434 1,990 5,012 3,748
Loan servicing income 109 212 38 321 306
Income from bank owned life insurance 810 796 690 1,606 1,362
Net gain on sale of securities available-for-sale 0 16 0 16 0
Other income 3,689 2,452 725 6,141 2,836
Total noninterest income 7,186 5,910 3,443 13,096 8,252
Noninterest expense          
Salaries and employee benefits 28,264 28,987 25,042 57,251 50,761
Occupancy and equipment 7,876 7,855 7,277 15,731 14,473
Professional fees 4,107 2,907 1,749 7,014 5,771
Data processing 1,782 1,828 1,621 3,610 3,276
Regulatory assessments 1,021 775 769 1,796 1,543
Loss (gain) on investments in alternative energy partnerships 1,043 158 (829) 1,201 2,801
Reversal of provision for loan repurchases (490) (471) (99) (961) (231)
Amortization of intangible assets 313 441 282 754 564
Merger-related costs 0 0 700 0 1,400
All other expense 4,696 4,116 3,320 8,812 6,637
Total noninterest expense 48,612 46,596 39,832 95,208 86,995
Income from operations before income taxes 36,873 67,297 25,612 104,170 42,281
Income tax expense 10,161 18,785 6,562 28,946 8,856
Net income 26,712 48,512 19,050 75,224 33,425
Preferred stock dividends 0 1,420 1,727 1,420 4,868
Income allocated to participating securities 0 0 0 0 122
Impact of preferred stock redemption 0 3,747 0 3,747 3,347
Net income available to common stockholders 26,712 $ 43,345 17,323 70,057 25,088
Voting          
Noninterest expense          
Preferred stock dividends 0   1,711 1,409 4,822
Income allocated to participating securities     0   121
Impact of preferred stock redemption $ 0   $ 0 $ 3,718 $ 3,315
Earnings per common share:          
Basic (in dollars per share) $ 0.44 $ 0.69 $ 0.34 $ 1.13 $ 0.50
Diluted (loss) earnings per common share          
Diluted (in dollars per share) $ 0.43 0.69 $ 0.34 $ 1.13 $ 0.49
Class B Common Stock          
Noninterest expense          
Preferred stock dividends $ 0   $ 16 $ 11 $ 46
Income allocated to participating securities     0   1
Impact of preferred stock redemption $ 0   $ 0 $ 29 $ 32
Earnings per common share:          
Basic (in dollars per share) $ 0.44 0.69 $ 0.34 $ 1.13 $ 0.50
Diluted (loss) earnings per common share          
Diluted (in dollars per share) $ 0.44 $ 0.69 $ 0.34 $ 1.13 $ 0.50