XML 13 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and dividend income          
Loans, including fees $ 83,699 $ 78,895 $ 63,837 $ 238,828 $ 187,082
Securities 10,189 8,124 7,167 25,622 20,654
Other interest-earning assets 2,085 1,399 787 4,210 2,350
Total interest and dividend income 95,973 88,418 71,791 268,660 210,086
Interest expense          
Deposits 8,987 3,180 2,412 13,555 10,241
Federal Home Loan Bank advances 3,558 3,114 2,990 9,625 9,046
Long-term debt and other interest-bearing liabilities 4,020 3,825 3,413 11,332 10,060
Total interest expense 16,565 10,119 8,815 34,512 29,347
Net interest income 79,408 78,299 62,976 234,148 180,739
(Reversal of) provision for credit losses 0 0 (1,147) (31,542) (4,408)
Net interest income after (reversal of) provision for credit losses 79,408 78,299 64,123 265,690 185,147
Noninterest income          
Customer service fees 2,462 2,578 1,900 7,474 5,648
Loan servicing income 636 109 170 957 476
Income from bank owned life insurance 873 810 715 2,479 2,077
Net gain on sale of securities available-for-sale 0 0 0 16 0
Other income 1,710 3,689 2,734 7,851 5,570
Total noninterest income 5,681 7,186 5,519 18,777 13,771
Noninterest expense          
Salaries and employee benefits 27,997 28,264 24,786 85,248 75,547
Occupancy and equipment 8,649 7,876 7,124 24,380 21,597
Professional fees 4,507 4,107 892 11,521 6,663
Data processing 1,699 1,782 1,646 5,309 4,922
Regulatory assessments 925 1,021 812 2,721 2,355
Loss (gain) on investments in alternative energy partnerships 504 1,043 (1,785) 1,705 1,016
(Reversal of) provision for loss on repurchased loans (26) (490) (42) (987) (273)
Amortization of other intangibles 396 313 282 1,150 846
Acquisition, integration and transaction costs 2,080 0 1,000 2,080 2,400
Other expense 4,231 4,696 3,096 13,043 9,733
Total noninterest expense 50,962 48,612 37,811 146,170 124,806
Income from operations before income taxes 34,127 36,873 31,831 138,297 74,112
Income tax expense 9,931 10,161 8,661 38,877 17,517
Net income 24,196 26,712 23,170 99,420 56,595
Preferred stock dividends 0 0 1,727 1,420 6,595
Income allocated to participating securities 0 0 0 0 160
Impact of preferred stock redemption 0 0 0 3,747 3,347
Net income available to common stockholders 24,196 $ 26,712 21,443 94,253 46,493
Voting          
Noninterest expense          
Preferred stock dividends 0   1,711 1,409 6,533
Income allocated to participating securities     0   158
Impact of preferred stock redemption $ 0   $ 0 $ 3,718 $ 3,315
Earnings per common share:          
Basic (in dollars per share) $ 0.40 $ 0.44 $ 0.42 $ 1.54 $ 0.92
Earnings per class B common share:          
Diluted (in dollars per share) $ 0.40 0.43 $ 0.42 $ 1.53 $ 0.91
Class B Common Stock          
Noninterest expense          
Preferred stock dividends $ 0   $ 16 $ 11 $ 62
Income allocated to participating securities     0   2
Impact of preferred stock redemption $ 0   $ 0 $ 29 $ 32
Earnings per common share:          
Basic (in dollars per share) $ 0.40 0.44 $ 0.42 $ 1.54 $ 0.92
Earnings per class B common share:          
Diluted (in dollars per share) $ 0.40 $ 0.44 $ 0.42 $ 1.54 $ 0.92