XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income          
Loans, including fees $ 92,889 $ 87,418 $ 78,895 $ 180,307 $ 155,129
Securities 15,804 14,909 8,124 30,713 15,433
Other interest-earning assets 7,458 4,592 1,399 12,050 2,125
Total interest and dividend income 116,151 106,919 88,418 223,070 172,687
Interest expense          
Deposits 28,118 20,527 3,180 48,645 4,568
FHLB advances and FRB borrowings 14,703 9,648 3,114 24,351 6,067
Other interest-bearing liabilities 3,698 3,691 3,825 7,389 7,312
Total interest expense 46,519 33,866 10,119 80,385 17,947
Net interest income 69,632 73,053 78,299 142,685 154,740
Provision for (reversal of) credit losses 1,900 2,000 0 3,900 (31,542)
Net interest income after provision for (reversal of) credit losses 67,732 71,053 78,299 138,785 186,282
Noninterest income          
Customer service fees 2,022 1,979 2,578 4,001 5,012
Loan servicing income 574 547 109 1,121 321
Income from bank owned life insurance 951 900 810 1,851 1,606
Net gain on sale of securities available-for-sale 0 0 0 0 16
All other income 2,477 4,433 3,689 6,910 6,141
Total noninterest income 6,024 7,859 7,186 13,883 13,096
Noninterest expense          
Salaries and employee benefits 28,282 29,656 28,264 57,938 57,251
Occupancy and equipment 5,603 5,526 5,741 11,129 11,378
Professional fees 4,001 4,072 4,001 8,073 6,840
Data processing 1,686 1,563 1,782 3,249 3,610
Regulatory assessments 1,301 1,202 1,021 2,503 1,796
Software and technology 3,579 3,274 2,747 6,853 5,447
(Gain) loss on investments in alternative energy partnerships (36) 1,618 1,043 1,582 1,201
Reversal of loan repurchase reserves (808) (11) (490) (819) (961)
Amortization of other intangibles 462 461 313 923 754
Other expense 5,062 3,878 4,190 8,940 7,892
Total noninterest expense 49,132 51,239 48,612 100,371 95,208
Income before income taxes 24,624 27,673 36,873 52,297 104,170
Income tax expense 6,745 7,395 10,161 14,140 28,946
Net income 17,879 20,278 26,712 38,157 75,224
Preferred stock dividends 0 0 0 0 1,420
Impact of preferred stock redemption 0 0 0 0 3,747
Net income available to common stockholders $ 17,879 $ 20,278 26,712 $ 38,157 70,057
Common Stock          
Noninterest expense          
Preferred stock dividends     0   1,409
Impact of preferred stock redemption     $ 0   $ 3,718
Earnings per share:          
Basic (in dollars per share) $ 0.31 $ 0.34 $ 0.44 $ 0.65 $ 1.13
Diluted (in dollars per share) 0.31 0.34 $ 0.43 0.65 $ 1.13
Class B Common Stock          
Noninterest expense          
Preferred stock dividends     $ 0   $ 11
Impact of preferred stock redemption     $ 0   $ 29
Earnings per share:          
Basic (in dollars per share) 0.31 0.34 $ 0.44 0.65 $ 1.13
Diluted (in dollars per share) $ 0.31 $ 0.34 $ 0.44 $ 0.65 $ 1.13