XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income          
Loans, including fees $ 95,613 $ 92,889 $ 83,699 $ 275,920 $ 238,828
Securities 16,335 15,804 10,189 47,048 25,622
Other interest-earning assets 4,274 7,458 2,085 16,324 4,210
Total interest and dividend income 116,222 116,151 95,973 339,292 268,660
Interest expense          
Deposits 31,360 28,118 8,987 80,005 13,555
FHLB advances and FRB borrowings 7,773 14,703 3,558 32,124 9,625
Other interest-bearing liabilities 7,871 3,698 4,020 15,260 11,332
Total interest expense 47,004 46,519 16,565 127,389 34,512
Net interest income 69,218 69,632 79,408 211,903 234,148
Provision for (reversal of) credit losses 5,000 1,900 0 8,900 (31,542)
Net interest income after provision for (reversal of) credit losses 64,218 67,732 79,408 203,003 265,690
Noninterest income          
Customer service fees 2,114 2,022 2,462 6,115 7,474
Loan servicing income 563 574 636 1,684 957
Income from bank owned life insurance 966 951 873 2,817 2,479
Change in fair value of derivative instruments 46,186 10 39 46,172 224
Net gain on sale of securities available-for-sale 0 0 0 0 16
All other income 949 2,467 1,671 7,873 7,627
Total noninterest income 50,778 6,024 5,681 64,661 18,777
Noninterest expense          
Salaries and employee benefits 25,819 28,282 27,997 83,757 85,248
Occupancy and equipment 5,804 5,603 5,796 16,933 17,174
Professional fees 3,616 4,001 3,957 11,689 10,797
Data processing 1,657 1,686 1,699 4,906 5,309
Regulatory assessments 1,410 1,301 925 3,913 2,721
Software and technology 3,811 3,579 3,659 10,664 9,106
(Gain) loss on investments in alternative energy partnerships (34) (36) 504 1,548 1,705
Reversal of loan repurchase reserves 0 (808) (26) (819) (987)
Amortization of other intangibles 461 462 396 1,384 1,150
Acquisition, integration and transaction costs 9,329 0 2,080 9,329 2,080
Other expense 4,291 5,062 3,975 13,231 11,867
Total noninterest expense 56,164 49,132 50,962 156,535 146,170
Income before income taxes 58,832 24,624 34,127 111,129 138,297
Income tax expense 16,258 6,745 9,931 30,398 38,877
Net income 42,574 17,879 24,196 80,731 99,420
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 $ 42,574 $ 17,879 24,196 $ 80,731 94,253
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) $ 0.74 $ 0.31 $ 0.40 $ 1.39 $ 1.54
Diluted (in dollars per share) 0.74 0.31 $ 0.40 1.39 $ 1.53
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) 0.74 0.31 $ 0.40 1.39 $ 1.54
Diluted (in dollars per share) $ 0.74 $ 0.31 $ 0.40 $ 1.39 $ 1.54