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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Loans receivable $ 153,954 $ 132,724 $ 303,525 $ 256,469
Mortgage-backed securities 9,426 8,326 17,370 16,863
Taxable investment securities 728 841 1,522 1,686
Tax-free investment securities 457 667 948 1,367
FHLB stock dividends 498 844 1,105 1,534
Interest-earning deposits 1,791 594 2,623 1,017
Total interest income 166,854 143,996 327,093 278,936
Interest expense:        
Deposits 52,754 21,817 100,440 33,055
Borrowed funds 7,259 13,630 16,574 24,868
Total interest expense 60,013 35,447 117,014 57,923
Net interest income 106,841 108,549 210,079 221,013
Provision for credit losses - loans 2,169 6,010 6,403 10,880
Provision/(benefit) for credit losses - unfunded commitments (2,539) 2,920 (3,338) 3,046
Net interest income after provision for credit losses 107,211 99,619 207,014 207,087
Noninterest income:        
Loss on sale of investments (39,413) (8,306) (39,413) (8,306)
Gain on sale of mortgage servicing rights 0 8,305 0 8,305
Gain on sale of SBA loans 1,457 832 2,330 1,111
Service charges and fees 15,527 14,833 31,050 28,022
Trust and other financial services income 7,566 6,866 14,693 13,315
Gain on real estate owned, net 487 785 544 893
Income from bank-owned life insurance 1,371 1,304 2,873 2,573
Mortgage banking income 901 1,028 1,353 1,552
Other operating income 3,255 4,150 5,684 6,301
Total noninterest (loss)/income (8,849) 29,797 19,114 53,766
Noninterest expense:        
Compensation and employee benefits 53,531 47,650 105,071 94,254
Premises and occupancy costs 7,464 7,579 15,091 15,050
Office operations 3,819 2,800 6,586 5,810
Collections expense 406 429 742 816
Processing expenses 14,695 14,648 29,420 28,998
Marketing expenses 2,410 2,856 4,559 5,748
Federal deposit insurance premiums 2,865 2,064 5,888 4,287
Professional services 3,728 3,804 7,793 8,562
Amortization of intangible assets 635 842 1,336 1,751
Real estate owned expense 57 83 123 264
Merger, asset disposition and restructuring expense 1,915 1,593 2,870 4,395
Other expenses 895 1,510 2,965 3,373
Total noninterest expense 92,420 85,858 182,444 173,308
Income before income taxes 5,942 43,558 43,684 87,545
Federal and state income taxes expense 1,195 10,514 9,774 20,822
Net income $ 4,747 $ 33,044 $ 33,910 $ 66,723
Basic earnings per share (in dollars per share) $ 0.04 $ 0.26 $ 0.27 $ 0.53
Diluted earnings per share (in dollars per share) $ 0.04 $ 0.26 $ 0.27 $ 0.52