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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income:        
Loans receivable $ 61,927 $ 57,683 $ 118,884 $ 116,451
Debt securities available for sale and equity securities 8,419 7,521 17,307 13,899
Debt securities held to maturity 2,357 2,151 4,783 3,903
Federal funds and interest-earning deposits 77 39 94 143
Federal Home Loan Bank stock dividends 298 487 745 1,122
Total interest income 73,078 67,881 141,813 135,518
Interest expense:        
Deposits 4,671 7,855 9,358 16,730
Borrowings 1,900 1,946 3,222 3,968
Total interest expense 6,571 9,801 12,580 20,698
Net interest income 66,507 58,080 129,233 114,820
Provision for (reversal of) credit losses [1] 1,539 (1,761) 2,998 (3,041)
Net interest income after provision for (reversal of) credit losses 64,968 59,841 126,235 117,861
Non-interest income:        
Bank-owned life insurance 2,139 1,497 3,868 2,971
Loan fees and service charges 856 714 1,496 1,365
Gain (loss) on securities transactions 210 (281) 210 (281)
Change in fair value of equity securities (147) (778) (68) (1,366)
Gain on sale of loans 0 8,524 110 10,674
Other non-interest income 2,127 2,354 4,483 4,804
Total non-interest income 7,669 14,391 14,710 22,986
Non-interest expense:        
Compensation and employee benefits 28,871 23,601 54,870 46,994
Occupancy 5,436 4,814 10,865 10,066
Federal deposit insurance premiums 630 567 1,277 1,147
Advertising 795 663 1,444 1,198
Professional fees 1,839 1,651 3,593 3,441
Data processing and software expenses 3,099 2,612 6,366 5,383
Merger-related expenses 1,327 75 1,478 75
Loss on extinguishment of debt 0 0 0 742
Other non-interest expense, net (277) 3,627 2,576 6,267
Total non-interest expense 41,720 37,610 82,469 75,313
Income before income tax expense 30,917 36,622 58,476 65,534
Income tax expense 7,958 9,934 15,113 17,801
Net income $ 22,959 $ 26,688 $ 43,363 $ 47,733
Earnings per share - basic (in dollars per share) $ 0.22 $ 0.26 $ 0.41 $ 0.45
Earnings per share - diluted (in dollars per share) $ 0.22 $ 0.26 $ 0.41 $ 0.45
Weighted average shares outstanding - basic (in shares) 106,204,230 104,537,656 104,684,765 105,253,661
Weighted average shares outstanding - diluted (in shares) 106,750,557 104,537,656 105,246,304 105,253,661
Demand deposit account fees        
Non-interest income:        
Revenue from contract with customer $ 1,449 $ 858 $ 2,619 $ 1,696
Title insurance fees        
Non-interest income:        
Revenue from contract with customer $ 1,035 $ 1,503 $ 1,992 $ 3,123
[1] (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated.