XML 13 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans receivable $ 68,516 $ 55,451 $ 187,400 $ 171,902
Debt securities available for sale and equity securities 8,434 7,622 25,741 21,521
Debt securities held to maturity 2,440 2,353 7,223 6,256
Federal funds and interest-earning deposits 151 167 245 310
Federal Home Loan Bank stock dividends 384 460 1,129 1,582
Total interest income 79,925 66,053 221,738 201,571
Interest expense:        
Deposits 6,968 6,673 16,326 23,403
Borrowings 3,806 2,028 7,028 5,996
Total interest expense 10,774 8,701 23,354 29,399
Net interest income 69,151 57,352 198,384 172,172
Provision for (reversal of) credit losses [1] 1,516 480 4,514 (2,561)
Net interest income after provision for (reversal of) credit losses 67,635 56,872 193,870 174,733
Non-interest income:        
Bank-owned life insurance 1,633 1,504 5,501 4,475
Loan fees and service charges 1,432 844 2,928 2,209
Gain on securities transactions 0 2,296 210 2,015
Change in fair value of equity securities (264) (443) (332) (1,809)
(Loss) gain on sale of loans (1) 140 109 10,814
Other non-interest income 3,058 2,116 7,541 6,920
Total non-interest income 8,164 8,874 22,874 31,860
Non-interest expense:        
Compensation and employee benefits 31,523 24,512 86,393 71,506
Occupancy 5,973 4,846 16,838 14,912
Federal deposit insurance premiums 645 604 1,922 1,751
Advertising 771 662 2,215 1,860
Professional fees 2,134 1,766 5,727 5,207
Data processing and software expenses 3,670 2,798 10,036 8,181
Merger-related expenses 1,198 55 2,676 130
Loss on extinguishment of debt 0 0 0 742
Other non-interest expense, net 1,925 1,809 4,501 8,076
Total non-interest expense 47,839 37,052 130,308 112,365
Income before income tax expense 27,960 28,694 86,436 94,228
Income tax expense 7,041 7,712 22,154 25,513
Net income $ 20,919 $ 20,982 $ 64,282 $ 68,715
Earnings per share - basic (in dollars per share) $ 0.20 $ 0.20 $ 0.61 $ 0.66
Earnings per share - diluted (in dollars per share) $ 0.19 $ 0.20 $ 0.61 $ 0.66
Weighted average shares outstanding - basic (in shares) 106,926,864 102,977,254 105,440,345 104,486,520
Weighted average shares outstanding - diluted (in shares) 107,534,498 102,977,254 106,040,240 104,486,520
Demand deposit account fees        
Non-interest income:        
Revenue from contract with customer $ 1,510 $ 986 $ 4,129 $ 2,682
Title insurance fees        
Non-interest income:        
Revenue from contract with customer $ 796 $ 1,431 $ 2,788 $ 4,554
[1] (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated.