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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Loans receivable $ 84,188 $ 61,927 $ 164,478 $ 118,884
Debt securities available for sale and equity securities 6,445 8,419 14,896 17,307
Debt securities held to maturity 2,447 2,357 4,904 4,783
Federal funds and interest-earning deposits 1,801 77 2,613 94
Federal Home Loan Bank stock dividends 1,262 298 2,132 745
Total interest income 96,143 73,078 189,023 141,813
Interest expense:        
Deposits 28,727 4,671 45,815 9,358
Borrowings 16,265 1,900 31,193 3,222
Total interest expense 44,992 6,571 77,008 12,580
Net interest income 51,151 66,507 112,015 129,233
Provision for credit losses 1,078 1,539 1,253 2,998
Net interest income after provision for credit losses 50,073 64,968 110,762 126,235
Non-interest income:        
Bank-owned life insurance 1,675 2,139 3,656 3,868
Loan fees and service charges 1,325 856 2,397 1,496
(Loss) gain on securities transactions (9,552) 210 (10,847) 210
Change in fair value of equity securities 162 (147) 330 (68)
(Loss) gain on sale of loans (128) 0 663 110
Other non-interest income 4,057 2,127 7,651 4,483
Total non-interest income (546) 7,669 7,528 14,710
Non-interest expense:        
Compensation and employee benefits 32,460 28,871 63,618 54,870
Occupancy 5,738 5,436 11,492 10,865
Federal deposit insurance premiums 1,734 630 2,423 1,277
Advertising 786 795 1,473 1,444
Professional fees 2,376 1,839 4,251 3,593
Data processing and software expenses 3,601 3,099 7,426 6,366
Merger-related expenses 266 1,327 266 1,478
Other non-interest expense, net 645 (277) 559 2,576
Total non-interest expense 47,606 41,720 91,508 82,469
Income before income tax expense 1,921 30,917 26,782 58,476
Income tax expense 257 7,958 6,395 15,113
Net income $ 1,664 $ 22,959 $ 20,387 $ 43,363
Earnings per share - basic (in dollars per share) $ 0.02 $ 0.22 $ 0.20 $ 0.41
Earnings per share - diluted (in dollars per share) $ 0.02 $ 0.22 $ 0.20 $ 0.41
Weighted average shares outstanding - basic (in shares) 102,409,035 106,204,230 103,514,169 104,684,765
Weighted average shares outstanding - diluted (in shares) 102,517,584 106,750,557 103,835,235 105,246,304
Demand deposit account fees        
Non-interest income:        
Revenue from contract with customer $ 1,291 $ 1,449 $ 2,467 $ 2,619
Title insurance fees        
Non-interest income:        
Revenue from contract with customer $ 624 $ 1,035 $ 1,211 $ 1,992