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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Loans receivable $ 87,548 $ 68,516 $ 252,026 $ 187,400
Debt securities available for sale and equity securities 6,147 8,434 21,043 25,741
Debt securities held to maturity 2,434 2,440 7,338 7,223
Federal funds and interest-earning deposits 747 151 3,360 245
Federal Home Loan Bank stock dividends 1,529 384 3,661 1,129
Total interest income 98,405 79,925 287,428 221,738
Interest expense:        
Deposits 35,918 6,968 81,733 16,326
Borrowings 13,965 3,806 45,158 7,028
Total interest expense 49,883 10,774 126,891 23,354
Net interest income 48,522 69,151 160,537 198,384
Provision for credit losses 2,379 1,516 3,632 4,514
Net interest income after provision for credit losses 46,143 67,635 156,905 193,870
Non-interest income:        
Bank-owned life insurance 2,014 1,633 5,670 5,501
Loan fees and service charges 969 1,432 3,366 2,928
(Loss) gain on securities transactions 0 0 (10,847) 210
Change in fair value of equity securities (81) (264) 249 (332)
Gain (loss) on sale of loans 397 (1) 1,060 109
Other non-interest income 3,326 3,058 10,977 7,541
Total non-interest income 8,602 8,164 16,130 22,874
Non-interest expense:        
Compensation and employee benefits 28,765 31,523 92,383 86,393
Occupancy 5,845 5,973 17,337 16,838
Federal deposit insurance premiums 1,201 645 3,624 1,922
Advertising 834 771 2,307 2,215
Professional fees 2,490 2,134 6,741 5,727
Data processing and software expenses 3,459 3,670 10,885 10,036
Merger-related expenses 14 1,198 280 2,676
Other non-interest expense, net 302 1,925 861 4,501
Total non-interest expense 42,910 47,839 134,418 130,308
Income before income tax expense 11,835 27,960 38,617 86,436
Income tax expense 2,705 7,041 9,100 22,154
Net income $ 9,130 $ 20,919 $ 29,517 $ 64,282
Earnings per share - basic (in dollars per share) $ 0.09 $ 0.20 $ 0.29 $ 0.61
Earnings per share - diluted (in dollars per share) $ 0.09 $ 0.19 $ 0.29 $ 0.61
Weighted average shares outstanding - basic (in shares) 101,968,294 106,926,864 102,993,215 105,440,345
Weighted average shares outstanding - diluted (in shares) 102,097,491 107,534,498 103,257,616 106,040,240
Demand deposit account fees        
Non-interest income:        
Revenue from contract with customer $ 1,348 $ 1,510 $ 3,815 $ 4,129
Title insurance fees        
Non-interest income:        
Revenue from contract with customer $ 629 $ 796 $ 1,840 $ 2,788