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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income:      
Loans receivable $ 343,770 $ 263,559 $ 228,841
Debt securities available for sale and equity securities 28,120 34,221 30,211
Debt securities held to maturity 9,708 9,694 8,632
Federal funds and interest-earning deposits 8,188 474 430
Federal Home Loan Bank stock dividends 5,192 1,722 2,036
Total interest income 394,978 309,670 270,150
Interest expense:      
Deposits 125,162 27,878 29,109
Borrowings 63,940 15,015 7,907
Total interest expense 189,102 42,893 37,016
Net interest income 205,876 266,777 233,134
Provision for (reversal of) credit losses [1] 4,787 5,485 (9,953)
Net interest income after provision for (reversal of) credit losses 201,089 261,292 243,087
Non-interest income:      
Bank-owned life insurance 10,126 7,393 5,994
Loan fees and service charges 4,510 3,924 2,983
(Loss) gain on securities transactions (10,847) 210 2,025
Change in fair value of equity securities 695 (401) (1,792)
Gain on sale of loans 1,214 178 10,790
Other non-interest income 14,136 10,380 8,940
Total non-interest income 27,379 30,400 38,831
Non-interest expense:      
Compensation and employee benefits 120,846 116,926 99,534
Occupancy 22,927 22,589 20,071
Federal deposit insurance premiums 8,639 2,591 2,374
Advertising 2,805 2,865 2,358
Professional fees 9,824 8,158 7,363
Data processing and software expenses 15,039 13,362 11,497
Merger-related expenses 606 2,810 822
Loss on extinguishment of debt 300 0 2,851
Other non-interest expense 1,431 5,515 8,867
Total non-interest expense 182,417 174,816 155,737
Income before income tax expense 46,051 116,876 126,181
Income tax expense 9,965 30,703 34,132
Net income $ 36,086 $ 86,173 $ 92,049
Earnings per share - basic (in dollars per share) $ 0.35 $ 0.82 $ 0.88
Earnings per share - diluted (in dollars per share) $ 0.35 $ 0.81 $ 0.88
Weighted average shares outstanding - basic (in shares) 102,656,388 105,580,823 104,156,112
Weighted average shares outstanding - diluted (in shares) 102,894,969 106,193,161 104,156,112
Demand deposit account fees      
Non-interest income:      
Revenue $ 5,145 $ 5,293 $ 3,803
Title insurance fees      
Non-interest income:      
Revenue $ 2,400 $ 3,423 $ 6,088
[1]
(1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year period has not been restated.