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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Loans receivable $ 97,863 $ 87,548 $ 286,064 $ 252,026
Debt securities available for sale and equity securities 9,592 6,147 26,618 21,043
Debt securities held to maturity 2,616 2,434 7,487 7,338
Federal funds and interest-earning deposits 3,850 747 11,872 3,360
Federal Home Loan Bank stock dividends 1,966 1,529 5,759 3,661
Total interest income 115,887 98,405 337,800 287,428
Interest expense:        
Deposits 52,196 35,918 150,440 81,733
Borrowings 18,416 13,965 55,805 45,158
Total interest expense 70,612 49,883 206,245 126,891
Net interest income 45,275 48,522 131,555 160,537
Provision for credit losses 4,103 2,379 11,575 3,632
Net interest income after provision for credit losses 41,172 46,143 119,980 156,905
Non-interest income:        
Bank-owned life insurance 1,669 2,014 5,253 5,670
Loan fees and service charges 951 969 3,290 3,366
Loss on securities transactions 0 0 (1,256) (10,847)
Change in fair value of equity securities (27) (81) 425 249
Gain on sale of loans 459 397 825 1,060
Other non-interest income 3,543 3,326 10,440 10,977
Total non-interest income 8,978 8,602 25,610 16,130
Non-interest expense:        
Compensation and employee benefits 27,738 28,765 82,910 92,383
Occupancy 5,594 5,845 17,621 17,337
Federal deposit insurance premiums 1,518 1,201 5,752 3,624
Advertising 766 834 2,053 2,307
Professional fees 2,454 2,490 11,597 6,741
Data processing and software expenses 4,125 3,459 12,006 10,885
Merger-related expenses 23 14 737 280
Other non-interest expense, net 616 302 2,063 861
Total non-interest expense 42,834 42,910 134,739 134,418
Income before income tax expense 7,316 11,835 10,851 38,617
Income tax expense 1,131 2,705 1,281 9,100
Net of tax $ 6,185 $ 9,130 $ 9,570 $ 29,517
Earnings per share - basic (in dollars per share) $ 0.06 $ 0.09 $ 0.09 $ 0.29
Earnings per share - diluted (in dollars per share) $ 0.06 $ 0.09 $ 0.09 $ 0.29
Weighted average shares outstanding - basic (in shares) 101,623,160 101,968,294 101,673,619 102,993,215
Weighted average shares outstanding - diluted (in shares) 101,832,048 102,097,491 101,813,253 103,257,616
Demand deposit account fees        
Non-interest income:        
Revenue from contract with customer $ 1,695 $ 1,348 $ 4,698 $ 3,815
Title insurance fees        
Non-interest income:        
Revenue from contract with customer $ 688 $ 629 $ 1,935 $ 1,840