XML 14 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and dividend income:        
Interest and fees on loans $ 33,970 $ 35,438 $ 67,995 $ 69,803
Interest on loans held for sale 988 542 1,565 900
Interest on taxable securities 1,392 1,703 3,134 3,366
Interest on non-taxable securities 32 147 98 331
Other interest and dividend income 239 448 998 931
Total interest and dividend income 36,621 38,278 73,790 75,331
Interest expense:        
Interest on deposits 5,805 9,362 14,498 17,605
Interest on FHLB borrowings 845 1,679 2,098 3,954
Interest on subordinated debentures 524 524 1,047 1,029
Total interest expense 7,174 11,565 17,643 22,588
Net interest and dividend income 29,447 26,713 56,147 52,743
Provision for loan losses 10,004 1,750 13,753 2,607
Net interest and dividend income, after provision for loan losses 19,443 24,963 42,394 50,136
Mortgage banking income:        
Gain on sale of mortgage loans 30,862 8,429 43,140 13,072
Changes in mortgage servicing rights fair value (1,111) (2,241) (5,498) (4,392)
Other 4,110 2,467 6,681 4,477
Total mortgage banking income 33,861 8,655 44,323 13,157
Deposit account fees 2,969 4,056 6,900 7,834
Income on retirement plan annuities 103 100 204 196
Gain on sale and call of securities, net 8 1,267 2,533 1,267
Bank-owned life insurance income 554 253 1,105 506
Other income 1,143 1,387 2,439 2,600
Total noninterest income 38,638 15,718 57,504 25,560
Noninterest expense:        
Compensation and benefits 27,469 20,585 48,654 39,830
Occupancy and equipment 4,152 4,411 8,715 8,859
Data processing 2,277 2,199 4,457 4,245
Loan expenses 2,763 1,334 4,244 2,605
Marketing 1,057 1,177 1,933 2,135
Deposit expenses 461 434 960 784
Postage and printing 435 422 931 910
Professional fees 1,518 1,384 2,746 2,330
Foreclosed and repossessed assets 13 (5) 138 (76)
Deposit insurance 279 589 550 1,255
Other expenses 3,414 2,551 5,898 4,796
Total noninterest expense 43,838 35,081 79,226 67,673
Income before income taxes 14,243 5,600 20,672 8,023
Income tax provision 3,668 819 5,373 1,175
Net income $ 10,575 $ 4,781 $ 15,299 $ 6,848
Earnings per common share:        
Basic [1] $ 0.19 $ 0.08 $ 0.28 $ 0.12
Diluted [1] $ 0.19 $ 0.08 $ 0.28 $ 0.12
Weighted average shares outstanding:        
Basic [1] 54,450,146 56,704,297 54,421,306 56,685,741
Diluted [1] 54,450,146 56,704,297 54,421,306 56,685,741
[1] Share amounts related to periods prior to the August 14, 2019 closing of the conversion offering have been restated to give retroactive recognition to the 1.795431 exchange ratio applied in the conversion offering (see Note 1).