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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
INTEREST INCOME:      
Loans and leases $ 867,000 $ 589,000 $ 393,000
Securities and money market investments 167,000 92,000 36,000
Total interest income 1,034,000 681,000 429,000
INTEREST EXPENSE:      
Interest-bearing checking and money market accounts 157,000 122,000 8,000
Savings accounts 39,000 27,000 8,000
Certificates of deposit 87,000 51,000 11,000
Borrowed funds 196,000 102,000 70,000
Total interest expense 479,000 302,000 97,000
Net interest income 555,000 379,000 332,000
Provision for (recovery of) credit losses 170,000 124,000 (2,000)
Net interest income after provision for credit loan losses 385,000 255,000 334,000
NON-INTEREST INCOME:      
Bargain purchase gain 2,001,000 159,000 0
Fee income 27,000 10,000 6,000
Net return on mortgage servicing rights 22,000 6,000 0
Net gain on loan sales 20,000 5,000 0
Other 11,000 7,000 2,000
Bank-owned life insurance 10,000 8,000 7,000
Loan administration income 7,000 3,000 0
Net loss on securities 0 0 (1,000)
Total non-interest income 2,098,000 198,000 14,000
NON-INTEREST EXPENSE:      
Compensation and benefits 219,000 116,000 80,000
Occupancy and equipment 37,000 25,000 23,000
General and administrative 136,000 63,000 31,000
Total operating expense 392,000 204,000 134,000
Intangible asset amortization 17,000 5,000 0
Merger-related expenses 67,000 60,000 7,000
Total non-interest expense 476,000 269,000 141,000
Income before income taxes 2,007,000 184,000 207,000
Income tax expense 1,000 12,000 52,000
Net income 2,006,000 172,000 155,000
Preferred stock dividends 8,000 8,000 8,000
Net income available to common stockholders $ 1,998,000 $ 164,000 $ 147,000
Earnings Per Share [Abstract]      
Basic (in usd per share) $ 2.88 $ 0.30 $ 0.31
Diluted (in usd per share) $ 2.87 $ 0.30 $ 0.31
Net income $ 2,006,000 $ 172,000 $ 155,000
Change in net unrealized (loss) gain on securities available for sale, net of tax of $(21); $6; and $82;, respectively 60,000 (14,000) (215,000)
Change in pension and post-retirement obligations, net of tax of $0; $6; and $0;, respectively 1,000 (18,000) 0
Change in net unrealized gain (loss) on cash flow hedges, net of tax of $23; $(6); and $(4);, respectively (67,000) 18,000 12,000
Reclassification adjustment for defined benefit pension plan, net of tax of $(1); $0; and $0;, respectively 1,000 2,000 0
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax $2; $2; and $(2);, respectively (4,000) (6,000) 4,000
Total other comprehensive (loss) income, net of tax (9,000) (18,000) (199,000)
Total comprehensive income (loss), net of tax $ 1,997,000 $ 154,000 $ (44,000)