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SUPPLEMENTAL DATA (unaudited) (Tables)
12 Months Ended
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Unaudited Quarterly Financial Data

The following table sets forth certain unaudited quarterly financial data for the periods indicated:

 

Selected 2023 Quarterly Data:

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share data)

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

Interest income

 

$

70,491

 

 

$

74,852

 

 

$

78,489

 

 

$

80,178

 

Interest expense

 

 

26,513

 

 

 

35,931

 

 

 

41,974

 

 

 

43,503

 

Net interest income

 

 

43,978

 

 

 

38,921

 

 

 

36,515

 

 

 

36,675

 

Provision for loan losses

 

 

1,513

 

 

 

1,696

 

 

 

5,856

 

 

 

5,026

 

Wealth management fee income

 

 

13,762

 

 

 

14,252

 

 

 

13,975

 

 

 

13,758

 

Fair value adjustment of CRA equity security

 

 

209

 

 

 

(209

)

 

 

(404

)

 

 

585

 

Other income

 

 

4,088

 

 

 

4,532

 

 

 

5,783

 

 

 

3,247

 

Operating expenses

 

 

35,574

 

 

 

37,692

 

 

 

37,413

 

 

 

37,616

 

Income before income tax expense

 

 

24,950

 

 

 

18,108

 

 

 

12,600

 

 

 

11,623

 

Income tax expense

 

 

6,595

 

 

 

4,963

 

 

 

3,845

 

 

 

3,024

 

Net income

 

$

18,355

 

 

$

13,145

 

 

$

8,755

 

 

$

8,599

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share-basic

 

$

1.03

 

 

$

0.73

 

 

$

0.49

 

 

$

0.48

 

Earnings per share-diluted

 

 

1.01

 

 

 

0.73

 

 

 

0.49

 

 

 

0.48

 

 

 

Selected 2022 Quarterly Data:

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share data)

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

Interest income

 

$

44,140

 

 

$

48,520

 

 

$

55,013

 

 

$

64,202

 

Interest expense

 

 

4,518

 

 

 

5,627

 

 

 

9,488

 

 

 

16,162

 

Net interest income

 

 

39,622

 

 

 

42,893

 

 

 

45,525

 

 

 

48,040

 

Provision for loan losses

 

 

2,375

 

 

 

1,449

 

 

 

599

 

 

 

1,930

 

Wealth management fee income

 

 

14,834

 

 

 

13,891

 

 

 

12,943

 

 

 

12,983

 

Securities (losses)/gains, net

 

 

(6,609

)

 

 

 

 

 

 

 

 

 

Fair value adjustment of CRA equity security

 

 

(682

)

 

 

(475

)

 

 

(571

)

 

 

28

 

Other income

 

 

7,171

 

 

 

5,092

 

 

 

4,011

 

 

 

3,801

 

Operating expenses

 

 

34,169

 

 

 

32,659

 

 

 

33,560

 

 

 

33,412

 

Income before income tax expense

 

 

17,792

 

 

 

27,293

 

 

 

27,749

 

 

 

29,510

 

Income tax expense

 

 

4,351

 

 

 

7,193

 

 

 

7,623

 

 

 

8,931

 

Net income

 

$

13,441

 

 

$

20,100

 

 

$

20,126

 

 

$

20,579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share-basic

 

$

0.73

 

 

$

1.10

 

 

$

1.11

 

 

$

1.15

 

Earnings per share-diluted

 

 

0.71

 

 

 

1.08

 

 

 

1.09

 

 

 

1.12