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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Loans $ 46,213 $ 42,311 $ 135,220 $ 118,030
Mortgage-backed securities 3,664 3,284 11,170 8,802
Other securities 1,095 1,201 3,593 2,885
FHLB of New York dividends 933 283 2,125 788
Deposits in other financial institutions 831 199 2,225 423
Total interest income 52,736 47,278 154,333 130,928
Interest expense:        
Deposits 13,614 2,121 31,918 4,614
Borrowings 8,593 2,304 24,182 6,388
Subordinated debt 837 842 2,484 961
Total interest expense 23,044 5,267 58,584 11,963
Net interest income 29,692 42,011 95,749 118,965
Provision for credit losses 188 2,703 1,082 3,255
Net interest income after provision for credit losses 29,504 39,308 94,667 115,710
Non-interest income:        
Fees and service charges for customer services 1,317 1,500 4,006 4,206
Income on bank-owned life insurance 920 861 2,679 2,548
(Losses) gains on available-for-sale debt securities, net 0 0 (17) 264
(Losses) gains on trading securities, net (295) (426) 723 (2,791)
Gain on sale of loans 99 273 134 273
Other 80 78 744 264
Total non-interest income 2,121 2,286 8,269 4,764
Non-interest expense:        
Compensation and employee benefits 10,920 10,784 34,310 29,709
Occupancy 3,416 3,347 10,032 10,041
Furniture and equipment 479 438 1,393 1,290
Data processing 1,994 1,847 6,308 5,322
Professional fees 883 903 2,622 3,040
Advertising 414 420 1,834 1,257
Federal Deposit Insurance Corporation insurance 591 356 1,763 1,068
Credit loss expense (benefit) for off-balance sheet exposures 160 (1,888) (390) (1,260)
Other 1,710 1,663 4,598 4,825
Total non-interest expense 20,567 17,870 62,470 55,292
Income before income tax expense 11,058 23,724 40,466 65,182
Income tax expense 2,877 6,745 11,019 18,202
Net income $ 8,181 $ 16,979 $ 29,447 $ 46,980
Net income per common share:        
Basic (usd per share) $ 0.19 $ 0.37 $ 0.67 $ 1.01
Diluted (usd per share) $ 0.19 $ 0.37 $ 0.67 $ 1.01
Net income $ 8,181 $ 16,979 $ 29,447 $ 46,980
Unrealized (losses) gains on debt securities available-for-sale:        
Net unrealized holding (losses) gains (4,039) (31,339) 467 (77,312)
Less: reclassification adjustment for net losses (gains) included in net income 0 0 17 (264)
Net unrealized (losses) gains (4,039) (31,339) 484 (77,576)
Post-retirement benefits adjustment 0 0 0 (48)
Other comprehensive (loss) income before tax (4,039) (31,339) 484 (77,624)
Income tax benefit (expense) related to net unrealized holding (losses) gains on debt securities available-for-sale 1,130 8,771 (131) 21,640
Income tax (benefit) expense related to reclassification adjustment for (losses) gains included in net income 0 0 (5) 74
Income tax benefit related to post retirement benefit adjustment 0 0 0 13
Other comprehensive (loss) income, net of tax (2,909) (22,568) 348 (55,897)
Comprehensive income (loss) $ 5,272 $ (5,589) $ 29,795 $ (8,917)