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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income:        
Interest and fees on loans $ 55,504 $ 37,522 $ 108,275 $ 71,098
Interest on loans held for sale 326 331 612 595
Interest on taxable securities 2,035 1,873 4,114 3,574
Other interest and dividend income 2,935 131 3,738 192
Total interest and dividend income 60,800 39,857 116,739 75,459
Interest expense:        
Interest on deposits 20,062 2,019 35,975 3,640
Interest on FHLB and FRB borrowings 8,114 119 13,219 307
Interest on subordinated debentures 524 524 1,047 1,047
Total interest expense 28,700 2,662 50,241 4,994
Net interest and dividend income 32,100 37,195 66,498 70,465
Provision for credit losses 3,283 2,546 5,149 2,884
Net interest and dividend income, after provision for credit losses 28,817 34,649 61,349 67,581
Mortgage banking income:        
Gain on sale of mortgage loans 3,300 4,538 5,524 9,860
Changes in mortgage servicing rights fair value 436 862 (1,256) 6,147
Other 2,312 2,612 4,528 5,170
Total mortgage banking income 6,048 8,012 8,796 21,177
Deposit account fees 5,012 4,892 9,745 9,364
Income on retirement plan annuities 128 112 247 219
Bank-owned life insurance income 511 494 1,011 977
Other income 963 593 1,553 1,427
Total noninterest income 12,662 14,103 21,352 33,164
Noninterest expense:        
Compensation and benefits 18,220 21,455 36,019 42,178
Occupancy and equipment 4,633 4,575 9,673 10,003
Data processing 2,403 2,259 4,749 4,500
Loan expenses 417 385 730 863
Marketing 925 986 2,106 2,204
Deposit expenses 326 513 860 1,059
Postage and printing 425 412 882 831
Professional fees 1,114 1,680 2,615 3,219
Foreclosed and repossessed assets 5 52 (12) 18
Deposit insurance 1,176 354 1,686 703
Other expenses 2,081 2,283 3,926 4,211
Total noninterest expense 31,725 34,954 63,234 69,789
Income before income taxes 9,754 13,798 19,467 30,956
Income tax provision 2,275 3,811 4,691 8,702
Net income $ 7,479 $ 9,987 $ 14,776 $ 22,254
Earnings per common share:        
Basic $ 0.17 $ 0.21 $ 0.34 $ 0.47
Diluted $ 0.17 $ 0.21 $ 0.33 $ 0.46
Weighted average shares outstanding:        
Weighted average common shares, basic 43,063,507 46,980,830 43,955,411 47,406,257
Weighted average common shares, diluted 43,133,455 47,536,033 44,203,893 48,110,863