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Quarterly Consolidated Results of Operations (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Summary of the quarterly consolidated results of operations

The following is a summary of the quarterly consolidated results of operations:

 

 

 

Three Months Ended

 

 

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

2020

 

(In Thousands, Except Per Share Amounts)

 

Interest income

 

$

54,522

 

 

$

62,449

 

 

$

60,159

 

 

$

60,816

 

Interest expense

 

 

9,059

 

 

 

8,145

 

 

 

6,888

 

 

 

5,849

 

Net interest income

 

 

45,463

 

 

 

54,304

 

 

 

53,271

 

 

 

54,967

 

Provision for credit losses

 

 

43,786

 

 

 

1,868

 

 

 

3,658

 

 

 

(6,158

)

Provision for unfunded commitments

 

 

1,459

 

 

 

1,107

 

 

 

(864

)

 

 

(606

)

Net interest income after provision for credit losses

 

 

218

 

 

 

51,329

 

 

 

50,477

 

 

 

61,731

 

Noninterest income

 

 

13,999

 

 

 

23,015

 

 

 

25,000

 

 

 

18,670

 

Noninterest expense

 

 

42,310

 

 

 

37,984

 

 

 

43,563

 

 

 

41,313

 

Income before income taxes

 

 

(28,093

)

 

 

36,360

 

 

 

31,914

 

 

 

39,088

 

Income taxes

 

 

(5,610

)

 

 

7,303

 

 

 

6,259

 

 

 

8,240

 

Net income

 

$

(22,483

)

 

$

29,057

 

 

$

25,655

 

 

$

30,848

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.71

)

 

$

0.78

 

 

$

0.69

 

 

$

0.83

 

Diluted

 

$

(0.71

)

 

$

0.78

 

 

$

0.69

 

 

$

0.82

 

 

 

 

 

Three Months Ended

 

 

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

2019

 

(In Thousands, Except Per Share Amounts)

 

Interest income

 

$

33,919

 

 

$

35,241

 

 

$

35,683

 

 

$

36,241

 

Interest expense

 

 

5,649

 

 

 

6,252

 

 

 

6,791

 

 

 

6,743

 

Net interest income

 

 

28,270

 

 

 

28,989

 

 

 

28,892

 

 

 

29,498

 

Provision for loan losses

 

 

212

 

 

 

282

 

 

 

1,327

 

 

 

1,084

 

Provision for loan losses

 

 

87

 

 

 

(85

)

 

 

(62

)

 

 

39

 

Net interest income after provision for loan losses

 

 

27,971

 

 

 

28,792

 

 

 

27,627

 

 

 

28,375

 

Noninterest income

 

 

10,813

 

 

 

10,486

 

 

 

11,842

 

 

 

11,815

 

Noninterest expense

 

 

24,779

 

 

 

24,320

 

 

 

23,265

 

 

 

24,720

 

Income before income taxes

 

 

14,005

 

 

 

14,958

 

 

 

16,204

 

 

 

15,470

 

Income taxes

 

 

2,523

 

 

 

2,759

 

 

 

3,033

 

 

 

2,952

 

Net income

 

$

11,482

 

 

$

12,199

 

 

$

13,171

 

 

$

12,518

 

Earnings per common share:

 

$

0.57

 

 

$

0.62

 

 

$

0.67

 

 

$

0.63

 

Basic

 

$

0.57

 

 

$

0.61

 

 

$

0.66

 

 

$

0.63

 

Diluted