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CONSOLIDATED STATEMENTS OF INCOME/(LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
INTEREST INCOME          
Loans $ 167,455 $ 133,339 $ 122,974 $ 414,059 $ 366,310
Investment securities and other interest-earning assets 14,536 10,783 9,630 35,843 29,951
Total interest income 181,991 144,122 132,604 449,902 396,261
INTEREST EXPENSE          
Deposits 8,509 9,655 15,878 28,651 45,153
FHLB advances and other borrowings 113 217 1,214 1,411 9,099
Subordinated debentures 6,823 3,958 3,177 13,827 7,627
Total interest expense 15,445 13,830 20,269 43,889 61,879
Net interest income before provision for credit losses 166,546 130,292 112,335 406,013 334,382
Provision for credit losses 4,210 160,635 1,562 190,299 3,422
Net interest income (loss) after provision for credit losses 162,336 (30,343) 110,773 215,714 330,960
NONINTEREST INCOME          
Loan servicing fees 481 434 546 1,395 1,353
Earnings on bank-owned life insurance 2,270 1,314 861 4,920 2,622
Net gain (loss) from sales of loans 9,542 (2,032) 2,313 8,281 4,944
Net gain (loss) from sales of investment securities 1,141 (21) 4,261 8,880 4,900
Other income 3,340 2,653 1,228 7,747 3,689
Total noninterest income 26,758 6,898 11,430 48,131 25,435
NONINTEREST EXPENSE          
Compensation and benefits 51,021 43,011 35,543 128,408 102,778
Premises and occupancy 12,373 9,487 7,593 30,028 22,645
Data processing 6,783 4,465 3,094 14,501 9,060
Other real estate owned operations, net (17) 9 64 6 129
FDIC insurance premiums 1,145 846 (10) 2,358 1,530
Legal, audit and professional expense 5,108 3,094 3,058 11,328 9,601
Marketing expense 1,718 1,319 1,767 4,449 4,689
Office, telecommunications and postage expense 2,389 1,533 1,200 5,025 3,721
Loan expense 802 823 1,137 2,447 3,015
Deposit expense 4,728 4,958 3,478 14,674 10,729
Merger-related expense 2,988 39,346 (4) 44,058 656
Amortization of intangible assets 4,538 4,066 4,281 12,567 12,998
Other expense 5,003 3,013 4,135 11,331 11,298
Total noninterest expense 98,579 115,970 65,336 281,180 192,849
Net income (loss) before income taxes 90,515 (139,415) 56,867 (17,335) 163,546
Income tax expense (benefit) 23,949 (40,324) 15,492 (10,550) 44,926
Net income (loss) $ 66,566 $ (99,091) $ 41,375 $ (6,785) $ 118,620
EARNINGS (LOSS) PER SHARE          
Basic (in dollars per share) $ 0.71 $ (1.41) $ 0.69 $ (0.10) $ 1.93
Diluted (in dollars per share) $ 0.70 $ (1.41) $ 0.69 $ (0.10) $ 1.92
WEIGHTED AVERAGE SHARES OUTSTANDING          
Basic (in shares) 93,529,967 70,425,027 59,293,218 74,391,688 60,853,081
Diluted (in shares) 93,719,167 70,425,027 59,670,855 74,391,688 61,201,858
Service charges on deposit accounts          
NONINTEREST INCOME          
Noninterest income $ 1,593 $ 1,399 $ 1,440 $ 4,707 $ 4,211
Other service fee income          
NONINTEREST INCOME          
Noninterest income 487 297 360 1,095 1,079
Debit card interchange fee income          
NONINTEREST INCOME          
Noninterest income 944 457 421 1,749 2,637
Custodial account fees          
NONINTEREST INCOME          
Noninterest income $ 6,960 $ 2,397 $ 0 $ 9,357 $ 0