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CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
INTEREST INCOME          
Loans $ 152,365 $ 155,225 $ 133,339 $ 307,590 $ 246,604
Investment securities and other interest-earning assets 18,327 17,769 10,783 36,096 21,307
Total interest income 170,692 172,994 144,122 343,686 267,911
INTEREST EXPENSE          
Deposits 3,265 4,426 9,655 7,691 20,142
FHLB advances and other borrowings 0 65 217 65 1,298
Subordinated debentures 6,493 6,851 3,958 13,344 7,004
Total interest expense 9,758 11,342 13,830 21,100 28,444
Net interest income before provision for credit losses 160,934 161,652 130,292 322,586 239,467
Provision for credit losses (38,476) 1,974 160,635 (36,502) 186,089
Net interest income (loss) after provision for credit losses 199,410 159,678 (30,343) 359,088 53,378
NONINTEREST INCOME          
Loan servicing income 622 458 434 1,080 914
Earnings on bank-owned life insurance 2,279 2,233 1,314 4,512 2,650
Net gain (loss) from sales of loans 1,546 361 (2,032) 1,907 (1,261)
Net gain (loss) from sales of investment securities 5,085 4,046 (21) 9,131 7,739
Other income 3,955 4,602 2,389 8,557 4,143
Total noninterest income 26,729 23,740 6,898 50,469 21,373
NONINTEREST EXPENSE          
Compensation and benefits 53,474 52,548 43,011 106,022 77,387
Premises and occupancy 12,240 11,980 9,487 24,220 17,655
Data processing 5,765 5,828 4,465 11,593 7,718
Other real estate owned operations, net 0 0 9 0 23
FDIC insurance premiums 1,312 1,181 846 2,493 1,213
Legal and professional services 4,186 3,935 3,094 8,121 6,220
Marketing expense 1,490 1,598 1,319 3,088 2,731
Office expense 1,589 1,829 1,533 3,418 2,636
Loan expense 1,165 1,115 823 2,280 1,645
Deposit expense 3,985 3,859 4,958 7,844 9,946
Merger-related expense 0 5 39,346 5 41,070
Amortization of intangible assets 4,001 4,143 4,066 8,144 8,029
Other expense 5,289 4,468 3,013 9,757 6,328
Total noninterest expense 94,496 92,489 115,970 186,985 182,601
Net income (loss) before income taxes 131,643 90,929 (139,415) 222,572 (107,850)
Income tax expense (benefit) 35,341 22,261 (40,324) 57,602 (34,499)
Net income (loss) $ 96,302 $ 68,668 $ (99,091) $ 164,970 $ (73,351)
EARNINGS (LOSS) PER SHARE          
Basic (in dollars per share) $ 1.02 $ 0.73 $ (1.41) $ 1.74 $ (1.14)
Diluted (in dollars per share) $ 1.01 $ 0.72 $ (1.41) $ 1.73 $ (1.14)
WEIGHTED AVERAGE SHARES OUTSTANDING          
Basic (in shares) 93,635,392 93,529,147 70,425,027 93,582,563 64,716,109
Diluted (in shares) 94,218,028 94,093,644 70,425,027 94,155,740 64,716,109
Service charges on deposit accounts          
NONINTEREST INCOME          
Noninterest income $ 2,222 $ 2,032 $ 1,399 $ 4,254 $ 3,114
Other service fee income          
NONINTEREST INCOME          
Noninterest income 352 473 297 825 608
Debit card interchange fee income          
NONINTEREST INCOME          
Noninterest income 1,099 787 457 1,886 805
Trust custodial account fees          
NONINTEREST INCOME          
Noninterest income 7,897 7,222 2,397 15,119 2,397
Escrow and exchange fees          
NONINTEREST INCOME          
Noninterest income $ 1,672 $ 1,526 $ 264 $ 3,198 $ 264