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CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
INTEREST INCOME          
Loans $ 157,025 $ 152,365 $ 167,455 $ 464,615 $ 414,059
Investment securities and other interest-earning assets 19,022 18,327 14,536 55,118 35,843
Total interest income 176,047 170,692 181,991 519,733 449,902
INTEREST EXPENSE          
Deposits 2,432 3,265 8,509 10,123 28,651
FHLB advances and other borrowings 1 0 113 66 1,411
Subordinated debentures 4,545 6,493 6,823 17,889 13,827
Total interest expense 6,978 9,758 15,445 28,078 43,889
Net interest income before provision for credit losses 169,069 160,934 166,546 491,655 406,013
Provision for credit losses (19,726) (38,476) 4,210 (56,228) 190,299
Net interest income after provision for credit losses 188,795 199,410 162,336 547,883 215,714
NONINTEREST INCOME          
Loan servicing income 536 622 481 1,616 1,395
Earnings on bank-owned life insurance 3,266 2,279 2,270 7,778 4,920
Net gain from sales of loans 1,187 1,546 9,542 3,094 8,281
Net gain from sales of investment securities 4,190 5,085 1,141 13,321 8,880
Other income 4,049 3,955 2,198 12,606 6,340
Total noninterest income 30,100 26,729 26,758 80,569 48,131
NONINTEREST EXPENSE          
Compensation and benefits 53,592 53,474 51,021 159,614 128,408
Premises and occupancy 12,611 12,240 12,373 36,831 30,028
Data processing 6,296 5,765 6,783 17,889 14,501
Other real estate owned operations, net 0 0 (17) 0 6
FDIC insurance premiums 1,392 1,312 1,145 3,885 2,358
Legal and professional services 4,563 4,186 5,108 12,684 11,328
Marketing expense 2,008 1,490 1,718 5,096 4,449
Office expense 1,076 1,589 2,389 4,494 5,025
Loan expense 1,332 1,165 802 3,612 2,447
Deposit expense 3,974 3,985 4,728 11,818 14,674
Merger-related expense 0 0 2,988 5 44,058
Amortization of intangible assets 3,912 4,001 4,538 12,056 12,567
Other expense 5,284 5,289 5,003 15,041 11,331
Total noninterest expense 96,040 94,496 98,579 283,025 281,180
Net income (loss) before income taxes 122,855 131,643 90,515 345,427 (17,335)
Income tax expense (benefit) 32,767 35,341 23,949 90,369 (10,550)
Net income (loss) $ 90,088 $ 96,302 $ 66,566 $ 255,058 $ (6,785)
EARNINGS (LOSS) PER SHARE          
Basic (in dollars per share) $ 0.95 $ 1.02 $ 0.71 $ 2.70 $ (0.10)
Diluted (in dollars per share) $ 0.95 $ 1.01 $ 0.70 $ 2.68 $ (0.10)
WEIGHTED AVERAGE SHARES OUTSTANDING          
Basic (in shares) 93,549,639 93,635,392 93,529,967 93,571,468 74,391,688
Diluted (in shares) 94,060,724 94,218,028 93,719,167 94,090,407 74,391,688
Service charges on deposit accounts          
NONINTEREST INCOME          
Noninterest income $ 2,375 $ 2,222 $ 1,593 $ 6,629 $ 4,707
Other service fee income          
NONINTEREST INCOME          
Noninterest income 350 352 487 1,175 1,095
Debit card interchange fee income          
NONINTEREST INCOME          
Noninterest income 834 1,099 944 2,720 1,749
Trust custodial account fees          
NONINTEREST INCOME          
Noninterest income 11,446 7,897 6,960 26,565 9,357
Escrow and exchange fees          
NONINTEREST INCOME          
Noninterest income $ 1,867 $ 1,672 $ 1,142 $ 5,065 $ 1,407