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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income:        
Loans $ 111,357 $ 110,055 $ 218,922 $ 218,260
Mortgage-backed securities 7,438 2,556 11,759 4,597
Investment securities and other 3,427 846 4,490 1,576
Total interest income 122,222 113,457 235,171 224,433
Interest expense:        
Deposits 6,944 10,460 13,985 22,484
Advances from FHLB and other borrowings 184 452 377 911
Subordinated capital notes 0 294 521 589
Total interest expense 7,128 11,206 14,883 23,984
Net interest income 115,094 102,251 220,288 200,449
Provision for (recapture of) credit losses 6,691 (8,305) 8,242 (1,981)
Net interest income after provision for credit losses 108,403 110,556 212,046 202,430
Non-interest income:        
Banking service revenue 18,141 18,251 35,703 34,748
Wealth management revenue 8,270 8,263 16,127 15,651
Mortgage banking activities 4,803 4,540 10,585 10,113
Total banking and financial service revenues 31,214 31,054 62,415 60,512
Net gain on:        
Early extinguishment of debt 0 0 42 0
Other non-interest income 4,996 1,143 5,359 2,098
Total non-interest income, net 36,210 32,197 67,816 62,610
Non-interest expense:        
Compensation and employee benefits 34,730 32,919 69,498 65,537
Occupancy, equipment and infrastructure costs 12,861 12,528 24,777 25,656
Electronic banking charges 9,722 9,316 19,508 17,548
Information technology expenses 5,528 5,532 10,332 9,786
Professional and service fees 7,362 5,399 12,783 9,935
Taxes, other than payroll and income taxes 3,266 3,617 6,573 7,278
Insurance 2,429 2,673 5,064 5,129
Loan servicing and clearing expenses 2,243 1,942 4,165 3,782
Advertising, business promotion, and strategic initiatives 1,827 1,707 3,889 3,137
Communication 1,132 1,039 2,248 2,004
Printing, postage, stationery and supplies 785 941 1,877 2,159
Director and investor relations 346 324 595 623
Pandemic expenses 1,099 1,531 1,980 3,300
Foreclosed real estate and other repossessed assets (income) expenses, net (1,404) 327 (2,886) 278
Other 3,332 2,881 6,010 4,190
Total non-interest expense 85,258 82,676 166,413 160,342
Income before income taxes 59,355 60,077 113,449 104,698
Income tax expense 18,923 19,250 35,496 33,498
Net income 40,432 40,827 77,953 71,200
Less: dividends on preferred stock 0 0 0 (1,255)
Income available to common shareholders $ 40,432 $ 40,827 $ 77,953 $ 69,945
Earnings per common share:        
Basic (in dollars per share) $ 0.84 $ 0.79 $ 1.61 $ 1.36
Diluted (in dollars per share) $ 0.84 $ 0.78 $ 1.59 $ 1.35
Average common shares outstanding and equivalents (in shares) 48,389 52,048 48,933 51,885
Cash dividends per share of common stock (in dollars per share) $ 0.15 $ 0.08 $ 0.30 $ 0.16