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CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME/(LOSS) - UNAUDITED - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income        
Interest and fees on loans $ 218,290 $ 203,074 $ 405,947 $ 413,405
Investment securities 14,665 10,918 31,967 20,805
Interest-bearing cash and cash equivalents 9,394 2,961 12,965 5,894
Total interest income 242,349 216,953 450,879 440,104
Interest expense        
Deposits 20,566 16,271 34,196 36,275
Short-term borrowings 4,859 502 5,617 3,094
Long-term debt 11,393 10,723 21,988 16,466
Total interest expense 36,818 27,496 61,801 55,835
Net interest income 205,531 189,457 389,078 384,269
Provision for credit losses 22,000 (19,000) 20,000 (25,000)
Net interest income after provision for credit losses 183,531 208,457 369,078 409,269
Non-interest income        
Service charges on deposit accounts 6,003 4,634 12,025 9,350
Wealth management and trust fee income 4,051 3,143 7,963 5,998
Brokered loan fees 4,133 6,933 8,103 16,244
Servicing income 228 5,935 465 14,944
Investment banking and trading income 11,126 8,071 15,305 13,858
Net gain/(loss) on sale of loans held for sale 0 (3,070) 0 2,502
Other 701 11,993 2,663 19,096
Total non-interest income 26,242 37,639 46,524 81,992
Non-interest expense        
Salaries and benefits 103,885 86,830 203,983 174,352
Occupancy expense 8,874 7,865 17,759 16,139
Marketing 8,506 1,900 13,483 3,597
Legal and professional 11,288 9,147 21,590 17,424
Communications and technology 15,649 14,352 30,349 30,321
Federal Deposit Insurance Corporation (“FDIC”) insurance assessment 3,318 5,226 7,299 11,839
Servicing-related expenses 0 12,355 0 25,344
Other 12,783 11,385 22,932 20,360
Total non-interest expense 164,303 149,060 317,395 299,376
Income before income taxes 45,470 97,036 98,207 191,885
Income tax expense 11,311 23,555 24,398 46,466
Net income 34,159 73,481 73,809 145,419
Preferred Stock Dividends and Other Adjustments [Abstract]        
Preferred stock dividends 4,312 6,317 8,625 10,096
Net income available to common stockholders 29,847 67,164 65,184 135,323
Other comprehensive income/(loss):        
Change in unrealized gain/(loss) (86,438) 38,037 (287,057) (53,370)
Amounts reclassified into net income 1,903 0 2,889 0
Other comprehensive income/(loss) (84,535) 38,037 (284,168) (53,370)
Income tax expense/(benefit) (17,752) 7,989 (59,675) (11,207)
Other comprehensive income/(loss), net of tax (66,783) 30,048 (224,493) (42,163)
Comprehensive income/(loss) $ (32,624) $ 103,529 $ (150,684) $ 103,256
Basic earnings per common share        
Basic earnings per common share $ 0.59 $ 1.33 $ 1.29 $ 2.68
Diluted earnings per common share        
Diluted earnings per common share $ 0.59 $ 1.31 $ 1.28 $ 2.65