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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Real estate secured loans $ 62,470 $ 58,897 $ 187,363 $ 162,635
Commercial loans 24,454 20,622 75,770 58,238
Consumer loans 3,345 4,305 10,249 12,024
Available for sale debt securities, equity securities and Federal Home Loan Bank stock 5,877 6,321 17,211 19,669
Held to maturity debt securities 2,638 2,836 8,122 8,661
Deposits, Federal funds sold and other short-term investments 810 472 1,954 1,932
Total interest income 99,594 93,453 300,669 263,159
Interest expense:        
Deposits 6,295 7,400 20,495 26,000
Borrowed funds 1,768 3,862 7,130 13,120
Subordinated debt 303 206 912 206
Total interest expense 8,366 11,468 28,537 39,326
Net interest income 91,228 81,985 272,132 223,833
Provision for credit losses 969 6,400 (24,736) 32,017
Net interest income after provision for credit losses 90,259 75,585 296,868 191,816
Non-interest income:        
Fees 6,963 5,736 22,623 17,179
Wealth management income 7,921 6,847 22,914 19,075
Insurance agency income 2,433 1,711 8,009 1,711
Bank-owned life insurance 1,880 1,644 5,970 4,290
Net gains on securities transactions 27 0 257 55
Other income 4,138 4,688 6,383 9,672
Total non-interest income 23,362 20,626 66,156 51,982
Non-interest expense:        
Compensation and employee benefits 37,554 35,700 107,737 96,095
Net occupancy expense 7,950 6,993 25,158 19,362
Data processing expense 4,827 5,026 14,629 14,439
FDIC insurance 1,575 1,185 4,915 1,953
Amortization of intangibles 883 918 2,773 2,373
Advertising and promotion expense 783 773 2,586 2,774
Credit loss expense (reversal) for off balance sheet credit exposures 980 (575) 2,155 5,714
Other operating expenses 8,888 9,763 28,036 26,447
Total non-interest expense 63,440 59,783 187,989 169,157
Income before income tax expense 50,181 36,428 175,035 74,641
Income tax expense 12,913 9,285 44,417 18,257
Net income $ 37,268 $ 27,143 $ 130,618 $ 56,384
Basic earnings per share (usd per share) $ 0.49 $ 0.37 $ 1.71 $ 0.84
Weighted average basic shares outstanding (in shares) 76,604,653 72,519,123 76,588,549 67,093,442
Diluted earnings per share (usd per share) $ 0.49 $ 0.37 $ 1.70 $ 0.84
Weighted average diluted shares outstanding (in shares) 76,685,206 72,604,298 76,673,563 67,173,876