Condensed Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
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Interest income | ||||
Loans and fees on loans | $ 84,780 | $ 62,022 | $ 169,773 | $ 120,983 |
Investment securities, taxable | 2,975 | 3,786 | 5,904 | 7,548 |
Other interest earning assets | 244 | 1,009 | 547 | 1,759 |
Total interest income | 87,999 | 66,817 | 176,224 | 130,290 |
Interest expense | ||||
Deposits | 14,820 | 25,121 | 31,764 | 48,376 |
Borrowings | 1,717 | 798 | 3,048 | 855 |
Total interest expense | 16,537 | 25,919 | 34,812 | 49,231 |
Net interest income | 71,462 | 40,898 | 141,412 | 81,059 |
Provision for loan and lease credit losses | 7,846 | 9,958 | 6,973 | 21,750 |
Net interest income after provision for loan and lease credit losses | 63,616 | 30,940 | 134,439 | 59,309 |
Noninterest income | ||||
Loan servicing revenue | 6,218 | 6,691 | 12,652 | 13,113 |
Loan servicing asset revaluation | (3,181) | (1,571) | (1,688) | (6,263) |
Net gains on sales of loans | 16,234 | 10,695 | 28,163 | 21,807 |
Net gain (loss) on loans accounted for under the fair value option | 1,135 | (1,089) | 5,353 | (11,727) |
Equity method investments income (loss) | (2,278) | (2,243) | (3,435) | (4,721) |
Equity security investments gains (losses), net | 44,253 | 161 | 44,358 | 97 |
Gain on sale of investment securities available-for-sale, net | 734 | 655 | ||
Lease income | 2,616 | 2,635 | 5,215 | 5,259 |
Management fee income | 1,473 | 1,206 | 3,407 | 2,850 |
Other noninterest income | 3,641 | 5,192 | 7,143 | 7,083 |
Total noninterest income | 70,111 | 22,411 | 101,168 | 28,153 |
Noninterest expense | ||||
Salaries and employee benefits | 32,900 | 30,782 | 64,266 | 58,845 |
Travel expense | 1,549 | 364 | 2,208 | 2,145 |
Professional services expense | 3,329 | 1,385 | 7,160 | 3,322 |
Advertising and marketing expense | 875 | 624 | 1,527 | 1,985 |
Occupancy expense | 2,224 | 1,955 | 4,336 | 4,376 |
Data processing expense | 4,234 | 2,764 | 8,128 | 5,921 |
Equipment expense | 4,385 | 4,652 | 8,739 | 9,287 |
Other loan origination and maintenance expense | 3,307 | 2,492 | 6,634 | 4,948 |
Renewable energy tax credit investment impairment | 3,127 | |||
FDIC insurance | 1,704 | 1,721 | 3,469 | 3,231 |
Other expense | 3,051 | 1,361 | 6,236 | 3,531 |
Total noninterest expense | 57,558 | 48,100 | 115,830 | 97,591 |
Income (loss) before taxes | 76,169 | 5,251 | 119,777 | (10,129) |
Income tax expense (benefit) | 12,587 | 1,474 | 16,768 | (6,304) |
Net income (loss) | $ 63,582 | $ 3,777 | $ 103,009 | $ (3,825) |
Basic earnings (loss) per share | $ 1.48 | $ 0.09 | $ 2.40 | $ (0.10) |
Diluted earnings (loss) per share | $ 1.41 | $ 0.09 | $ 2.29 | $ (0.10) |
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- Definition Loan Servicing Asset Revaluation No definition available.
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- Definition Loan servicing revenue. No definition available.
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- Definition Management fee income. No definition available.
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- Definition Other loan origination and maintenance expense. No definition available.
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- Definition This item represents the difference between the gross realized gains and losses realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities. No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition This element represents equipment expense including depreciation, repairs, rentals, and service contract costs. This item also includes equipment purchases which do not qualify for capitalization in accordance with the entity's accounting policy. This item may also include furniture expenses. No definition available.
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- Definition This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of realized gain (loss) from sale of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition For each line item in the statement of financial position, the amounts of gains and losses from fair value changes included in earnings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense for Federal Deposit Insurance Corporation (FDIC) insurance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net gain (loss) resulting from a sale of loans, including adjustments to record loans classified as held-for-sale at the lower-of-cost-or-market and fair value adjustments to loan held for investment purposes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of expenses incurred in the period for information technology and data processing products and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Aggregate amount of interest expense on all borrowings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate amount of interest expense on all deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest income or expense, including any amortization and accretion (as applicable) of discounts and premiums, including consideration of the provisions for loan, lease, credit, and other related losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities subject to state, federal and other income tax. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The total expense recognized in the period for promotion, public relations, and brand or product advertising. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total aggregate amount of all noninterest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Represents the total of noninterest income derived from certain activities and assets including (for example): (1) venture capital investments; (2) bank owned life insurance; (3) foreign currency transactions; and (4) mortgage servicing rights. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount, after discount, accretion and premium amortization, of interest income and dividend income classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of noninterest expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Expenses incurred for travel and entertainment during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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