CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Interest income: | ||||
Loans receivable | $ 97,475 | $ 107,241 | $ 295,048 | $ 305,226 |
Mortgage-backed securities | 5,840 | 4,652 | 15,720 | 12,865 |
Taxable investment securities | 649 | 427 | 1,976 | 1,514 |
Tax-free investment securities | 628 | 655 | 1,797 | 1,404 |
FHLB stock dividends | 71 | 218 | 325 | 789 |
Interest-earning deposits | 352 | 221 | 727 | 541 |
Total interest income | 105,015 | 113,414 | 315,593 | 322,339 |
Interest expense: | ||||
Deposits | 4,540 | 8,443 | 14,827 | 29,182 |
Borrowed funds | 2,056 | 1,437 | 6,160 | 4,317 |
Total interest expense | 6,596 | 9,880 | 20,987 | 33,499 |
Net interest income | 98,419 | 103,534 | 294,606 | 288,840 |
Provision for credit losses | (4,354) | 6,818 | (9,974) | 86,205 |
Net interest income after provision for credit losses | 102,773 | 96,716 | 304,580 | 202,635 |
Noninterest income: | ||||
Gain/(loss) on sale of investments | (46) | (12) | (172) | 161 |
Gain on sale of loans | 0 | 0 | 0 | 1,302 |
Service charges and fees | 13,199 | 14,354 | 38,337 | 42,539 |
Trust and other financial services income | 7,182 | 5,376 | 21,101 | 15,200 |
Insurance commission income | 44 | 2,331 | 3,633 | 7,098 |
Gain/(loss) on real estate owned, net | 247 | (32) | 371 | (220) |
Income from bank-owned life insurance | 1,332 | 1,576 | 4,707 | 3,860 |
Mortgage banking income | 3,941 | 11,055 | 13,772 | 24,271 |
Gain on sale of insurance business | 0 | 0 | 25,327 | 0 |
Other operating income | 3,287 | 2,022 | 8,771 | 5,931 |
Total noninterest income | 29,186 | 36,670 | 115,847 | 100,142 |
Noninterest expense: | ||||
Compensation and employee benefits | 49,063 | 47,371 | 145,196 | 130,166 |
Premises and occupancy costs | 7,745 | 8,342 | 23,969 | 23,008 |
Office operations | 4,143 | 4,626 | 10,625 | 11,719 |
Collections expense | 411 | 1,264 | 1,330 | 2,382 |
Processing expenses | 13,517 | 15,042 | 42,124 | 37,864 |
Marketing expenses | 2,102 | 2,147 | 6,183 | 5,701 |
Federal deposit insurance premiums | 1,184 | 1,498 | 3,844 | 3,116 |
Professional services | 4,295 | 3,246 | 13,108 | 8,883 |
Amortization of intangible assets | 1,321 | 1,781 | 4,348 | 5,192 |
Real estate owned expense | 94 | 111 | 254 | 295 |
Merger, asset disposition and restructuring expense | 0 | 1,414 | 641 | 13,551 |
Other expenses | 2,227 | 27 | 7,003 | 12,766 |
Total noninterest expense | 86,102 | 86,869 | 258,625 | 254,643 |
Income before income taxes | 45,857 | 46,517 | 161,802 | 48,134 |
Federal and state income taxes expense | 10,794 | 8,467 | 37,535 | 8,345 |
Net income | $ 35,063 | $ 38,050 | $ 124,267 | $ 39,789 |
Basic earnings per share (in dollars per share) | $ 0.28 | $ 0.30 | $ 0.98 | $ 0.34 |
Diluted earnings per share (in dollars per share) | $ 0.27 | $ 0.30 | $ 0.97 | $ 0.34 |
X | ||||||||||
- Definition Federal Deposit Insurance Corporation Premium Expense, Net No definition available.
|
X | ||||||||||
- Definition Fees And Commissions, Trust Services And Other Income No definition available.
|
X | ||||||||||
- Definition Merger And Asset Disposition Expenses No definition available.
|
X | ||||||||||
- Definition The noninterest income derived from mortgage banking activities (fees and commissions), including fees earned from servicing third-party assets. No definition available.
|
X | ||||||||||
- Definition Noninterest Expense, Collection Of Receivables No definition available.
|
X | ||||||||||
- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Earnings on or other increases in the value of the cash surrender value of bank owned life insurance policies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of unrealized and realized gain (loss) on investment in debt and equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of operating dividend income on securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- 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
|
X | ||||||||||
- 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
|
X | ||||||||||
- Definition Income from mortgage banking activities (fees and commissions) and servicing real estate mortgages, credit cards, and other financial assets held by others net of any related impairment of capitalized service costs. Also includes any premiums received in lieu of regular servicing fees on such loans only as earned over the life of the loans. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of expense recognized during the period for the foreclosure on real estate assets. No definition available.
|
X | ||||||||||
- Definition Amount of gain (loss) from sale and disposal of integrated set of activities and assets capable of being conducted and managed for purpose of providing return in form of dividend, lower cost, or other economic benefit to investor, owner, member and participant. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- 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
|
X | ||||||||||
- Definition The net gain (loss) resulting from sales and other disposals of other real estate owned, increases (decreases) in the valuation allowance for foreclosed real estate, and write-downs of other real estate owned after acquisition or physical possession. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- 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
|
X | ||||||||||
- 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
|
X | ||||||||||
- 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
|
X | ||||||||||
- Definition Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- 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
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- 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
|
X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Aggregate amount of interest expense on all borrowings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Aggregate amount of interest expense on all deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Interest income derived from funds deposited with both domestic and foreign financial institutions including funds in money market and other accounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- 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
|
X | ||||||||||
- Definition The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securitized, pass-through debt securities collateralized by real estate mortgage loans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities exempt from state, federal and other income tax. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- 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
|
X | ||||||||||
- 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
|
X | ||||||||||
- Definition Expenditures for planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services. Costs of public relations and corporate promotions are typically considered to be marketing costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Total aggregate amount of all noninterest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- 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
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of revenue earned, classified as other, excluding interest income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- 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
|
X | ||||||||||
- Definition Amount of noninterest expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- 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
|
X | ||||||||||
- Definition Amount of credit loss expense (reversal of expense) for financing receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|