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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 and dividend income:        
Loans, including fees $ 44,882 $ 48,774 $ 139,576 $ 147,491
Factored receivables, including fees 50,516 31,468 135,639 76,861
Securities 1,126 1,927 3,963 6,710
FHLB and other restricted stock 28 122 131 474
Cash deposits 183 73 467 640
Total interest income 96,735 82,364 279,776 232,176
Interest expense:        
Deposits 1,948 5,834 7,790 23,095
Subordinated notes 2,449 1,348 5,148 4,016
Junior subordinated debentures 443 462 1,331 1,662
Other borrowings 124 341 434 2,273
Total interest expense 4,964 7,985 14,703 31,046
Net interest income 91,771 74,379 265,073 201,130
Credit loss expense (benefit) (1,187) (258) (10,838) 33,649
Net interest income after credit loss expense (benefit) 92,958 74,637 275,911 167,481
Noninterest income:        
Net OREO gains (losses) and valuation adjustments (9) (41) (376) (399)
Net gains (losses) on sale or call of securities 4 3,109 5 3,210
Insurance commissions 1,231 990 3,989 2,905
Gain on sale of subsidiary or division 0 0 0 9,758
Other 1,457 1,472 12,692 8,670
Total noninterest income 12,055 10,493 40,242 37,999
Noninterest expense:        
Salaries and employee benefits 43,769 31,651 121,407 93,177
Occupancy, furniture and equipment 6,388 5,574 18,279 15,720
FDIC insurance and other regulatory assessments 353 360 1,830 1,170
Professional fees 2,362 3,265 9,959 7,023
Amortization of intangible assets 3,274 2,141 7,677 6,265
Advertising and promotion 1,403 1,105 3,534 3,548
Communications and technology 7,090 5,569 19,018 16,514
Other 8,174 5,632 22,799 19,359
Total noninterest expense 72,813 55,297 204,503 162,776
Net income before income tax expense 32,200 29,833 111,650 42,704
Income tax expense 7,771 6,929 25,316 10,810
Net income 24,429 22,904 86,334 31,894
Dividends on preferred stock (802) (899) (2,405) (899)
Net income to common stockholders $ 23,627 $ 22,005 $ 83,929 $ 30,995
Earnings per common share        
Basic (in dollars per share) $ 0.95 $ 0.89 $ 3.40 $ 1.28
Diluted (in dollars per share) $ 0.94 $ 0.89 $ 3.33 $ 1.27
Service charges on deposits        
Noninterest income:        
Revenue $ 2,030 $ 1,470 $ 5,674 $ 3,631
Card income        
Noninterest income:        
Revenue 2,144 2,091 6,341 5,832
Fee income        
Noninterest income:        
Revenue $ 5,198 $ 1,402 $ 11,917 $ 4,392