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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest income:        
Loans $ 94,288 $ 54,142 $ 175,670 $ 108,319
Securities 5,126 3,646 9,506 7,372
Other short-term investments 987 846 1,980 1,848
Total interest income 100,401 58,634 187,156 117,539
Interest expense:        
Deposits and escrow 4,803 9,700 10,101 21,626
Borrowed funds 2,344 5,378 5,960 11,833
Total interest expense 7,147 15,078 16,061 33,459
Net interest income 93,254 43,556 171,095 84,080
(Credit) provision for credit losses (4,248) 6,060 11,531 14,072
Net interest income after (credit) provision for credit losses 97,502 37,496 159,564 70,008
Non-interest income:        
Service charges and other fees 3,876 1,083 6,796 2,286
Title fees 688   1,121  
Loan level derivative income 559 2,494 2,351 3,657
BOLI income 1,593 911 2,932 2,798
Gain on sale of SBA loans 21,670   21,834 164
Gain on sale of residential loans 506 206 1,229 357
Net gain (loss) on equity securities   436 131 (36)
Net gain on sale of securities and other assets 20 3,134 730 3,142
Loss on termination of derivatives     (16,505)  
Other 632 122 1,542 254
Total non-interest income 29,544 8,386 22,161 12,622
Non-interest expense:        
Salaries and employee benefits 27,598 15,197 52,417 30,714
Severance 1,875 3,930 1,875 4,000
Occupancy and equipment 8,122 3,959 15,099 8,015
Data processing costs 5,031 2,007 8,559 4,031
Marketing 788 218 1,648 795
Professional services 2,538 264 4,403 1,778
Federal deposit insurance premiums 934 529 1,873 1,006
Loss from extinguishment of debt 157   1,751  
Curtailment loss     1,543  
Merger expenses and transaction costs 1,836 1,072 39,778 1,658
Branch restructuring costs 1,659   1,659  
Amortization of other intangible assets 835 0 1,192 0
Other 3,509 2,170 5,890 3,389
Total non-interest expense 54,882 29,346 137,687 55,386
Income before income taxes 72,164 16,536 44,038 27,244
Income tax expense 20,886 3,570 13,794 5,886
Net income 51,278 12,966 30,244 21,358
Preferred stock dividends 1,822 1,140 3,643 1,140
Net income available to common stockholders $ 49,456 $ 11,826 $ 26,601 $ 20,218
Earnings per common share:        
Basic $ 1.19 $ 0.55 $ 0.70 $ 0.92
Diluted $ 1.19 $ 0.55 $ 0.70 $ 0.91