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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Loans $ 94,045,000 $ 53,245,000 $ 269,715,000 $ 161,564,000
Securities 6,030,000 3,422,000 15,536,000 10,794,000
Other short-term investments 583,000 729,000 2,563,000 2,577,000
Total interest income 100,658,000 57,396,000 287,814,000 174,935,000
Interest expense:        
Deposits and escrow 3,565,000 6,672,000 13,666,000 28,298,000
Borrowed funds 2,265,000 5,780,000 8,225,000 17,613,000
Total interest expense 5,830,000 12,452,000 21,891,000 45,911,000
Net interest income 94,828,000 44,944,000 265,923,000 129,024,000
(Credit) provision for credit losses (5,187,000) 5,931,000 6,344,000 20,003,000
Net interest income after (credit) provision for credit losses 100,015,000 39,013,000 259,579,000 109,021,000
Non-interest income:        
Service charges and other fees 4,581,000 1,632,000 11,377,000 3,918,000
Title fees 482,000   1,603,000  
Loan level derivative income 445,000 1,544,000 2,796,000 5,201,000
BOLI income 2,249,000 1,033,000 5,181,000 3,831,000
Gain on sale of SBA loans 348,000 808,000 22,182,000 972,000
Gain on sale of residential loans 304,000 617,000 1,533,000 974,000
Net gain on equity securities 0 175,000 131,000 139,000
Net gain on sale of securities and other assets   215,000 730,000 3,357,000
Loss on termination of derivatives     (16,505,000)  
Other 1,319,000 125,000 2,861,000 379,000
Total non-interest income 9,728,000 6,149,000 31,889,000 18,771,000
Non-interest expense:        
Salaries and employee benefits 28,276,000 14,316,000 80,693,000 45,030,000
Severance     1,875,000 4,000,000
Occupancy and equipment 7,814,000 4,046,000 22,913,000 12,061,000
Data processing costs 3,573,000 2,146,000 12,132,000 6,177,000
Marketing 1,054,000 345,000 2,702,000 1,140,000
Professional services 2,751,000 935,000 7,154,000 2,713,000
Federal deposit insurance premiums 1,173,000 761,000 3,046,000 1,767,000
Loss from extinguishment of debt     1,751,000  
Curtailment loss     1,543,000  
Merger expenses and transaction costs 2,472,000 769,000 42,250,000 2,427,000
Branch restructuring costs 4,518,000   6,177,000  
Amortization of other intangible assets 715,000 0 1,907,000 0
Other 4,437,000 1,535,000 10,327,000 4,924,000
Total non-interest expense 56,783,000 24,853,000 194,470,000 80,239,000
Income before income taxes 52,960,000 20,309,000 96,998,000 47,553,000
Income tax expense 14,565,000 4,441,000 28,359,000 10,327,000
Net income 38,395,000 15,868,000 68,639,000 37,226,000
Preferred stock dividends 1,822,000 1,822,000 5,465,000 2,962,000
Net income available to common stockholders $ 36,573,000 $ 14,046,000 $ 63,174,000 $ 34,264,000
Earnings per common share:        
Basic $ 0.89 $ 0.66 $ 1.62 $ 1.57
Diluted $ 0.89 $ 0.65 $ 1.62 $ 1.56