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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest income:    
Loans $ 86,420,000 $ 81,382,000
Securities 7,131,000 4,380,000
Other short-term investments 368,000 993,000
Total interest income 93,919,000 86,755,000
Interest expense:    
Deposits and escrow 2,531,000 5,298,000
Borrowed funds 2,278,000 3,616,000
Derivative cash collateral 1,000  
Total interest expense 4,810,000 8,914,000
Net interest income 89,109,000 77,841,000
(Credit) provision for credit losses (1,592,000) 15,779,000
Net interest income after (credit) provision for credit losses 90,701,000 62,062,000
Non-interest income:    
Service charges and other fees 4,058,000 2,920,000
Title fees 421,000 433,000
Loan level derivative income 6,000 1,792,000
BOLI income 1,839,000 1,339,000
Gain on sale of Small Business Administration ("SBA") loans 242,000 164,000
Gain on sale of residential loans 148,000 723,000
Net gain on equity securities 0 131,000
Net gain on sale of securities and other assets   710,000
Loss on termination of derivatives   (16,505,000)
Other 489,000 910,000
Total non-interest income (loss) 7,203,000 (7,383,000)
Non-interest expense:    
Salaries and employee benefits 30,834,000 24,819,000
Occupancy and equipment 7,584,000 6,977,000
Data processing costs 3,805,000 3,528,000
Marketing 1,295,000 860,000
Professional services 2,094,000 1,865,000
Federal deposit insurance premiums 1,150,000 939,000
Loss from extinguishment of debt   1,594,000
Curtailment loss   1,543,000
Merger expenses and transaction costs   37,942,000
Amortization of other intangible assets 586,000 357,000
Other 2,540,000 2,381,000
Total non-interest expense 49,888,000 82,805,000
Income (loss) before income taxes 48,016,000 (28,126,000)
Income tax expense (benefit) 13,485,000 (7,092,000)
Net income (loss) 34,531,000 (21,034,000)
Preferred stock dividends 1,821,000 1,821,000
Net income (loss) available to common stockholders $ 32,710,000 $ (22,855,000)
Earnings (loss) per common share:    
Basic $ 0.82 $ (0.66)
Diluted $ 0.82 $ (0.66)