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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income:        
Loans $ 93,102,000 $ 94,288,000 $ 179,522,000 $ 175,670,000
Securities 7,067,000 5,127,000 14,198,000 9,507,000
Other short-term investments 741,000 986,000 1,109,000 1,979,000
Total interest income 100,910,000 100,401,000 194,829,000 187,156,000
Interest expense:        
Deposits and escrow 3,731,000 4,803,000 6,262,000 10,101,000
Borrowed funds 3,573,000 2,344,000 5,851,000 5,960,000
Derivative cash collateral 94,000   95,000  
Total interest expense 7,398,000 7,147,000 12,208,000 16,061,000
Net interest income 93,512,000 93,254,000 182,621,000 171,095,000
Provision (credit) for credit losses 44,000 (4,248,000) (1,548,000) 11,531,000
Net interest income after provision (credit) for credit losses 93,468,000 97,502,000 184,169,000 159,564,000
Non-interest income:        
Service charges and other fees 4,337,000 3,876,000 8,395,000 6,796,000
Title fees 683,000 688,000 1,104,000 1,121,000
Loan level derivative income 1,685,000 559,000 1,691,000 2,351,000
BOLI income 4,143,000 1,593,000 5,982,000 2,932,000
Gain on sale of Small Business Administration ("SBA") loans 723,000 21,670,000 965,000 21,834,000
Gain on sale of residential loans 191,000 506,000 339,000 1,229,000
Net gain on equity securities 0 0 0 131,000
Net gain on sale of securities and other assets   20,000   730,000
Loss on termination of derivatives       (16,505,000)
Other 362,000 632,000 851,000 1,542,000
Total non-interest income 12,124,000 29,544,000 19,327,000 22,161,000
Non-interest expense:        
Salaries and employee benefits 28,454,000 27,598,000 59,288,000 52,417,000
Severance 2,193,000 1,875,000 2,193,000 1,875,000
Occupancy and equipment 7,396,000 8,122,000 14,980,000 15,099,000
Data processing costs 3,913,000 5,031,000 7,718,000 8,559,000
Marketing 1,515,000 788,000 2,810,000 1,648,000
Professional services 2,028,000 2,538,000 4,122,000 4,403,000
Federal deposit insurance premiums 1,150,000 934,000 2,300,000 1,873,000
Loss from extinguishment of debt 740,000 157,000 740,000 1,751,000
Curtailment loss       1,543,000
Merger expenses and transaction costs   1,836,000   39,778,000
Branch restructuring costs   1,659,000   1,659,000
Amortization of other intangible assets 430,000 835,000 1,016,000 1,192,000
Other 4,019,000 3,509,000 6,559,000 5,890,000
Total non-interest expense 51,838,000 54,882,000 101,726,000 137,687,000
Income before income taxes 53,754,000 72,164,000 101,770,000 44,038,000
Income tax expense 15,269,000 20,886,000 28,754,000 13,794,000
Net income (loss) 38,485,000 51,278,000 73,016,000 30,244,000
Preferred stock dividends 1,822,000 1,822,000 3,643,000 3,643,000
Net income available to common stockholders $ 36,663,000 $ 49,456,000 $ 69,373,000 $ 26,601,000
Earnings per common share:        
Basic $ 0.94 $ 1.19 $ 1.76 $ 0.70
Diluted $ 0.94 $ 1.19 $ 1.76 $ 0.70