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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Loans $ 138,310 $ 93,102 $ 266,749 $ 179,522
Securities 7,914 7,067 16,345 14,198
Other short-term investments 5,867 741 9,669 1,109
Total interest income 152,091 100,910 292,763 194,829
Interest expense:        
Deposits and escrow 52,616 3,731 89,888 6,262
Borrowed funds 17,759 3,573 33,930 5,851
Derivative cash collateral 1,497 94 2,974 95
Total interest expense 71,872 7,398 126,792 12,208
Net interest income 80,219 93,512 165,971 182,621
Provision (recovery) for credit losses 892 44 (2,756) (1,548)
Net interest income after provision (recovery) for credit losses 79,327 93,468 168,727 184,169
Non-interest income:        
Service charges and other fees 4,856 4,337 8,670 8,395
Title fees 246 683 538 1,104
Loan level derivative income 2,437 1,685 5,570 1,691
BOLI income 2,852 4,143 5,015 5,982
Gain on sale of Small Business Administration ("SBA") loans 210 723 726 965
Gain on sale of residential loans 34 191 82 339
Loss on equity securities (780)   (780)  
Net loss on sale of securities and other assets     (1,447)  
Other 550 362 1,032 851
Total non-interest income 10,405 12,124 19,406 19,327
Non-interest expense:        
Salaries and employee benefits 29,900 28,454 56,534 59,288
Severance 481 2,193 506 2,193
Occupancy and equipment 7,144 7,396 14,517 14,980
Data processing costs 4,197 3,913 8,435 7,718
Marketing 1,488 1,515 2,937 2,810
Professional services 1,676 2,028 3,599 4,122
Federal deposit insurance premiums 1,874 1,150 3,747 2,300
Loss from extinguishment of debt   740   740
Amortization of other intangible assets 349 430 726 1,016
Other 5,077 4,019 8,660 6,559
Total non-interest expense 52,186 51,838 99,661 101,726
Income before income taxes 37,546 53,754 88,472 101,770
Income tax expense 10,048 15,269 23,671 28,754
Net income 27,498 38,485 64,801 73,016
Preferred stock dividends 1,822 1,822 3,643 3,643
Net income available to common stockholders $ 25,676 $ 36,663 $ 61,158 $ 69,373
Earnings per common share:        
Basic $ 0.66 $ 0.94 $ 1.58 $ 1.76
Diluted $ 0.66 $ 0.94 $ 1.58 $ 1.76