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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Loans $ 142,995 $ 106,306 $ 409,744 $ 285,828
Securities 7,916 7,374 24,261 21,572
Other short-term investments 6,930 847 16,599 1,956
Total interest income 157,841 114,527 450,604 309,356
Interest expense:        
Deposits and escrow 62,507 10,154 152,395 16,416
Borrowed funds 16,925 3,483 50,855 9,334
Derivative cash collateral 1,930 452 4,904 547
Total interest expense 81,362 14,089 208,154 26,297
Net interest income 76,479 100,438 242,450 283,059
Provision (recovery) for credit losses 1,806 6,587 (950) 5,039
Net interest income after provision (recovery) for credit losses 74,673 93,851 243,400 278,020
Non-interest income:        
Service charges and other fees 3,963 3,866 12,633 12,261
Title fees 291 474 829 1,578
Loan level derivative income 783 549 6,353 2,240
BOLI income 2,317 2,177 7,332 8,159
Gain on sale of Small Business Administration ("SBA") loans 335 211 1,061 1,176
Gain on sale of residential loans 21 54 103 393
Loss on equity securities (299)   (1,079)  
Net loss on sale of securities and other assets (22) 1,397 (1,469) 1,397
Other 539 634 1,571 1,485
Total non-interest income 7,928 9,362 27,334 28,689
Non-interest expense:        
Salaries and employee benefits 30,520 29,188 87,054 88,476
Severance 8,562   9,068 2,193
Occupancy and equipment 7,277 7,884 21,794 22,864
Data processing costs 4,309 3,434 12,744 11,152
Marketing 2,079 1,531 5,016 4,341
Professional services 1,277 2,116 4,876 6,238
Federal deposit insurance premiums 1,866 800 5,613 3,100
Loss from extinguishment of debt       740
Amortization of other intangible assets 349 431 1,075 1,447
Other 3,284 2,918 11,944 9,477
Total non-interest expense 59,523 48,302 159,184 150,028
Income before income taxes 23,078 54,911 111,550 156,681
Income tax expense 8,093 15,430 31,764 44,184
Net income 14,985 39,481 79,786 112,497
Preferred stock dividends 1,822 1,822 5,465 5,465
Net income available to common stockholders $ 13,163 $ 37,659 $ 74,321 $ 107,032
Earnings per common share:        
Basic (in dollars per share) $ 0.34 $ 0.98 $ 1.92 $ 2.74
Diluted (in dollars per share) $ 0.34 $ 0.98 $ 1.92 $ 2.74