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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Interest and dividend income      
Loans, including fees $ 61,345 $ 66,105 $ 65,534
Securities 6,501 6,636 7,820
Other interest-earning assets 772 789 1,360
Total interest and dividend income 68,618 73,530 74,714
Interest expense      
Deposits 4,286 5,436 14,611
Federal Home Loan Bank advances 3,112 3,479 5,883
Long-term debt and other interest-bearing liabilities 3,304 3,052 2,359
Total interest expense 10,702 11,967 22,853
Net interest income 57,916 61,563 51,861
(Reversal of) provision for credit losses (1,107) 991 15,761
Net interest income after (reversal of) provision for credit losses 59,023 60,572 36,100
Noninterest income      
Customer service fees 1,758 1,953 1,096
Loan servicing income 268 149 75
Income from bank owned life insurance 672 691 578
Fair value adjustment for loans held-for-sale 0 36 (1,586)
Net loss on sale of loans 0 0 (27)
Other income 1,683 4,146 1,925
Total noninterest income 4,381 6,975 2,061
Noninterest expense      
Salaries and employee benefits 25,719 25,836 23,436
Occupancy and equipment 7,196 7,560 7,243
Professional fees 4,022 29 5,964
Data processing 1,655 1,608 1,773
Advertising and promotion 118 171 1,756
Regulatory assessments 774 748 484
Loss (gain) on investments in alternative energy partnerships 3,630 (673) 1,905
(Reversal of) provision for loan repurchases (132) 28 (600)
Amortization of intangible assets 282 306 429
Merger-related costs 700 0 0
All other expense 2,771 3,337 4,529
Total noninterest expense 46,735 38,950 46,919
Income (loss) from operations before income taxes 16,669 28,597 (8,758)
Income tax expense (benefit) 2,294 6,894 (2,165)
Net income (loss) 14,375 21,703 (6,593)
Preferred stock dividends 3,141 3,447 3,533
Income allocated to participating securities 62 456 0
Participating securities dividends 0 94 94
Impact of preferred stock redemption 3,347 0 (526)
Net income (loss) available to common stockholders 7,825 $ 17,706 (9,694)
Voting      
Noninterest expense      
Preferred stock dividends 3,111   3,500
Income allocated to participating securities $ 61    
Participating securities dividends     93
Impact of preferred stock redemption     $ (521)
Earnings (loss) per common share:      
Basic (in usd per share) $ 0.16 $ 0.35 $ (0.19)
Diluted (loss) earnings per common share      
Diluted (in usd per share) $ 0.15 0.35 $ (0.19)
Class B Common Stock      
Noninterest expense      
Preferred stock dividends $ 30   $ 33
Income allocated to participating securities $ 1    
Participating securities dividends     1
Impact of preferred stock redemption     $ (5)
Earnings (loss) per common share:      
Basic (in usd per share) $ 0.16 0.35 $ (0.19)
Diluted (loss) earnings per common share      
Diluted (in usd per share) $ 0.15 $ 0.35 $ (0.19)