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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest and dividend income          
Loans, including fees $ 61,900 $ 61,345 $ 63,642 $ 123,245 $ 129,176
Securities 6,986 6,501 7,816 13,487 15,636
Other interest-earning assets 791 772 1,239 1,563 2,599
Total interest and dividend income 69,677 68,618 72,697 138,295 147,411
Interest expense          
Deposits 3,543 4,286 10,205 7,829 24,816
Federal Home Loan Bank advances 2,944 3,112 4,818 6,056 10,701
Securities sold under repurchase agreements 0 0 2 0 2
Long-term debt and other interest-bearing liabilities 3,343 3,304 2,357 6,647 4,716
Total interest expense 9,830 10,702 17,382 20,532 40,235
Net interest income 59,847 57,916 55,315 117,763 107,176
(Reversal of) provision for credit losses (2,154) (1,107) 11,826 (3,261) 27,587
Net interest income after (reversal of) provision for credit losses 62,001 59,023 43,489 121,024 79,589
Noninterest income          
Customer service fees 1,990 1,758 1,224 3,748 2,320
Loan servicing income 38 268 95 306 170
Income from bank owned life insurance 690 672 591 1,362 1,169
Net gain on sale of securities available-for-sale 0 0 2,011 0 2,011
Fair value adjustment for loans held-for-sale 20 0 25 20 (1,561)
Net loss on sale of loans 0 0 0 0 (27)
Other income 1,432 1,683 1,582 3,115 3,507
Total noninterest income 4,170 4,381 5,528 8,551 7,589
Noninterest expense          
Salaries and employee benefits 25,042 25,719 24,260 50,761 47,696
Naming rights termination 0 0 26,769 0 26,769
Occupancy and equipment 7,277 7,196 7,090 14,473 14,333
Professional fees 1,749 4,022 4,596 5,771 10,560
Data processing 1,621 1,655 1,536 3,276 3,309
Advertising and promotion 78 118 1,157 196 2,913
Regulatory assessments 769 774 725 1,543 1,209
(Gain) loss on investments in alternative energy partnerships (829) 3,630 (167) 2,801 1,738
Reversal of provision for loan repurchases (99) (132) (34) (231) (634)
Amortization of intangible assets 282 282 430 564 859
Merger-related costs 700 700 0 1,400 0
All other expense 3,969 2,771 6,408 6,740 10,937
Total noninterest expense 40,559 46,735 72,770 87,294 119,689
Income (loss) from operations before income taxes 25,612 16,669 (23,753) 42,281 (32,511)
Income tax expense (benefit) 6,562 2,294 (5,304) 8,856 (7,469)
Net income (loss) 19,050 14,375 (18,449) 33,425 (25,042)
Preferred stock dividends 1,727 3,141 3,442 4,868 6,975
Income allocated to participating securities 0 62 0 122 0
Participating securities dividends 0 0 94 0 188
Impact of preferred stock redemption 0 3,347 (49) 3,347 (575)
Net income (loss) available to common stockholders 17,323 7,825 (21,936) 25,088 (31,630)
Net income (loss) available to common stockholders 17,323 $ 7,825 (21,936) 25,088 (31,630)
Voting          
Noninterest expense          
Preferred stock dividends 1,711   3,409 4,822 6,909
Income allocated to participating securities $ 0     121  
Participating securities dividends     93   186
Impact of preferred stock redemption     $ (49) $ (3,315) $ (570)
Earnings (loss) per common share:          
Basic (in usd per share) $ 0.34 $ 0.16 $ (0.44) $ 0.50 $ (0.63)
Diluted (loss) earnings per common share          
Diluted (in usd per share) $ 0.34 0.15 $ (0.44) $ 0.49 $ (0.63)
Class B Common Stock          
Noninterest expense          
Preferred stock dividends $ 16   $ 33 $ 46 $ 66
Income allocated to participating securities $ 0     1  
Participating securities dividends     1   2
Impact of preferred stock redemption     $ 0 $ (32) $ (5)
Earnings (loss) per common share:          
Basic (in usd per share) $ 0.34 0.16 $ (0.44) $ 0.50 $ (0.63)
Diluted (loss) earnings per common share          
Diluted (in usd per share) $ 0.34 $ 0.15 $ (0.44) $ 0.50 $ (0.63)