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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest and dividend income          
Loans, including fees $ 63,837 $ 61,900 $ 62,019 $ 187,082 $ 191,195
Securities 7,167 6,986 6,766 20,654 22,402
Other interest-earning assets 787 791 881 2,350 3,480
Total interest and dividend income 71,791 69,677 69,666 210,086 217,077
Interest expense          
Deposits 2,412 3,543 7,564 10,241 32,380
Federal Home Loan Bank advances 2,990 2,944 3,860 9,046 14,561
Securities sold under repurchase agreements 0 0 2 0 4
Long-term debt and other interest-bearing liabilities 3,413 3,343 2,385 10,060 7,101
Total interest expense 8,815 9,830 13,811 29,347 54,046
Net interest income 62,976 59,847 55,855 180,739 163,031
(Reversal of) provision for credit losses (1,147) (2,154) 1,141 (4,408) 28,728
Net interest income after (reversal of) provision for credit losses 64,123 62,001 54,714 185,147 134,303
Noninterest income          
Customer service fees 1,900 1,990 1,498 5,648 3,818
Loan servicing income 170 38 186 476 356
Income from bank owned life insurance 715 690 629 2,077 1,798
Net gain on sale of securities available-for-sale 0 0 0 0 2,011
Fair value adjustment for loans held-for-sale 160 20 24 180 (1,537)
Net gain on sale of loans 0 0 272 0 245
Other income 2,574 1,432 1,345 5,689 4,852
Total noninterest income 5,519 4,170 3,954 14,070 11,543
Noninterest expense          
Salaries and employee benefits 24,786 25,042 23,277 75,547 70,973
Naming rights termination 0 0 0 0 26,769
Occupancy and equipment 7,124 7,277 7,457 21,597 21,790
Professional fees 892 1,749 5,147 6,663 15,707
Data processing 1,646 1,621 1,657 4,922 4,966
Advertising and promotion 122 78 219 318 3,132
Regulatory assessments 812 769 784 2,355 1,993
(Gain) loss on investments in alternative energy partnerships (1,785) (829) (1,430) 1,016 308
Reversal of provision for loan repurchases (42) (99) (91) (273) (725)
Amortization of intangible assets 282 282 353 846 1,212
Merger-related costs 1,000 700 0 2,400 0
All other expense 2,974 3,969 3,021 9,714 13,958
Total noninterest expense 37,811 40,559 40,394 125,105 160,083
Income (loss) from operations before income taxes 31,831 25,612 18,274 74,112 (14,237)
Income tax expense (benefit) 8,661 6,562 2,361 17,517 (5,108)
Net income (loss) 23,170 19,050 15,913 56,595 (9,129)
Preferred stock dividends 1,727 1,727 3,447 6,595 10,422
Income allocated to participating securities 0 0 281 160 0
Participating securities dividends 0 0 94 0 282
Impact of preferred stock redemption 0 0 7 3,347 (568)
Net income (loss) available to common stockholders 21,443 17,323 12,084 46,493 (19,265)
Net income (loss) available to common stockholders 21,443 $ 17,323 12,084 46,493 (19,265)
Voting          
Noninterest expense          
Preferred stock dividends 1,711   3,414 6,533 10,323
Income allocated to participating securities 0   278 $ 158 0
Participating securities dividends     93   $ 279
Impact of preferred stock redemption $ 0   $ 7    
Earnings (loss) per common share:          
Basic (in dollars per share) $ 0.42 $ 0.34 $ 0.24 $ 0.92 $ (0.38)
Diluted (loss) earnings per common share          
Diluted (in dollars per share) $ 0.42 0.34 $ 0.24 $ 0.91 $ (0.38)
Class B Common Stock          
Noninterest expense          
Preferred stock dividends $ 16   $ 33 $ 62 $ 99
Income allocated to participating securities 0   3 $ 2 0
Participating securities dividends     1   $ 3
Impact of preferred stock redemption $ 0   $ 0    
Earnings (loss) per common share:          
Basic (in dollars per share) $ 0.42 0.34 $ 0.24 $ 0.92 $ (0.38)
Diluted (loss) earnings per common share          
Diluted (in dollars per share) $ 0.42 $ 0.34 $ 0.24 $ 0.92 $ (0.38)