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Consolidated Statements of Income (Loss) - Unaudited - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Loans and leases $ 233,097 $ 132,107 $ 538,822 $ 366,634
Investment securities 8,905 6,297 25,211 17,429
Other 849 1,246 2,814 6,149
Total interest income 242,851 139,650 566,847 390,212
Interest expense:        
Deposits 15,915 18,347 47,226 75,939
FHLB advances 5 5,762 6,160 15,889
Subordinated debt 2,689 2,689 8,067 8,066
FRB PPP liquidity facility, federal funds purchased and other borrowings 4,350 5,413 14,014 9,576
Total interest expense 22,959 32,211 75,467 109,470
Net interest income 219,892 107,439 491,380 280,742
Provision for credit losses on loans and leases 13,164 12,955 13,536 65,688
Net interest income after provision for credit losses on loans and leases 206,728 94,484 477,844 215,054
Non-interest income:        
Commercial lease income 5,213 4,510 15,729 13,286
Bank-owned life insurance 1,988 1,746 6,432 5,265
Mortgage warehouse transactional fees 3,100 3,320 10,612 7,854
Gain (loss) on sale of SBA and other loans 5,359 286 8,834 320
Mortgage banking income 425 1,013 1,274 1,347
Gain (loss) on sale of investment securities 6,063 11,707 31,441 20,035
Unrealized gain (loss) on investment securities 0 238 2,720 60
Loss on sale of foreign subsidiaries 0 0 (2,840) 0
Unrealized gain (loss) on derivatives 524 549 2,622 (4,755)
Loss on cash flow hedge derivative terminations 0 0 (24,467) 0
Other 1,837 753 5,519 2,066
Total non-interest income 25,586 24,864 60,876 47,736
Non-interest expense:        
Salaries and employee benefits 26,268 24,752 78,262 68,467
Technology, communication and bank operations 21,281 13,005 60,887 34,647
Professional services 8,249 4,421 22,772 10,939
Occupancy 2,704 3,368 7,807 8,620
Commercial lease depreciation 4,493 3,663 13,199 10,733
FDIC assessments, non-income taxes and regulatory fees 2,313 3,784 7,634 9,019
Merger and acquisition related expenses 0 658 418 658
Loan workout 198 846 39 3,020
Advertising and promotion 302 0 1,176 1,795
Deposit relationship adjustment fees 6,216 0 6,216 0
Other 7,985 1,788 14,349 7,145
Total non-interest expense 80,009 56,285 212,759 155,043
Income before income tax expense 152,305 63,063 325,961 107,747
Income tax expense 36,263 12,016 73,947 23,270
Net income from continuing operations 116,042 51,047 252,014 84,477
Loss from discontinued operations before income taxes 0 (347) (20,354) (10,259)
Income tax expense (benefit) from discontinued operations 0 185 17,682 (2,114)
Net loss from discontinued operations 0 (532) (38,036) (8,145)
Net income 116,042 50,515 213,978 76,332
Preferred stock dividends 2,981 3,430 9,671 10,626
Loss on redemption of preferred stock 2,820 0 2,820 0
Net income available to common shareholders $ 110,241 $ 47,085 $ 201,487 $ 65,706
Basic earnings per common share from continuing operations (usd per share) $ 3.40 $ 1.51 $ 7.44 $ 2.35
Basic earnings per common share (usd per share) 3.40 1.49 6.26 2.09
Diluted earnings per common share from continuing operations (usd per share) 3.25 1.50 7.15 2.33
Diluted earnings per common share (usd per share) $ 3.25 $ 1.48 $ 6.02 $ 2.07
Interchange and card revenue        
Non-interest income:        
Non-interest income $ 83 $ 92 $ 252 $ 555
Deposit fees        
Non-interest income:        
Non-interest income $ 994 $ 650 $ 2,748 $ 1,703