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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income        
Loans $ 142,879 $ 132,816 $ 418,899 $ 377,180
Securities and other 14,389 15,205 44,484 48,582
Total interest and dividend income 157,268 148,021 463,383 425,762
Interest expense        
Deposits 58,374 44,008 172,272 106,056
Borrowings 10,835 13,679 26,380 39,080
Total interest expense 69,209 57,687 198,652 145,136
Net interest income 88,059 90,334 264,731 280,626
Non-interest income        
Other, net 3,416 1,232 8,633 1,454
Fair value adjustments on securities 516 (467) 359 (255)
(Loss) on sale of AFS securities, net 0 0 (49,909) 0
Gain on sale of business operations and other assets, net 16,048 0 16,048 0
Total non-interest income 37,555 17,465 25,089 51,165
Total net revenue 125,614 107,799 289,820 331,791
Provision expense for credit losses 5,500 8,000 17,999 24,999
Non-interest expense        
Compensation and benefits 40,663 40,155 121,524 119,186
Occupancy and equipment 7,373 8,816 24,135 27,165
Technology 10,014 10,616 30,154 30,552
Professional services 2,109 2,423 7,542 8,226
Regulatory expenses 1,851 1,905 5,544 5,165
Amortization of intangible assets 1,128 1,205 3,473 3,615
Marketing 861 1,552 2,509 4,270
Restructuring and other expenses (297) 2,607 2,936 2,592
Other 8,258 7,234 21,094 21,745
Total non-interest expense 71,960 76,513 218,911 222,516
Income before income taxes 48,154 23,286 52,910 84,276
Income tax expense 10,645 3,741 11,564 13,233
Net income $ 37,509 $ 19,545 $ 41,346 $ 71,043
Basic earnings per common share (in dollars per share) $ 0.89 $ 0.45 $ 0.97 $ 1.64
Diluted earnings per common share (in dollars per share) $ 0.88 $ 0.45 $ 0.97 $ 1.63
Weighted average shares outstanding:        
Basic (in shares) 42,170 43,164 42,456 43,435
Diluted (in shares) 42,454 43,347 42,658 43,640
Total fee income        
Non-interest income        
Total fee income $ 17,575 $ 16,700 $ 49,958 $ 49,966
Deposit related fees        
Non-interest income        
Total fee income 8,656 8,792 25,522 25,674
Loan related fees        
Non-interest income        
Total fee income 3,214 2,879 8,241 8,537
Gain on SBA loans        
Non-interest income        
Total fee income 3,020 2,548 8,013 7,952
Wealth management fees        
Non-interest income        
Total fee income $ 2,685 $ 2,481 $ 8,182 $ 7,803