XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Loans $ 118,532 $ 85,080 $ 234,967 $ 169,199
Mortgage-backed securities 1,619 5,987 4,392 13,912
Investment securities and other 1,541 3,188 6,030 5,854
Total interest income 121,692 94,255 245,389 188,965
Interest expense:        
Deposits 15,445 9,991 32,065 19,040
Securities sold under agreements to repurchase 335 2,106 1,335 4,892
Advances from FHLB and other borrowings 505 559 1,045 1,121
Subordinated capital notes 347 514 783 1,038
Total interest expense 16,632 13,170 35,228 26,091
Net interest income 105,060 81,085 210,161 162,874
Provision for credit losses 17,696 17,705 64,827 29,954
Net interest income after provision for credit losses 87,364 63,380 145,334 132,920
Non-interest income:        
Banking service revenue 13,668 10,776 29,381 21,241
Wealth management revenue 6,366 6,669 13,652 12,551
Mortgage banking activities 3,072 629 6,306 1,835
Total banking and financial service revenues 23,106 18,074 49,339 35,627
Net gain on:        
Sale of securities 0 4,776 4,728 4,776
Early extinguishment of debt (63) (7) (63) (7)
Bargain purchase from Scotiabank PR & USVI acquistion 3,462 0 3,872 0
Other non-interest income 647 105 726 208
Total non-interest income, net 27,152 22,948 58,602 40,604
Non-interest expense:        
Compensation and employee benefits 34,506 19,875 70,050 40,216
Occupancy, equipment and infrastructure costs 11,837 7,511 23,276 15,257
Electronic banking charges 7,962 5,128 17,550 10,193
Information technology expenses 3,944 2,200 10,878 4,707
Professional and service fees 3,475 3,427 9,264 6,635
Insurance 2,761 1,277 6,239 2,423
Taxes, other than payroll and income taxes 3,171 2,142 6,349 4,295
Loss on sale of foreclosed real estate, other repossessed assets and credit related expenses 2,918 2,584 5,440 5,950
Advertising, business promotion, and strategic initiatives 1,533 1,315 3,163 2,526
Loan servicing and clearing expenses 1,148 1,160 2,491 2,368
Communication 905 859 1,876 1,599
Printing, postage, stationary and supplies 951 636 1,673 1,214
Director and investor relations 316 330 626 560
Merger and restructuring charges 3,006 1,000 3,310 1,000
Other 7,048 2,008 10,618 4,661
Total non-interest expense 85,481 51,452 172,803 103,604
Income before income taxes 29,035 34,876 31,133 69,920
Income tax expense 7,248 10,897 7,545 22,471
Net income 21,787 23,979 23,588 47,449
Less: dividends on preferred stock (1,628) (1,628) (3,256) (3,256)
Income available to common shareholders $ 20,159 $ 22,351 $ 20,332 $ 44,193
Earnings per common share:        
Basic $ 0.39 $ 0.44 $ 0.40 $ 0.86
Diluted $ 0.39 $ 0.43 $ 0.39 $ 0.86
Average common shares outstanding and equivalents 51,470 51,680 51,584 51,652
Cash dividends per share of common stock $ 0.07 $ 0.07 $ 0.14 $ 0.14