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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest income:        
Loans $ 110,061 $ 118,532 $ 218,272 $ 234,967
Mortgage-backed securities 2,556 1,619 4,597 4,392
Investment securities and other 846 1,541 1,576 6,030
Total interest income 113,463 121,692 224,445 245,389
Interest expense:        
Deposits 10,460 15,445 22,484 32,065
Securities sold under agreements to repurchase 0 335 0 1,335
Advances from FHLB and other borrowings 452 505 911 1,045
Subordinated capital notes 294 347 589 783
Total interest expense 11,206 16,632 23,984 35,228
Net interest income 102,257 105,060 200,461 210,161
Provision for credit losses (8,305) 17,696 (1,981) 64,827
Net interest income after (recapture) provision for credit losses 110,562 87,364 202,442 145,334
Non-interest income:        
Banking service revenue 18,248 13,668 34,741 29,381
Wealth management revenue 8,263 6,366 15,651 13,652
Mortgage banking activities 4,537 3,072 10,108 6,306
Total banking and financial service revenues 31,048 23,106 60,500 49,339
Net gain on:        
Sale of securities 0 0 0 4,728
Bargain purchase from Scotiabank PR & USVI acquistion 0 3,462 0 3,872
Other non-interest income 1,143 584 2,098 663
Total non-interest income, net 32,191 27,152 62,598 58,602
Non-interest expense:        
Compensation and employee benefits 32,919 34,506 65,537 70,050
Occupancy, equipment and infrastructure costs 12,528 11,837 25,656 23,276
Electronic banking charges 9,316 7,962 17,548 17,550
Information technology expenses 5,532 3,944 9,786 10,878
Professional and service fees 5,399 3,475 9,935 9,264
Taxes, other than payroll and income taxes 3,617 3,171 7,278 6,349
Insurance 2,673 2,761 5,129 6,239
Foreclosed real estate and other repossessed assets (income) expenses 327 2,918 278 5,440
Loan servicing and clearing expenses 1,942 1,148 3,782 2,491
Advertising, business promotion, and strategic initiatives 1,707 1,533 3,137 3,163
Communication 1,039 905 2,004 1,876
Printing, postage, stationary and supplies 941 951 2,159 1,673
Director and investor relations 324 316 623 626
Merger and restructuring charges 0 3,006 0 3,310
Pandemic expenses 1,531 2,033 3,300 2,201
Other 2,881 5,015 4,190 8,417
Total non-interest expense 82,676 85,481 160,342 172,803
Income before income taxes 60,077 29,035 104,698 31,133
Income tax expense 19,250 7,248 33,498 7,545
Net income 40,827 21,787 71,200 23,588
Less: dividends on preferred stock 0 (1,628) (1,255) (3,256)
Income available to common shareholders $ 40,827 $ 20,159 $ 69,945 $ 20,332
Earnings per common share:        
Basic $ 0.79 $ 0.39 $ 1.36 $ 0.40
Diluted $ 0.78 $ 0.39 $ 1.35 $ 0.39
Average common shares outstanding and equivalents 52,048 51,470 51,885 51,584
Cash dividends per share of common stock $ 0.08 $ 0.07 $ 0.16 $ 0.14