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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans $ 116,240 $ 107,933 $ 335,162 $ 326,193
Mortgage-backed securities 9,665 3,060 21,424 7,657
Investment securities and other 8,770 1,142 13,260 2,718
Total interest income 134,675 112,135 369,846 336,568
Interest expense:        
Deposits 7,987 8,691 21,972 31,175
Advances from FHLB and other borrowings 178 450 555 1,361
Subordinated capital notes 0 293 521 882
Total interest expense 8,165 9,434 23,048 33,418
Net interest income 126,510 102,701 346,798 303,150
Provision for (recapture of) credit losses 7,120 (4,997) 15,362 (6,978)
Net interest income after provision for credit losses 119,390 107,698 331,436 310,128
Non-interest income:        
Banking service revenue 17,234 18,200 52,937 52,948
Wealth management revenue 8,173 7,619 24,300 23,270
Mortgage banking activities 4,891 6,197 15,476 16,310
Total banking and financial service revenues 30,298 32,016 92,713 92,528
Net gain on:        
Early extinguishment of debt 0 0 42 0
Other non-interest income 322 505 5,681 2,603
Total non-interest income, net 30,620 32,521 98,436 95,131
Non-interest expense:        
Compensation and employee benefits 35,332 33,745 104,830 99,282
Occupancy, equipment and infrastructure costs 12,638 12,078 37,415 37,734
Electronic banking charges 9,965 9,615 29,473 27,163
Information technology expenses 5,270 3,621 15,602 13,407
Professional and service fees 6,441 5,003 19,224 14,938
Taxes, other than payroll and income taxes 3,324 3,257 9,897 10,535
Insurance 2,394 2,530 7,458 7,659
Loan servicing and clearing expenses 2,144 1,908 6,309 5,690
Advertising, business promotion, and strategic initiatives 1,926 1,646 5,815 4,783
Communication 982 1,327 3,230 3,332
Printing, postage, stationery and supplies 878 878 2,755 3,037
Director and investor relations 261 243 856 867
Climate events expenses 1,426 0 1,426 0
Foreclosed real estate and other repossessed assets expenses (income), net 573 (2,163) (2,313) (1,885)
Other 3,938 5,236 11,928 12,724
Total non-interest expense 87,492 78,924 253,905 239,266
Income before income taxes 62,518 61,295 175,967 165,993
Income tax expense 20,599 19,624 56,095 53,122
Net income 41,919 41,671 119,872 112,871
Less: dividends on preferred stock 0 0 0 (1,255)
Income available to common shareholders $ 41,919 $ 41,671 $ 119,872 $ 111,616
Earnings per common share:        
Basic (in dollars per share) $ 0.88 $ 0.82 $ 2.49 $ 2.18
Diluted (in dollars per share) $ 0.87 $ 0.81 $ 2.47 $ 2.15
Average common shares outstanding and equivalents (in shares) 47,926 51,516 48,594 51,748
Cash dividends per share of common stock (in dollars per share) $ 0.20 $ 0.12 $ 0.50 $ 0.28