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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest Income        
Interest and fees on loans $ 139,836 $ 132,273 $ 415,446 $ 382,116
Interest and dividends on investment securities 12,578 13,732 37,663 41,518
Interest on balances with other banks and short-term investments 21,296 15,067 65,726 34,070
Interest on federal funds sold 103 77 311 202
Total interest income 173,813 161,149 519,146 457,906
Interest Expense        
Interest on deposits 81,190 70,929 237,419 179,305
Interest on customer repurchase agreements 332 311 977 946
Interest on other short-term borrowings 20,448 18,152 62,856 56,989
Interest on long-term borrowings 0 1,038 0 3,112
Total interest expense 101,970 90,430 301,252 240,352
Net Interest Income 71,843 70,719 217,894 217,554
Provision for Credit Losses 10,094 5,644 54,228 17,046
(Reversal of) Provision for Credit Losses for Unfunded Commitments (1,593) (839) (529) 327
Net Interest Income After (Reversal of) Provision for Credit Losses 63,342 65,914 164,195 200,181
Noninterest Income        
Service charges on deposits 1,747 1,631 5,099 4,767
Gain (loss) on sale of loans 20 (5) 57 395
Net gain (loss) on sale of investment securities 3 5 10 (14)
Increase in the cash surrender value of bank-owned life insurance 731 669 2,143 1,972
Other income 4,450 4,047 8,563 11,522
Total noninterest income 6,951 6,347 15,872 18,642
Noninterest Expense        
Salaries and employee benefits 21,675 21,549 65,171 67,680
Premises and equipment expenses 2,794 3,095 8,747 9,639
Marketing and advertising 1,588 768 4,109 2,288
Data processing 3,435 3,194 10,223 9,647
Legal, accounting and professional fees 3,433 2,162 8,645 8,065
FDIC insurance 7,399 3,342 19,728 7,409
Goodwill impairment 0 0 104,168 0
Other expenses 3,290 3,523 9,311 11,467
Total noninterest expense 43,614 37,633 230,102 116,195
Income (Loss) Before Income Tax Expense 26,679 34,628 (50,035) 102,628
Income Tax Expense 4,864 7,245 12,290 22,319
Net Income (Loss) $ 21,815 $ 27,383 $ (62,325) $ 80,309
Earnings (Loss) Per Common Share        
Basic (in dollars per share) $ 0.72 $ 0.91 $ (2.07) $ 2.63
Diluted (in dollars per share) $ 0.72 $ 0.91 $ (2.07) $ 2.63