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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest Income        
Interest and fees on loans $ 125,223 $ 137,616 $ 251,359 $ 275,610
Interest and dividends on investment securities 11,436 12,405 23,348 25,085
Interest on balances with other banks and short-term investments 14,760 19,568 30,563 44,430
Interest on federal funds sold 24 142 51 208
Total interest income 151,443 169,731 305,321 345,333
Interest Expense        
Interest on deposits 78,912 76,846 156,123 156,229
Interest on customer repurchase agreements 250 330 510 645
Interest on other short-term borrowings 2,489 21,202 11,222 42,408
Interest on long-term borrowings 2,016 0 4,041 0
Total interest expense 83,667 98,378 171,896 199,282
Net Interest Income 67,776 71,353 133,425 146,051
Provision for (reversal of) credit losses 138,159 8,959 164,414 44,134
Provision for (Reversal of) Credit Losses for Unfunded Commitments 1,759 608 1,462 1,064
Net Interest Income (Loss) After Provision for (Reversal of) Credit Losses (72,142) 61,786 (32,451) 100,853
Noninterest Income        
Service charges on deposits 1,771 1,653 3,514 3,352
Gain on sale of loans 0 37 0 37
Net gain (loss) on sale of investment securities (1,854) 3 (1,850) 7
Increase in the cash surrender value of bank-owned life insurance 5,161 709 9,443 1,412
Other income 1,336 2,930 3,514 4,113
Total noninterest income 6,414 5,332 14,621 8,921
Noninterest Expense        
Salaries and employee benefits 21,940 21,770 43,908 43,496
Premises and equipment expenses 3,019 2,894 6,222 5,953
Marketing and advertising 1,144 1,662 2,515 2,521
Data processing 4,293 3,495 8,271 6,788
Legal, accounting and professional fees 1,550 2,705 4,672 5,212
FDIC insurance 8,077 5,917 17,039 12,329
Goodwill impairment 0 104,168 0 104,168
Other expenses 3,447 3,880 6,294 6,021
Total noninterest expense 43,470 146,491 88,921 186,488
Income (Loss) Before Income Tax Expense (109,198) (79,373) (106,751) (76,714)
Income Tax Expense (39,423) 4,429 (38,651) 7,426
Net Income (Loss) $ (69,775) $ (83,802) $ (68,100) $ (84,140)
Earnings (Loss) Per Common Share        
Basic (in dollars per share) $ (2.30) $ (2.78) $ (2.25) $ (2.79)
Diluted (in dollars per share) $ (2.30) $ (2.78) $ (2.25) $ (2.79)