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CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Loans $ 78,889 $ 85,933 $ 233,845 $ 264,224
Debt securities 5,040 5,596 16,379 18,577
Equity investments and other 1,491 1,433 3,411 4,245
Total interest income 85,420 92,962 253,635 287,046
Interest expense:        
Deposits 5,379 11,370 20,200 37,611
Borrowed funds 2,909 4,804 8,683 14,335
Total interest expense 8,288 16,174 28,883 51,946
Net interest income 77,132 76,788 224,752 235,100
Credit loss (benefit) expense (3,179) 35,714 (10,259) 55,332
Net interest income after credit loss (benefit) expense 80,311 41,074 235,011 179,768
Other income:        
Bankcard services revenue 3,409 3,097 10,052 8,319
Net (loss) gain on sales of loans (15) 1,001 3,180 1,930
Net (loss) gain on equity investments (466) (3,576) 8,397 (3,273)
Net (loss) gain from other real estate operations (3) 214 (12) 12
Income from bank owned life insurance 1,640 1,530 4,771 4,626
Commercial loan swap income 1,588 1,425 2,772 7,964
Other 173 266 1,068 310
Total other income 9,883 8,179 42,521 33,306
Operating expenses:        
Compensation and employee benefits 30,730 29,012 89,008 86,832
Occupancy 5,005 5,270 15,380 15,814
Equipment 1,124 1,906 4,008 5,831
Marketing 496 963 1,555 2,485
Federal deposit insurance and regulatory assessments 1,459 1,212 4,422 3,012
Data processing 5,363 4,517 13,796 12,843
Check card processing 1,337 1,385 4,012 3,951
Professional fees 3,089 3,354 8,317 8,339
Other operating expense 4,477 3,644 11,315 11,784
Federal Home Loan Bank (“FHLB”) prepayment fees 0 0 0 924
Amortization of core deposit intangible 1,354 1,538 4,110 4,660
Branch consolidation expense 4,014 830 5,051 4,287
Merger related expenses 225 3,156 1,052 14,753
Total operating expenses 58,673 56,787 162,026 175,515
Income (loss) before provision (benefit) for income taxes 31,521 (7,534) 115,506 37,559
Provision (benefit) for income taxes 7,354 (2,608) 28,087 7,314
Net income (loss) 24,167 (4,926) 87,419 30,245
Dividends on preferred shares 1,004 1,093 3,012 1,093
Net income (loss) available to common stockholders $ 23,163 $ (6,019) $ 84,407 $ 29,152
Basic earnings (loss) per share (in dollars per share) $ 0.40 $ (0.10) $ 1.42 $ 0.49
Diluted earnings (loss) per share (in dollars per share) $ 0.39 $ (0.10) $ 1.41 $ 0.49
Average basic shares outstanding (in shares) 59,311 59,935 59,619 59,901
Average diluted shares outstanding (in shares) 59,515 59,935 59,862 60,076
Trust and asset management revenue        
Other income:        
Other income $ 584 $ 490 $ 1,774 $ 1,560
Fees and service charges        
Other income:        
Other income $ 2,973 $ 3,732 $ 10,519 $ 11,858