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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and dividend income          
Loans, including fees $ 62,019 $ 63,642 $ 80,287 $ 191,195 $ 260,004
Securities 6,766 7,816 10,024 22,402 40,322
Other interest-earning assets 881 1,239 2,346 3,480 7,083
Total interest and dividend income 69,666 72,697 92,657 217,077 307,409
Interest expense          
Deposits 7,564 10,205 22,811 32,380 82,852
Federal Home Loan Bank advances 3,860 4,818 8,519 14,561 25,889
Securities sold under repurchase agreements 2 2 13 4 47
Long-term debt and other interest-bearing liabilities 2,385 2,357 2,399 7,101 7,118
Total interest expense 13,811 17,382 33,742 54,046 115,906
Net interest income 55,855 55,315 58,915 163,031 191,503
Provision for credit losses 1,141 11,826 38,607 28,728 38,805
Net interest income after provision for credit losses 54,714 43,489 20,308 134,303 152,698
Noninterest income          
Customer service fees 1,498 1,224 1,582 3,818 4,531
Loan servicing income 186 95 128 356 367
Income from bank owned life insurance 629 591 588 1,798 1,693
Impairment loss on investment securities 0 0 (731) 0 (731)
Net gain (loss) on sale of securities available-for-sale 0 2,011 (5,063) 2,011 (4,855)
Fair value adjustment for loans held-for-sale 24 25 16 (1,537) 76
Net gain on sale of loans 272 0 4,310 245 8,629
Other income (loss) 1,345 1,582 2,351 4,852 (2,524)
Total noninterest income 3,954 5,528 3,181 11,543 7,186
Noninterest expense          
Salaries and employee benefits 23,277 24,260 25,934 70,973 81,879
Naming rights termination 0 26,769 0 26,769 0
Occupancy and equipment 7,457 7,090 7,767 21,790 23,408
Professional fees 5,147 4,596 1,463 15,707 9,601
Data processing 1,657 1,536 1,568 4,966 4,736
Advertising and promotion 219 1,157 2,090 3,132 6,195
Regulatory assessments 784 725 1,239 1,993 5,857
(Gain) loss on investments in alternative energy partnerships (1,430) (167) (940) 308 655
Reversal of provision for loan repurchases (91) (34) (123) (725) (300)
Amortization of intangible assets 353 430 500 1,212 1,741
Restructuring expense 0 0 0 0 2,637
All other expense 3,021 6,408 3,742 13,958 12,580
Total noninterest expense 40,394 72,770 43,240 160,083 148,989
Income (loss) from operations before income taxes 18,274 (23,753) (19,751) (14,237) 10,895
Income tax expense (benefit) 2,361 (5,304) (5,619) (5,108) 1,408
Net income (loss) 15,913 (18,449) (14,132) (9,129) 9,487
Preferred stock dividends 3,447 3,442 3,403 10,422 12,019
Income allocated to participating securities 281 0 0 0 0
Participating securities dividends 94 94 94 282 390
Impact of preferred stock redemption 7 (49) 5,093 (568) 5,093
Net income (loss) available to common stockholders 12,084 $ (21,936) (22,722) (19,265) (8,015)
Voting          
Noninterest expense          
Preferred stock dividends 3,414   3,371 10,323 11,906
Income allocated to participating securities 278   0 0 0
Participating securities dividends 93   93 279 386
Impact of preferred stock redemption $ 7   $ 5,045 $ (563) $ 5,045
Earnings (loss) per common share:          
Basic (in usd per share) $ 0.24 $ (0.44) $ (0.45) $ (0.38) $ (0.16)
Diluted (loss) earnings per common share          
Diluted (in usd per share) $ 0.24 (0.44) $ (0.45) $ (0.38) $ (0.16)
Class B Common Stock          
Noninterest expense          
Preferred stock dividends $ 33   $ 32 $ 99 $ 113
Income allocated to participating securities 3   0 0 0
Participating securities dividends 1   1 3 4
Impact of preferred stock redemption $ 0   $ 48 $ (5) $ 48
Earnings (loss) per common share:          
Basic (in usd per share) $ 0.24 (0.44) $ (0.45) $ (0.38) $ (0.16)
Diluted (loss) earnings per common share          
Diluted (in usd per share) $ 0.24 $ (0.44) $ (0.45) $ (0.38) $ (0.16)