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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Real estate secured loans $ 49,297 $ 55,643 $ 103,738 $ 110,649
Commercial loans 18,944 23,174 37,616 43,684
Consumer loans 3,547 4,785 7,719 9,568
Available for sale debt securities, equity securities and Federal Home Loan Bank Stock 6,279 8,257 13,348 16,666
Held to maturity debt securities 2,885 3,171 5,825 6,333
Deposits, Federal funds sold and other short-term investments 585 618 1,460 1,159
Total interest income 81,537 95,648 169,706 188,059
Interest expense:        
Deposits 7,641 11,716 18,599 22,210
Borrowed funds 4,068 7,377 9,258 14,287
Total interest expense 11,709 19,093 27,857 36,497
Net interest income 69,828 76,555 141,849 151,562
Provision for credit losses 10,900 9,500 25,617 9,700
Net interest income after provision for credit losses 58,928 67,055 116,232 141,862
Non-interest income:        
Fees 4,914 6,886 11,443 12,983
Wealth management income 5,977 6,243 12,228 10,322
Bank-owned life insurance 1,859 1,285 2,646 2,981
Net gains on securities transactions 44 29 55 29
Other income 1,571 1,391 4,984 1,707
Total non-interest income 14,365 15,834 31,356 28,022
Non-interest expense:        
Compensation and employee benefits 29,200 28,990 60,395 57,359
Net occupancy expense 6,166 6,359 12,369 13,216
Data processing expense 4,983 4,364 9,413 8,333
FDIC insurance 768 428 768 1,167
Amortization of intangibles 711 844 1,455 1,334
Advertising and promotion expense 632 1,078 2,001 1,961
Credit loss expense for off-balance sheet credit exposures 5,289 0 6,289 0
Other operating expenses 7,518 7,631 16,684 14,740
Total non-interest expense 55,267 49,694 109,374 98,110
Income before income tax expense 18,026 33,195 38,214 71,774
Income tax expense 3,715 8,802 8,972 16,491
Net income $ 14,311 $ 24,393 $ 29,242 $ 55,283
Basic earnings per share (usd per share) $ 0.22 $ 0.38 $ 0.45 $ 0.85
Weighted average basic shares outstanding (in shares) 64,315,547 64,886,149 64,350,790 64,826,714
Diluted earnings per share (usd per share) $ 0.22 $ 0.38 $ 0.45 $ 0.85
Weighted average diluted shares outstanding (in shares) 64,400,548 65,016,724 64,428,854 64,965,062