Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following table presents selected quarterly data for the years ended December 31, 2019 and 2018.


	2019
Quarter Ended	December 31		September 30		June 30		March 31
(amounts in thousands, except per share data)
Interest income	$	123,995	$	126,718	$	111,950	$	101,075
Interest expense	46,402		50,983		47,271		41,771
Net interest income	77,593		75,735		64,679		59,304
Provision for loan and lease losses	9,689		4,426		5,346		4,767
Non-interest income ⁽¹⁾	25,813		23,369		12,036		19,718
Non-interest expenses	58,740		59,592		59,582		53,984
Income before income taxes	34,977		35,086		11,787		20,271
Provision for income taxes	7,451		8,020		2,491		4,831
Net income	27,526		27,066		9,296		15,440
Preferred stock dividends	3,615		3,615		3,615		3,615
Net income available to common shareholders	$	23,911	$	23,451	$	5,681	$	11,825
Earnings per common share:

Basic earnings per common share	$	0.76	$	0.75	$	0.18	$	0.38

Diluted earnings per common share	$	0.75	$	0.74	$	0.18	$	0.38

(1)The quarter ended June 30, 2019 included a $7.5 million loss due to a shortfall in the fair value of interest-only GNMA securities acquired from a commercial mortgage warehouse customer.


	2018
Quarter Ended	December 31		September 30		June 30		March 31
(amounts in thousands, except per share data)
Interest income	$	103,303	$	110,045	$	107,639	$	96,964
Interest expense	41,779		46,044		40,317		31,933
Net interest income	61,524		64,001		67,322		65,031
Provision for loan and lease losses	1,385		2,924		(784)		2,117
Non-interest income ⁽²⁾	19,877		2,084		16,127		20,910
Non-interest expenses	57,045		57,104		53,750		52,280
Income before income taxes	22,971		6,057		30,483		31,544
Provision for income taxes	5,109		28		6,820		7,402
Net income	17,862		6,029		23,663		24,142




Preferred stock dividends	3,615		3,615		3,615		3,615
Net income available to common shareholders	$	14,247	$	2,414	$	20,048	$	20,527
Earnings per common share:

Basic earnings per common share	$	0.45	$	0.08	$	0.64	$	0.65

Diluted earnings per common share	$	0.44	$	0.07	$	0.62	$	0.64

(2)The quarter ended September 30, 2018 included an $18.7 million loss on sale of investment securities.