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Consolidated Statements of Income (Loss) - Unaudited - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Loans and leases $ 241,745 $ 168,920 $ 485,957 $ 326,040
Investment securities 48,026 25,442 95,342 45,737
Loans held for sale 11,149 21 22,850 76
Interest earning deposits 27,624 919 38,019 1,248
Other 1,616 1,032 2,937 6,709
Total interest income 330,160 196,334 645,105 379,810
Interest expense:        
Deposits 136,375 22,781 280,305 36,493
FHLB advances 24,285 2,316 34,655 2,316
FRB advances 0 0 6,286 0
Subordinated debt 2,689 2,689 5,378 5,378
Other borrowings 1,540 3,696 3,311 6,072
Total interest expense 164,889 31,482 329,935 50,259
Net interest income 165,271 164,852 315,170 329,551
Provision for credit losses 23,629 23,847 43,232 39,844
Net interest income after provision for credit losses 141,642 141,005 271,938 289,707
Non-interest income:        
Commercial lease income 8,917 6,592 18,243 12,487
Loan fees 4,271 2,618 8,261 5,163
Bank-owned life insurance 4,997 1,947 7,644 10,273
Mortgage warehouse transactional fees 1,376 1,883 2,450 3,898
Gain (loss) on sale of SBA and other loans (761) 1,542 (761) 3,049
Loss on sale of capital call lines of credit (5,037) 0 (5,037) 0
Net gain (loss) on sale of investment securities 0 (3,029) 0 (4,092)
Other 2,234 1,193 3,318 3,166
Total non-interest income 15,997 12,746 34,118 33,944
Non-interest expense:        
Salaries and employee benefits 33,120 25,334 65,465 51,941
Technology, communication and bank operations 16,407 22,738 32,996 46,806
Commercial lease depreciation 7,328 5,552 15,203 10,494
Professional services 9,192 7,415 16,788 14,371
Loan servicing 4,777 4,341 9,438 6,712
Occupancy 2,519 4,279 5,279 7,329
FDIC assessments, non-income taxes and regulatory fees 9,780 1,619 12,508 4,002
Advertising and promotion 546 353 1,595 668
Other 5,628 4,574 10,158 7,689
Total non-interest expense 89,297 76,205 169,430 150,012
Income before income tax expense 68,342 77,546 136,626 173,639
Income tax expense 20,768 18,896 35,331 38,228
Net income 47,574 58,650 101,295 135,411
Preferred stock dividends 3,567 2,131 7,023 3,996
Net income available to common shareholders 44,007 56,519 94,272 131,415
Net income available to common shareholders $ 44,007 $ 56,519 $ 94,272 $ 131,415
Basic earnings per common share (usd per share) $ 1.41 $ 1.73 $ 2.99 $ 4.00
Diluted earnings per common share (usd per share) $ 1.39 $ 1.68 $ 2.95 $ 3.87