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Consolidated Statements of Income (Loss) — Unaudited - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Loans and leases $ 271,107 $ 200,438 $ 757,064 $ 526,478
Investment securities 54,243 30,546 149,585 76,283
Interest earning deposits 43,800 2,949 81,819 4,198
Loans held for sale 4,664 19 27,514 95
Other 2,526 1,964 5,463 8,672
Total interest income 376,340 235,916 1,021,445 615,726
Interest expense:        
Deposits 145,825 65,380 426,130 101,873
FHLB advances 26,485 4,684 61,140 7,000
FRB advances 0 0 6,286 0
Subordinated debt 2,689 2,689 8,067 8,067
Other borrowings 1,568 4,131 4,879 10,203
Total interest expense 176,567 76,884 506,502 127,143
Net interest income 199,773 159,032 514,943 488,583
Provision (benefit) for credit losses 17,856 (7,994) 61,088 31,850
Net interest income after provision (benefit) for credit losses 181,917 167,026 453,855 456,733
Non-interest income:        
Commercial lease income 8,901 7,097 27,144 19,584
Loan fees 6,029 3,008 14,290 8,171
Bank-owned life insurance 1,973 3,449 9,617 13,722
Mortgage warehouse transactional fees 1,018 1,545 3,468 5,443
Gain (loss) on sale of SBA and other loans (348) 106 (1,109) 3,155
Loss on sale of capital call lines of credit 0 0 (5,037) 0
Loss on sale of consumer installment loans 0 (23,465) 0 (23,465)
Net gain (loss) on sale of investment securities (429) (2,135) (429) (6,227)
Other 631 1,378 3,949 4,544
Total non-interest income 17,775 (9,017) 51,893 24,927
Non-interest expense:        
Salaries and employee benefits 33,845 31,230 99,310 83,171
Technology, communication and bank operations 15,667 19,588 48,663 66,394
Commercial lease depreciation 7,338 5,966 22,541 16,460
Professional services 8,569 6,269 25,357 20,640
Loan servicing 3,858 3,851 13,296 10,563
Occupancy 2,471 2,605 7,750 9,934
FDIC assessments, non-income taxes and regulatory fees 8,551 2,528 21,059 6,530
Advertising and promotion 650 762 2,245 1,430
Legal settlement expense 4,096 0 4,096 0
Other 4,421 3,399 14,579 11,088
Total non-interest expense 89,466 76,198 258,896 226,210
Income before income tax expense 110,226 81,811 246,852 255,450
Income tax expense 23,470 17,899 58,801 56,127
Net income 86,756 63,912 188,051 199,323
Preferred stock dividends 3,803 2,548 10,826 6,544
Net income available to common shareholders 82,953 61,364 177,225 192,779
Net income available to common shareholders $ 82,953 $ 61,364 $ 177,225 $ 192,779
Basic earnings per common share (usd per share) $ 2.65 $ 1.89 $ 5.63 $ 5.89
Diluted earnings per common share (usd per share) $ 2.58 $ 1.85 $ 5.53 $ 5.72