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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and dividend income:        
Loans, including fees $ 48,774 $ 50,249 $ 147,491 $ 143,253
Factored receivables, including fees 31,468 25,570 76,861 75,684
Securities 1,927 2,784 6,710 8,095
FHLB and other restricted stock 122 209 474 547
Cash deposits 73 603 640 2,403
Total interest income 82,364 79,415 232,176 229,982
Interest expense:        
Deposits 5,834 11,036 23,095 29,264
Subordinated notes 1,348 840 4,016 2,518
Junior subordinated debentures 462 719 1,662 2,223
Other borrowings 341 2,055 2,273 6,482
Total interest expense 7,985 14,650 31,046 40,487
Net interest income (expense) 74,379 64,765 201,130 189,495
Credit loss expense (benefit) (258) 2,865 33,649 7,560
Net interest income after credit loss expense 74,637 61,900 167,481 181,935
Noninterest income:        
Net OREO gains (losses) and valuation adjustments (41) (56) (399) 301
Net gains (losses) on sale or call of securities 3,109 19 3,210 22
Insurance commissions 990 1,247 2,905 3,127
Gain on sale of subsidiary or division 0 0 9,758 0
Other 1,472 956 8,670 3,525
Total noninterest income 10,493 7,742 37,999 22,903
Noninterest expense:        
Salaries and employee benefits 31,651 28,717 93,177 83,276
Occupancy, furniture and equipment 5,574 4,505 15,720 13,529
FDIC insurance and other regulatory assessments 360 (2) 1,170 600
Professional fees 3,265 1,969 7,023 5,384
Amortization of intangible assets 2,141 2,228 6,265 6,977
Advertising and promotion 1,105 1,379 3,548 4,779
Communications and technology 5,569 5,382 16,514 15,244
Other 5,632 7,975 19,359 21,634
Total noninterest expense 55,297 52,153 162,776 151,423
Net income before income tax expense 29,833 17,489 42,704 53,415
Income tax expense 6,929 3,172 10,810 11,580
Net income 22,904 14,317 31,894 41,835
Dividends on preferred stock (899) 0 (899) 0
Net income to common stockholders $ 22,005 $ 14,317 $ 30,995 $ 41,835
Earnings per common share        
Basic (in dollars per share) $ 0.89 $ 0.56 $ 1.28 $ 1.60
Diluted (in dollars per share) $ 0.89 $ 0.56 $ 1.27 $ 1.59
Service charges on deposits        
Noninterest income:        
Revenue $ 1,470 $ 1,937 $ 3,631 $ 5,243
Card income        
Noninterest income:        
Revenue 2,091 2,015 5,832 5,930
Fee income        
Noninterest income:        
Revenue $ 1,402 $ 1,624 $ 4,392 $ 4,755