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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest Income        
Loans $ 85,994 $ 68,276 $ 158,190 $ 143,793
Mortgage loans in process of securitization 1,449 2,724 3,694 5,860
Investment securities:        
Available for sale - taxable 917 833 1,618 1,187
Available for sale - tax exempt   9   20
Federal Home Loan Bank stock 284 392 553 776
Other 626 204 1,227 351
Total interest income 89,270 72,438 165,282 151,987
Interest Expense        
Deposits 14,768 6,683 23,581 12,783
Borrowed funds 2,471 1,348 3,945 2,834
Total interest expense 17,239 8,031 27,526 15,617
Net Interest Income 72,031 64,407 137,756 136,370
Provision (credit) for credit losses 6,212 (315) 8,663 1,348
Net Interest Income After Provision for Credit Losses 65,819 64,722 129,093 135,022
Noninterest Income        
Gain on sale of loans 21,564 25,122 39,529 53,742
Loan servicing fees, net 9,607 1,727 19,338 9,678
Mortgage warehouse fees 1,350 3,079 3,208 7,195
Syndication and asset management fees 1,599 480 2,213 535
Other income 5,051 2,447 9,480 5,641
Total noninterest income 39,171 32,855 73,768 76,791
Noninterest Expense        
Salaries and employee benefits 22,475 18,869 43,768 40,143
Loan expenses 1,184 1,921 2,395 4,444
Occupancy and equipment 2,011 1,808 3,825 3,435
Professional fees 1,594 779 2,897 1,201
Deposit insurance expense 670 651 1,429 1,322
Technology expense 1,304 971 2,540 1,908
Other expense 3,719 3,184 7,136 5,814
Total noninterest expense 32,957 28,183 63,990 58,267
Income Before Income Taxes 72,033 69,394 138,871 153,546
Provision for income taxes 18,098 17,977 34,794 40,146
Net Income 53,935 51,417 104,077 113,400
Dividends on preferred stock (5,729) (5,659) (11,457) (9,416)
Net Income Allocated to Common Shareholders $ 48,206 $ 45,758 $ 92,620 $ 103,984
Basic Earnings Per Share $ 1.12 [1] $ 1.06 [1] $ 2.14 $ 2.41
Diluted Earnings Per Share $ 1.11 [1] $ 1.06 [1] $ 2.14 $ 2.40
Basic (in Shares) 43,209,824 [1] 43,174,220 [1] 43,220,198 43,166,223
Diluted (in Shares) 43,335,211 [1] 43,311,488 [1] 43,367,875 43,293,599
[1] The number of shares and per share amounts have been restated to reflect the 3-for-2 common stock split, effective on January 17, 2022