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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest Income        
Loans $ 129,101 $ 72,924 $ 287,291 $ 216,717
Mortgage loans in process of securitization 2,162 2,868 5,856 8,728
Investment securities:        
Available for sale - taxable 485 1,115 2,103 2,302
Available for sale - tax exempt   12   32
Held to maturity 970   970  
Federal Home Loan Bank stock 379 190 932 966
Other 1,015 205 2,242 556
Total interest income 134,112 77,314 299,394 229,301
Interest Expense        
Deposits 45,002 6,981 68,583 19,764
Borrowed funds 3,725 1,452 7,670 4,286
Total interest expense 48,727 8,433 76,253 24,050
Net Interest Income 85,385 68,881 223,141 205,251
Provision for credit losses 2,225 1,079 10,888 2,427
Net Interest Income After Provision for Credit Losses 83,160 67,802 212,253 202,824
Noninterest Income        
Gain on sale of loans 13,354 29,013 52,883 82,755
Loan servicing fees, net 8,169 5,313 27,507 14,991
Mortgage warehouse fees 1,105 2,732 4,313 9,927
Syndication and asset management fees 3,073 643 5,286 1,178
Other income 3,485 2,570 12,965 8,211
Total noninterest income 29,186 40,271 102,954 117,062
Noninterest Expense        
Salaries and employee benefits 23,027 20,197 66,795 60,340
Loan expenses 1,226 1,734 3,621 6,178
Occupancy and equipment 1,967 1,861 5,792 5,296
Professional fees 2,429 901 5,326 2,102
Deposit insurance expense 755 664 2,184 1,986
Technology expense 1,325 1,169 3,865 3,077
Other expense 4,222 2,946 11,358 8,760
Total noninterest expense 34,951 29,472 98,941 87,739
Income Before Income Taxes 77,395 78,601 216,266 232,147
Provision for income taxes 18,907 20,098 53,701 60,244
Net Income 58,488 58,503 162,565 171,903
Dividends on preferred stock (5,729) (5,729) (17,186) (15,145)
Net Income Allocated to Common Shareholders $ 52,759 $ 52,774 $ 145,379 $ 156,758
Basic Earnings Per Share(1) [1] $ 1.22 $ 1.22 $ 3.37 $ 3.63
Diluted Earnings Per Share(1) [1] $ 1.22 $ 1.22 $ 3.36 $ 3.62
Weighted-Average Shares Outstanding(1)        
Basic (in Shares) [1] 43,107,975 43,176,296 43,182,380 43,169,618
Diluted (in Shares) [1] 43,258,925 43,314,755 43,331,148 43,300,688
[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