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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest Income        
Loans $ 228,732 $ 85,994 $ 418,182 $ 158,190
Mortgage loans in process of securitization 3,127 1,449 4,775 3,694
Investment securities:        
Available for sale - taxable 5,564 917 7,830 1,618
Held to maturity 17,311   33,065  
Federal Home Loan Bank stock 471 284 898 553
Other 2,864 626 4,613 1,227
Total interest income 258,069 89,270 469,363 165,282
Interest Expense        
Deposits 137,801 14,768 242,243 23,581
Borrowed funds 14,651 2,471 20,810 3,945
Total interest expense 152,452 17,239 263,053 27,526
Net Interest Income 105,617 72,031 206,310 137,756
Provision for credit losses 22,603 6,212 29,470 8,663
Net Interest Income After Provision for Credit Losses 83,014 65,819 176,840 129,093
Noninterest Income        
Gain on sale of loans 11,350 21,564 18,083 39,529
Loan servicing fees, net 8,616 9,607 10,976 19,338
Mortgage warehouse fees 2,865 1,350 3,893 3,208
Syndication and asset management fees 3,896 1,599 5,108 2,213
Other income 3,155 5,051 6,086 9,480
Total noninterest income 29,882 39,171 44,146 73,768
Noninterest Expense        
Salaries and employee benefits 25,724 22,475 47,870 43,768
Loan expenses 907 1,184 1,711 2,395
Occupancy and equipment 2,456 2,011 4,688 3,825
Professional fees 3,723 1,594 5,992 2,897
Deposit insurance expense 3,806 670 5,984 1,429
Technology expense 1,571 1,304 3,148 2,540
Other expense 6,133 3,719 9,699 7,136
Total noninterest expense 44,320 32,957 79,092 63,990
Income Before Income Taxes 68,576 72,033 141,894 138,871
Provision for income taxes 3,274 18,098 21,637 34,794
Net Income 65,302 53,935 120,257 104,077
Dividends on preferred stock (8,668) (5,729) (17,335) (11,457)
Net Income Allocated to Common Shareholders $ 56,634 $ 48,206 $ 102,922 $ 92,620
Basic Earnings Per Share $ 1.31 $ 1.12 $ 2.38 $ 2.14
Diluted Earnings Per Share $ 1.31 $ 1.11 $ 2.38 $ 2.14
Weighted-Average Shares Outstanding        
Basic (in Shares) 43,235,398 43,209,824 43,207,655 43,220,198
Diluted (in Shares) 43,309,393 43,335,211 43,300,240 43,367,875