v3.23.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income:        
Interest and fees on loans $ 205,172 $ 123,266 $ 395,165 $ 237,466
Interest on deposits in other banks 1,014 157 2,507 288
Interest and dividends on securities:        
Taxable 15,565 14,695 32,317 28,361
Nontaxable 8,496 10,637 17,804 21,097
Total interest and dividend income 230,247 148,755 447,793 287,212
Interest expense:        
Interest on deposits 65,267 6,097 117,100 10,580
Interest on short-term borrowings 8,044 555 15,607 576
Interest on long-term borrowings 4,852 3,336 9,558 6,358
Total interest expense 78,163 9,988 142,265 17,514
Net interest income 152,084 138,767 305,528 269,698
Provision for credit losses 6,069 3,559 17,920 6,359
Net interest income after provision for credit losses 146,015 135,208 287,608 263,339
Noninterest income:        
Service charges on deposit accounts 8,118 8,040 16,020 15,637
Other service charges, commissions and fees 1,693 1,709 3,439 3,364
Interchange fees 2,459 2,268 4,784 4,078
Fiduciary and asset management fees 4,359 6,939 8,620 14,194
Mortgage banking income 449 2,200 1,303 5,317
Gain (loss) on sale of securities 2 (2) (13,398) (2)
Bank owned life insurance income 2,870 2,716 5,698 5,413
Loan-related interest rate swap fees 2,316 2,600 3,755 6,460
Other operating income 1,931 11,816 3,603 13,978
Total noninterest income 24,197 38,286 33,824 68,439
Noninterest expenses:        
Salaries and benefits 62,019 55,305 122,547 113,603
Occupancy expenses 6,094 6,395 12,450 13,278
Furniture and equipment expenses 3,565 3,590 7,317 7,187
Technology and data processing 8,566 7,862 16,708 15,658
Professional services 4,433 4,680 7,847 8,770
Marketing and advertising expense 2,817 2,502 5,168 4,665
FDIC assessment premiums and other insurance 4,074 2,765 7,973 5,250
Franchise and other taxes 4,499 4,500 8,997 8,999
Loan-related expenses 1,619 1,867 3,171 3,643
Amortization of intangible assets 2,216 2,915 4,494 5,954
Other expenses 5,759 6,387 17,262 17,082
Total noninterest expenses 105,661 98,768 213,934 204,089
Income before income taxes 64,551 74,726 107,498 127,689
Income tax expense 9,310 12,500 16,604 21,773
Net income 55,241 62,226 90,894 105,916
Dividends on preferred stock 2,967 2,967 5,934 5,934
Net Income available to common shareholders $ 52,274 $ 59,259 $ 84,960 $ 99,982
Basic earnings per common share $ 0.70 $ 0.79 $ 1.13 $ 1.33
Diluted earnings per common share 0.70 0.79 1.13 1.33
Dividends declared per common share $ 0.30 $ 0.28 $ 0.60 $ 0.56
Basic weighted average number of common shares outstanding 74,995,450 74,847,899 74,914,247 75,194,347
Diluted weighted average number of common shares outstanding 74,995,557 74,849,871 74,915,977 75,201,326

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