v3.22.2.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and dividend income:        
Interest and fees on loans $ 144,673 $ 124,999 $ 382,139 $ 383,575
Interest on deposits in other banks 941 291 1,229 454
Interest and dividends on securities:        
Taxable 14,750 11,230 43,110 32,102
Nontaxable 10,792 9,859 31,889 28,773
Total interest and dividend income 171,156 146,379 458,367 444,904
Interest expense:        
Interest on deposits 15,386 5,837 25,966 22,203
Interest on short-term borrowings 1,229 22 1,805 91
Interest on long-term borrowings 3,826 3,032 10,183 9,676
Total interest expense 20,441 8,891 37,954 31,970
Net interest income 150,715 137,488 420,413 412,934
Provision for credit losses 6,412 (18,850) 12,771 (59,888)
Net interest income after provision for credit losses 144,303 156,338 407,642 472,822
Noninterest income:        
Service charges on deposit accounts 6,784 7,198 22,421 19,314
Other service charges, commissions and fees 1,770 1,534 5,134 4,970
Interchange fees 2,461 2,203 6,539 6,252
Fiduciary and asset management fees 4,134 7,029 18,329 20,323
Mortgage banking income 1,390 4,818 6,707 17,692
Bank owned life insurance income 3,445 2,727 8,858 8,202
Loan-related interest rate swap fees 2,050 1,102 8,510 4,176
Other operating income 3,550 3,327 17,525 8,459
Total noninterest income 25,584 29,938 94,023 89,388
Noninterest expenses:        
Salaries and benefits 56,600 53,534 170,203 156,959
Occupancy expenses 6,408 7,251 19,685 21,705
Furniture and equipment expenses 3,673 4,040 10,860 11,919
Technology and data processing 8,273 7,534 23,930 21,657
Professional services 3,504 3,792 12,274 13,161
Marketing and advertising expense 2,343 2,548 7,008 7,330
FDIC assessment premiums and other insurance 3,094 2,172 8,344 6,798
Franchise and other taxes 4,507 4,432 13,506 13,303
Loan-related expenses 1,575 1,503 5,218 5,289
Amortization of intangible assets 2,480 3,381 8,434 10,679
Loss on debt extinguishment 0 0 0 14,695
Other expenses 7,466 5,156 24,550 15,756
Total noninterest expenses 99,923 95,343 304,012 299,251
Income from continuing operations before income taxes 69,964 90,933 197,653 262,959
Income tax expense 11,894 16,368 33,667 46,821
Net income 58,070 74,565 163,986 216,138
Dividends on preferred stock 2,967 2,967 8,901 8,901
Net Income available to common shareholders $ 55,103 $ 71,598 $ 155,085 $ 207,237
Basic earnings per common share $ 0.74 $ 0.94 $ 2.07 $ 2.66
Diluted earnings per common share 0.74 0.94 2.07 2.66
Dividends declared per common share $ 0.30 $ 0.28 $ 0.86 $ 0.81
Basic weighted average number of common shares outstanding 74,703,699 76,309,355 75,029,000 77,988,151
Diluted weighted average number of common shares outstanding 74,705,054 76,322,736 75,034,084 78,007,543

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