Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and dividend income:        
Interest and fees on loans $ 123,266 $ 130,570 $ 237,466 $ 258,576
Interest on deposits in other banks 157 86 288 163
Interest and dividends on securities:        
Taxable 14,695 10,519 28,361 20,872
Nontaxable 10,637 9,677 21,097 18,914
Total interest and dividend income 148,755 150,852 287,212 298,525
Interest expense:        
Interest on deposits 6,097 7,238 10,580 16,366
Interest on short-term borrowings 555 21 576 69
Interest on long-term borrowings 3,336 3,045 6,358 6,644
Total interest expense 9,988 10,304 17,514 23,079
Net interest income 138,767 140,548 269,698 275,446
Provision for credit losses 3,559 (27,414) 6,359 (41,037)
Net interest income after provision for credit losses 135,208 167,962 263,339 316,483
Noninterest income:        
Service charges on deposit accounts 8,040 6,607 15,637 12,116
Other service charges, commissions and fees 1,709 1,735 3,364 3,436
Interchange fees 2,268 2,203 4,078 4,050
Fiduciary and asset management fees 6,939 6,819 14,194 13,294
Mortgage banking income 2,200 4,619 5,317 12,874
Bank owned life insurance income 2,716 3,209 5,413 5,475
Loan-related interest rate swap fees 2,600 1,321 6,460 3,075
Other operating income 11,814 1,953 13,976 5,131
Total noninterest income 38,286 28,466 68,439 59,451
Noninterest expenses:        
Salaries and benefits 55,305 50,766 113,603 103,426
Occupancy expenses 6,395 7,140 13,278 14,454
Furniture and equipment expenses 3,590 3,911 7,187 7,880
Technology and data processing 7,862 7,219 15,658 14,123
Professional services 4,680 4,408 8,770 9,369
Marketing and advertising expense 2,502 2,738 4,665 4,782
FDIC assessment premiums and other insurance 2,765 2,319 5,250 4,626
Franchise and other taxes 4,500 4,435 8,999 8,871
Loan-related expenses 1,867 1,909 3,643 3,786
Amortization of intangible assets 2,915 3,568 5,954 7,298
Loss on debt extinguishment 0 0 0 14,695
Other expenses 6,387 3,558 17,082 10,598
Total noninterest expenses 98,768 91,971 204,089 203,908
Income from continuing operations before income taxes 74,726 104,457 127,689 172,026
Income tax expense 12,500 19,073 21,773 30,453
Net income 62,226 85,384 105,916 141,573
Dividends on preferred stock 2,967 2,967 5,934 5,934
Net Income available to common shareholders $ 59,259 $ 82,417 $ 99,982 $ 135,639
Basic earnings per common share $ 0.79 $ 1.05 $ 1.33 $ 1.72
Diluted earnings per common share 0.79 1.05 1.33 1.72
Dividends declared per common share $ 0.28 $ 0.28 $ 0.56 $ 0.53
Basic weighted average number of common shares outstanding 74,847,899 78,819,697 75,194,347 78,841,462
Diluted weighted average number of common shares outstanding 74,849,871 78,843,724 75,201,326 78,863,859