Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest and dividend income:      
Interest and fees on loans $ 555,614 $ 508,770 $ 574,871
Interest on deposits in other banks 2,612 855 1,270
Interest and dividends on securities:      
Taxable 59,306 43,859 43,585
Nontaxable 42,903 38,875 33,728
Total interest and dividend income 660,435 592,359 653,454
Interest expense:      
Interest on deposits 56,201 27,117 75,943
Interest on short-term borrowings 5,393 108 1,691
Interest on long-term borrowings 14,580 13,874 20,522
Total interest expense 76,174 41,099 98,156
Net interest income 584,261 551,260 555,298
Provision for credit losses 19,028 (60,888) 87,141
Net interest income after provision for credit losses 565,233 612,148 468,157
Noninterest income:      
Service charges on deposit accounts 30,052 27,122 25,251
Other service charges, commissions and fees 6,765 6,595 6,292
Interchange fees 9,110 8,279 7,184
Fiduciary and asset management fees 22,414 27,562 23,650
Mortgage banking income 7,085 21,022 25,857
Bank owned life insurance income 11,507 11,488 9,554
Loan-related interest rate swap fees 12,174 5,620 15,306
Other operating income 19,416 18,118 18,392
Total noninterest income 118,523 125,806 131,486
Noninterest expenses:      
Salaries and benefits 228,926 214,929 206,662
Occupancy expenses 26,013 28,718 28,841
Furniture and equipment expenses 14,838 15,950 14,923
Technology and data processing 33,372 30,200 25,929
Professional services 16,730 17,841 13,007
Marketing and advertising expense 9,236 9,875 9,886
FDIC assessment premiums and other insurance 10,241 9,482 9,971
Franchise and other taxes 18,006 17,740 16,483
Loan-related expenses 6,574 7,004 9,515
Amortization of intangible assets 10,815 13,904 16,574
Loss on debt extinguishment 0 14,695 31,116
Other expenses 29,051 38,857 30,442
Total noninterest expenses 403,802 419,195 413,349
Income before income taxes 279,954 318,759 186,294
Income tax expense 45,444 54,842 28,066
Net income 234,510 263,917 158,228
Dividends on preferred stock 11,868 11,868 5,658
Net Income available to common shareholders $ 222,642 $ 252,049 $ 152,570
Basic earnings per common share $ 2.97 $ 3.26 $ 1.93
Earnings per common share, diluted 2.97 3.26 1.93
Dividends declared per common share $ 1.16 $ 1.09 $ 1.00
Weighted average shares outstanding, basic 74,949,109 77,399,902 78,858,726
Diluted weighted average number of common shares outstanding 74,953,398 77,417,801 78,875,668