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, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest and dividend income:      
Interest and fees on loans $ 846,923 $ 555,614 $ 508,770
Interest on deposits in other banks 6,071 2,612 855
Interest and dividends on securities:      
Taxable 67,075 59,306 43,859
Nontaxable 34,381 42,903 38,875
Total interest and dividend income 954,450 660,435 592,359
Interest expense:      
Interest on deposits 296,689 56,201 27,117
Interest on short-term borrowings 27,148 5,393 108
Interest on long-term borrowings 19,600 14,580 13,874
Total interest expense 343,437 76,174 41,099
Net interest income 611,013 584,261 551,260
Provision for credit losses 31,618 19,028 (60,888)
Net interest income after provision for credit losses 579,395 565,233 612,148
Noninterest income:      
Service charges on deposit accounts 33,240 30,052 27,122
Other service charges, commissions and fees 7,860 6,765 6,595
Interchange fees 9,678 9,110 8,279
Fiduciary and asset management fees 17,695 22,414 27,562
Mortgage banking income 2,743 7,085 21,022
(Loss) gain on sale of securities (40,989) (3) 87
Bank owned life insurance income 11,759 11,507 11,488
Loan-related interest rate swap fees 10,037 12,174 5,620
Other operating income 38,854 19,419 18,031
Total noninterest income 90,877 118,523 125,806
Noninterest expenses:      
Salaries and benefits 236,682 228,926 214,929
Occupancy expenses 25,146 26,013 28,718
Furniture and equipment expenses 14,282 14,838 15,950
Technology and data processing 32,484 33,372 30,200
Professional services 15,483 16,730 17,841
Marketing and advertising expense 10,406 9,236 9,875
FDIC assessment premiums and other insurance 19,861 10,241 9,482
Franchise and other taxes 18,013 18,006 17,740
Loan-related expenses 5,619 6,574 7,004
Amortization of intangible assets 8,781 10,815 13,904
Other expenses 43,614 29,051 38,857
Total noninterest expenses 430,371 403,802 419,195
Income before income taxes 239,901 279,954 318,759
Income tax expense 38,083 45,444 54,842
Net income 201,818 234,510 263,917
Dividends on preferred stock 11,868 11,868 11,868
Net Income available to common shareholders $ 189,950 $ 222,642 $ 252,049
Basic earnings per common share $ 2.53 $ 2.97 $ 3.26
Diluted earnings per common share 2.53 2.97 3.26
Dividends declared per common share $ 1.22 $ 1.16 $ 1.09
Basic weighted average number of common shares outstanding 74,961,390 74,949,109 77,399,902
Diluted weighted average number of common shares outstanding 74,962,363 74,953,398 77,417,801