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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and dividend income:        
Interest and fees on loans $ 285,198 $ 205,172 $ 519,796 $ 395,165
Interest on deposits in other banks 2,637 1,014 3,918 2,507
Interest and dividends on securities:        
Taxable 24,886 15,565 43,765 32,317
Nontaxable 8,167 8,496 16,323 17,804
Total interest and dividend income 320,888 230,247 583,802 447,793
Interest expense:        
Interest on deposits 122,504 65,267 224,368 117,100
Interest on short-term borrowings 8,190 8,044 16,351 15,607
Interest on long-term borrowings 5,660 4,852 10,725 9,558
Total interest expense 136,354 78,163 251,444 142,265
Net interest income 184,534 152,084 332,358 305,528
Provision for credit losses 21,751 6,069 29,989 17,920
Net interest income after provision for credit losses 162,783 146,015 302,369 287,608
Noninterest income:        
Service charges on deposit accounts 9,086 8,118 17,655 16,020
Other service charges, commissions and fees 1,967 1,693 3,698 3,439
Interchange fees 3,126 2,459 5,420 4,784
Fiduciary and asset management fees 6,907 4,359 11,745 8,620
Mortgage banking income 1,193 449 2,060 1,303
(Loss) gain on sale of securities (6,516) 2 (6,513) (13,398)
Bank owned life insurance income 3,791 2,870 7,037 5,698
Loan-related interest rate swap fees 1,634 2,316 2,850 3,755
Other operating income 2,624 1,931 5,413 3,603
Total noninterest income 23,812 24,197 49,365 33,824
Noninterest expenses:        
Salaries and benefits 68,531 62,019 130,413 122,547
Occupancy expenses 7,836 6,094 14,462 12,450
Furniture and equipment expenses 3,805 3,565 7,114 7,317
Technology and data processing 10,274 8,566 18,401 16,708
Professional services 4,377 4,433 7,458 7,847
Marketing and advertising expense 2,983 2,817 5,301 5,168
FDIC assessment premiums and other insurance 4,675 4,074 9,818 7,973
Franchise and other taxes 5,013 4,499 9,514 8,997
Loan-related expenses 1,275 1,619 2,598 3,171
Amortization of intangible assets 5,995 2,216 7,889 4,494
Merger-related costs 29,778   31,652  
Other expenses 5,463 5,759 10,659 17,262
Total noninterest expenses 150,005 105,661 255,279 213,934
Income before income taxes 36,590 64,551 96,455 107,498
Income tax expense 11,429 9,310 21,525 16,604
Net Income 25,161 55,241 74,930 90,894
Dividends on preferred stock 2,967 2,967 5,934 5,934
Net income available to common shareholders $ 22,194 $ 52,274 $ 68,996 $ 84,960
Basic earnings per common share $ 0.25 $ 0.70 $ 0.84 $ 1.13
Diluted earnings per common share 0.25 0.70 0.84 1.13
Dividends declared per common share $ 0.32 $ 0.30 $ 0.64 $ 0.60
Basic weighted average number of common shares outstanding 89,768,466 74,995,450 82,482,790 74,914,247
Diluted weighted average number of common shares outstanding 89,768,466 74,995,557 82,482,921 74,915,977