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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income:        
Interest and fees on loans $ 291,089 $ 221,380 $ 810,886 $ 616,544
Interest on deposits in other banks 1,060 1,309 4,977 3,815
Interest and dividends on securities:        
Taxable 24,247 16,055 68,012 48,373
Nontaxable 8,132 8,415 24,455 26,220
Total interest and dividend income 324,528 247,159 908,330 694,952
Interest expense:        
Interest on deposits 130,216 83,590 354,584 200,690
Interest on short-term borrowings 5,698 6,499 22,049 22,106
Interest on long-term borrowings 5,682 5,129 16,407 14,687
Total interest expense 141,596 95,218 393,040 237,483
Net interest income 182,932 151,941 515,290 457,469
Provision for credit losses 2,603 4,991 32,592 22,911
Net interest income after provision for credit losses 180,329 146,950 482,698 434,558
Noninterest income:        
Service charges on deposit accounts 9,792 8,557 27,447 24,577
Other service charges, commissions and fees 2,002 2,632 5,700 6,071
Interchange fees 3,371 2,314 8,791 7,098
Fiduciary and asset management fees 6,858 4,549 18,603 13,169
Mortgage banking income 1,214 666 3,274 1,969
Gain (loss) on sale of securities 4 (27,594) (6,510) (40,992)
Bank owned life insurance income 5,037 2,973 12,074 8,671
Loan-related interest rate swap fees 1,503 2,695 4,353 6,450
Other operating income 4,505 30,302 9,919 33,905
Total noninterest income 34,286 27,094 83,651 60,918
Noninterest expenses:        
Salaries and benefits 69,454 57,449 199,867 179,996
Occupancy expenses 7,806 6,053 22,267 18,503
Furniture and equipment expenses 3,685 3,449 10,799 10,765
Technology and data processing 9,737 7,923 28,138 24,631
Professional services 3,994 3,291 11,452 11,138
Marketing and advertising expense 3,308 2,219 8,609 7,387
FDIC assessment premiums and other insurance 5,282 4,258 15,099 12,231
Franchise and other taxes 5,256 4,510 14,770 13,508
Loan-related expenses 1,445 1,388 4,043 4,560
Amortization of intangible assets 5,804 2,193 13,693 6,687
Merger-related costs 1,353 1,993 33,005 1,993
Other expenses 5,458 13,782 16,117 31,043
Total noninterest expenses 122,582 108,508 377,859 322,442
Income before income taxes 92,033 65,536 188,490 173,034
Income tax expense 15,618 11,519 37,144 28,123
Net Income 76,415 54,017 151,346 144,911
Dividends on preferred stock 2,967 2,967 8,901 8,901
Net income available to common shareholders $ 73,448 $ 51,050 $ 142,445 $ 136,010
Basic earnings per common share $ 0.82 $ 0.68 $ 1.68 $ 1.81
Diluted earnings per common share 0.82 0.68 1.68 1.81
Dividends declared per common share $ 0.32 $ 0.30 $ 0.96 $ 0.90
Basic weighted average number of common shares outstanding 89,780,531 74,999,128 84,933,126 74,942,851
Diluted weighted average number of common shares outstanding 89,780,531 74,999,128 84,933,213 74,943,999