Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest and dividend income:    
Interest and fees on loans $ 271,515 $ 234,600
Interest on deposits in other banks 2,513 1,280
Interest and dividends on securities:    
Taxable 23,648 18,879
Nontaxable 8,160 8,156
Total interest and dividend income 305,836 262,915
Interest expense:    
Interest on deposits 115,587 101,864
Interest on short-term borrowings 909 8,161
Interest on long-term borrowings 5,176 5,065
Total interest expense 121,672 115,090
Net interest income 184,164 147,825
Provision for credit losses 17,638 8,239
Net interest income after provision for credit losses 166,526 139,586
Noninterest income:    
Service charges on deposit accounts 9,683 8,569
Other service charges, commissions and fees 1,762 1,731
Interchange fees 2,949 2,294
Fiduciary and asset management fees 6,697 4,838
Mortgage banking income 973 867
(Loss) gain on sale of securities (102) 3
Bank owned life insurance income 3,537 3,245
Loan-related interest rate swap fees 2,400 1,216
Other operating income 1,264 2,789
Total noninterest income 29,163 25,552
Noninterest expenses:    
Salaries and benefits 75,415 61,882
Occupancy expenses 8,580 6,625
Furniture and equipment expenses 3,914 3,309
Technology and data processing 10,188 8,127
Professional services 4,687 3,081
Marketing and advertising expense 3,184 2,318
FDIC assessment premiums and other insurance 5,201 5,143
Franchise and other taxes 4,643 4,501
Loan-related expenses 1,249 1,323
Amortization of intangible assets 5,398 1,895
Merger-related costs 4,940 1,874
Other expenses 6,785 5,195
Total noninterest expenses 134,184 105,273
Income before income taxes 61,505 59,865
Income tax expense 11,687 10,096
Net Income 49,818 49,769
Dividends on preferred stock 2,967 2,967
Net income available to common shareholders $ 46,851 $ 46,802
Basic earnings per common share $ 0.53 $ 0.62
Diluted earnings per common share 0.52 0.62
Dividends declared per common share $ 0.34 $ 0.32
Basic weighted average number of common shares outstanding 89,222,296 75,197,113
Diluted weighted average number of common shares outstanding 90,072,795 75,197,376