Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF INCOME

v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest and dividend income:      
Interest and fees on loans $ 1,615,937 $ 1,093,004 $ 846,923
Interest on deposits in other banks 26,117 10,751 6,071
Interest and dividends on securities:      
Taxable 145,547 91,191 67,075
Nontaxable 33,886 32,589 34,381
Total interest and dividend income 1,821,487 1,227,535 954,450
Interest expense:      
Interest on deposits 615,537 483,894 296,689
Interest on short-term borrowings 6,639 23,236 27,148
Interest on long-term borrowings 44,398 21,866 19,600
Total interest expense 666,574 528,996 343,437
Net interest income 1,154,913 698,539 611,013
Provision for credit losses 141,788 50,089 31,618
Net interest income after provision for credit losses 1,013,125 648,450 579,395
Noninterest income:      
Service charges on deposit accounts 46,484 37,279 33,240
Other service charges, commissions and fees 8,058 7,511 7,860
Interchange fees 14,477 12,134 9,678
Fiduciary and asset management fees 62,863 25,528 17,695
Mortgage banking income 8,689 4,202 2,743
Loss on sale of securities (81) (6,493) (40,989)
Bank owned life insurance income 21,020 15,629 11,759
Loan-related interest rate swap fees 18,425 9,435 10,037
Other operating income 39,501 13,653 38,854
Total noninterest income 219,436 118,878 90,877
Noninterest expenses:      
Salaries and benefits 402,081 271,164 236,682
Occupancy expenses 48,166 30,232 25,146
Furniture and equipment expenses 22,124 14,582 14,282
Technology and data processing 61,939 37,520 32,484
Professional services 29,312 16,804 15,483
Marketing and advertising expense 18,827 12,126 10,406
FDIC assessment premiums and other insurance 30,053 20,255 19,861
Franchise and other taxes 18,875 18,364 18,013
Loan-related expenses 6,676 5,513 5,619
Amortization of intangible assets 59,668 19,307 8,781
Merger-related costs 157,278 40,018 2,995
Other expenses 40,571 21,649 40,619
Total noninterest expenses 895,570 507,534 430,371
Income before income taxes 336,991 259,794 239,901
Income tax expense 63,276 50,663 38,083
Net Income 273,715 209,131 201,818
Dividends on preferred stock 11,868 11,868 11,868
Net income available to common shareholders $ 261,847 $ 197,263 $ 189,950
Basic earnings per common share $ 2.03 $ 2.29 $ 2.53
Diluted earnings per common share 2.03 2.24 2.53
Dividends declared per common share $ 1.39 $ 1.3 $ 1.22
Basic weighted average number of common shares outstanding 128,777,445 86,149,978 74,961,390
Diluted weighted average number of common shares outstanding 129,161,421 87,909,237 74,962,363