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, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income:        
Interest and fees on loans $ 221,380 $ 144,673 $ 616,544 $ 382,139
Interest on deposits in other banks 1,309 941 3,815 1,229
Interest and dividends on securities:        
Taxable 16,055 14,750 48,373 43,110
Nontaxable 8,415 10,792 26,220 31,889
Total interest and dividend income 247,159 171,156 694,952 458,367
Interest expense:        
Interest on deposits 83,590 15,386 200,690 25,966
Interest on short-term borrowings 6,499 1,229 22,106 1,805
Interest on long-term borrowings 5,129 3,826 14,687 10,183
Total interest expense 95,218 20,441 237,483 37,954
Net interest income 151,941 150,715 457,469 420,413
Provision for credit losses 4,991 6,412 22,911 12,771
Net interest income after provision for credit losses 146,950 144,303 434,558 407,642
Noninterest income:        
Service charges on deposit accounts 8,557 6,784 24,577 22,421
Other service charges, commissions and fees 2,632 1,770 6,071 5,134
Interchange fees 2,314 2,461 7,098 6,539
Fiduciary and asset management fees 4,549 4,134 13,169 18,329
Mortgage banking income 666 1,390 1,969 6,707
Loss on sale of securities (27,594) 0 (40,992) (2)
Bank owned life insurance income 2,973 3,445 8,671 8,858
Loan-related interest rate swap fees 2,695 2,050 6,450 8,510
Other operating income 30,302 3,550 33,905 17,527
Total noninterest income 27,094 25,584 60,918 94,023
Noninterest expenses:        
Salaries and benefits 57,449 56,600 179,996 170,203
Occupancy expenses 6,053 6,408 18,503 19,685
Furniture and equipment expenses 3,449 3,673 10,765 10,860
Technology and data processing 7,923 8,273 24,631 23,930
Professional services 3,291 3,504 11,138 12,274
Marketing and advertising expense 2,219 2,343 7,387 7,008
FDIC assessment premiums and other insurance 4,258 3,094 12,231 8,344
Franchise and other taxes 4,510 4,507 13,508 13,506
Loan-related expenses 1,388 1,575 4,560 5,218
Amortization of intangible assets 2,193 2,480 6,687 8,434
Other expenses 15,775 7,466 33,036 24,550
Total noninterest expenses 108,508 99,923 322,442 304,012
Income before income taxes 65,536 69,964 173,034 197,653
Income tax expense 11,519 11,894 28,123 33,667
Net income 54,017 58,070 144,911 163,986
Dividends on preferred stock 2,967 2,967 8,901 8,901
Net Income available to common shareholders $ 51,050 $ 55,103 $ 136,010 $ 155,085
Basic earnings per common share $ 0.68 $ 0.74 $ 1.81 $ 2.07
Diluted earnings per common share 0.68 0.74 1.81 2.07
Dividends declared per common share $ 0.30 $ 0.30 $ 0.90 $ 0.86
Basic weighted average number of common shares outstanding 74,999,128 74,703,699 74,942,851 75,029,000
Diluted weighted average number of common shares outstanding 74,999,128 74,705,054 74,943,999 75,034,084