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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income        
Interest and fees on loans $ 666,260 $ 402,689 $ 1,846,009 $ 1,008,888
Mortgage loans held-for-sale 4,767 5,371 12,473 17,198
Interest-bearing deposits with banks 26,866 15,621 57,216 23,098
Federal funds sold and securities purchased under resale agreements 1,157 1,845 1,228 3,640
Investment securities 59,164 38,569 170,350 107,508
Trading account securities 6 7 26 16
Federal Home Loan Bank and Federal Reserve Bank stock 3,896 2,109 11,120 5,704
Brokerage customer receivables 284 267 844 646
Total interest income 762,400 466,478 2,099,266 1,166,698
Interest expense        
Interest on deposits 262,783 45,916 621,080 79,755
Interest on Federal Home Loan Bank advances 17,436 6,812 53,970 16,506
Interest on other borrowings 9,384 4,008 25,723 8,981
Interest on subordinated notes 5,491 5,485 16,502 16,484
Interest on junior subordinated debentures 4,948 2,809 14,101 6,426
Total interest expense 300,042 65,030 731,376 128,152
Net interest income 462,358 401,448 1,367,890 1,038,546
Provision for credit losses 19,923 6,420 71,482 30,943
Net interest income after provision for credit losses 442,435 395,028 1,296,408 1,007,603
Non-interest income        
Losses on investment securities, net (2,357) (3,103) (959) (13,682)
Fees from covered call options 4,215 1,366 17,184 6,177
Trading gains (losses), net 728 (7) 1,647 4,058
Operating lease income, net 13,863 12,644 39,136 43,126
Other 20,888 15,888 62,569 48,362
Total non-interest income 112,478 101,482 333,277 367,214
Non-interest expense        
Salaries and employee benefits 192,338 176,095 554,042 515,776
Software and equipment 25,951 24,126 76,853 71,186
Operating lease equipment 12,020 9,448 31,669 27,930
Occupancy, net 21,304 17,727 58,966 53,202
Data processing 10,773 7,767 29,908 23,282
Advertising and marketing 18,169 16,600 47,909 45,139
Professional fees 8,887 7,544 25,990 23,821
Amortization of other acquisition-related intangible assets 1,408 1,492 4,142 4,680
FDIC insurance 9,748 7,186 27,425 21,864
Other real estate owned expense, net 120 229 31 (509)
Other 29,337 28,255 92,912 83,064
Total non-interest expense 330,055 296,469 949,847 869,435
Income before taxes 224,858 200,041 679,838 505,382
Income tax expense 60,660 57,080 180,692 140,517
Net income 164,198 142,961 499,146 364,865
Preferred stock dividends 6,991 6,991 20,973 20,973
Net income applicable to common shares $ 157,207 $ 135,970 $ 478,173 $ 343,892
Net income per common share-Basic (usd per share) $ 2.57 $ 2.24 $ 7.82 $ 5.86
Net income per common share-Diluted (usd per share) 2.53 2.21 7.71 5.78
Cash dividends declared per common share (usd per share) $ 0.40 $ 0.34 $ 1.20 $ 1.02
Weighted average common shares outstanding (in shares) 61,213 60,738 61,119 58,679
Dilutive potential common shares (in shares) 964 837 888 814
Average common shares and dilutive common shares (in shares) 62,177 61,575 62,007 59,493
Wealth management        
Non-interest income        
Revenue from contracts with customers $ 33,529 $ 33,124 $ 97,332 $ 95,887
Mortgage banking        
Non-interest income        
Revenue from contracts with customers 27,395 27,221 75,640 137,766
Service charges on deposit accounts        
Non-interest income        
Revenue from contracts with customers $ 14,217 $ 14,349 $ 40,728 $ 45,520