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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INTEREST INCOME          
Loans $ 174,204 $ 164,455 $ 157,025 $ 489,263 $ 464,615
Investment securities and other interest-earning assets 24,821 18,771 19,022 61,534 55,118
Total interest income 199,025 183,226 176,047 550,797 519,733
INTEREST EXPENSE          
Deposits 9,873 2,682 2,432 14,228 10,123
FHLB advances and other borrowings 3,480 3,217 1 7,171 66
Subordinated debentures 4,560 4,562 4,545 13,682 17,889
Total interest expense 17,913 10,461 6,978 35,081 28,078
Net interest income before provision for credit losses 181,112 172,765 169,069 515,716 491,655
Provision for credit losses 1,077 469 (19,726) 1,994 (56,228)
Net interest income after provision for credit losses 180,035 172,296 188,795 513,722 547,883
NONINTEREST INCOME          
Loan servicing income 397 502 536 1,318 1,616
Earnings on bank owned life insurance 3,339 3,240 3,266 9,800 7,778
Net gain from sales of loans 457 1,136 1,187 3,087 3,094
Net (loss) gain from sales of investment securities (393) (31) 4,190 1,710 13,321
Other income 1,023 1,173 4,049 3,764 12,606
Total noninterest income 20,164 22,193 30,100 68,251 80,569
NONINTEREST EXPENSE          
Compensation and benefits 56,355 57,562 53,592 170,898 159,614
Premises and occupancy 12,011 11,829 12,611 35,792 36,831
Data processing 7,058 6,604 6,296 19,658 17,889
FDIC insurance premiums 1,461 1,452 1,392 4,309 3,885
Legal and professional services 4,075 4,629 4,563 12,772 12,684
Marketing expense 1,912 1,926 2,008 5,647 5,096
Office expense 1,338 1,252 1,076 3,793 4,494
Loan expense 789 1,144 1,332 3,067 3,612
Deposit expense 4,846 4,081 3,974 12,678 11,818
Merger-related expense 0 0 0 0 5
Amortization of intangible assets 3,472 3,479 3,912 10,543 12,056
Other expense 7,549 5,016 5,284 18,331 15,041
Total noninterest expense 100,866 98,974 96,040 297,488 283,025
Net income before income taxes 99,333 95,515 122,855 284,485 345,427
Income tax expense 25,970 25,712 32,767 74,415 90,369
Net income $ 73,363 $ 69,803 $ 90,088 $ 210,070 $ 255,058
EARNINGS PER SHARE          
Basic (in dollars per share) $ 0.77 $ 0.74 $ 0.95 $ 2.22 $ 2.70
Diluted (in dollars per share) $ 0.77 $ 0.73 $ 0.95 $ 2.21 $ 2.68
WEIGHTED AVERAGE SHARES OUTSTANDING          
Basic (in shares) 93,793,502 93,765,264 93,549,639 93,687,230 93,571,468
Diluted (in shares) 94,120,637 94,040,691 94,060,724 94,055,116 94,090,407
Service charges on deposit accounts          
NONINTEREST INCOME          
Noninterest income $ 2,704 $ 2,690 $ 2,375 $ 8,009 $ 6,629
Other service fee income          
NONINTEREST INCOME          
Noninterest income 323 366 350 1,056 1,175
Debit card interchange fee income          
NONINTEREST INCOME          
Noninterest income 808 936 834 2,580 2,720
Trust custodial account fees          
NONINTEREST INCOME          
Noninterest income 9,951 10,354 11,446 31,884 26,565
Escrow and exchange fees          
NONINTEREST INCOME          
Noninterest income $ 1,555 $ 1,827 $ 1,867 $ 5,043 $ 5,065