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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME        
Loans $ 182,852 $ 164,455 $ 363,810 $ 315,059
Investment securities and other interest-earning assets 42,536 18,771 82,921 36,713
Total interest income 225,388 183,226 446,731 351,772
INTEREST EXPENSE        
Deposits 53,580 2,682 93,814 4,355
FHLB advances and other borrowings 7,155 3,217 15,093 3,691
Subordinated debentures 4,561 4,562 9,122 9,122
Total interest expense 65,296 10,461 118,029 17,168
Net interest income before provision for credit losses 160,092 172,765 328,702 334,604
Provision for credit losses 1,499 469 4,515 917
Net interest income after provision for credit losses 158,593 172,296 324,187 333,687
NONINTEREST INCOME        
Loan servicing income 493 502 1,066 921
Earnings on bank owned life insurance 3,487 3,240 6,861 6,461
Net gain from sales of loans 345 1,136 374 2,630
Net gain (loss) from sales of investment securities 0 (31) 138 2,103
Other income 2,031 1,173 3,292 2,741
Total noninterest income 20,539 22,193 41,725 48,087
NONINTEREST EXPENSE        
Compensation and benefits 53,424 57,562 107,717 114,543
Premises and occupancy 11,615 11,829 23,357 23,781
Data processing 7,488 6,604 14,753 12,600
Other real estate owned operations, net 8 0 116 0
FDIC insurance premiums 2,357 1,452 4,782 2,848
Legal and professional services 4,716 4,629 10,217 8,697
Marketing expense 1,879 1,926 3,717 3,735
Office expense 1,280 1,252 2,512 2,455
Loan expense 567 1,144 1,213 2,278
Deposit expense 9,194 4,081 17,630 7,832
Amortization of intangible assets 3,055 3,479 6,226 7,071
Other expense 5,061 5,016 9,756 10,782
Total noninterest expense 100,644 98,974 201,996 196,622
Net income before income taxes 78,488 95,515 163,916 185,152
Income tax expense 20,852 25,712 43,718 48,445
Net income $ 57,636 $ 69,803 $ 120,198 $ 136,707
EARNINGS PER SHARE        
Basic (in dollars per share) $ 0.60 $ 0.74 $ 1.26 $ 1.44
Diluted (in dollars per share) $ 0.60 $ 0.73 $ 1.26 $ 1.44
WEIGHTED AVERAGE SHARES OUTSTANDING        
Basic (in shares) 94,166,083 93,765,264 94,012,799 93,633,213
Diluted (in shares) 94,215,967 94,040,691 94,192,341 93,983,057
Service charges on deposit accounts        
NONINTEREST INCOME        
Noninterest income $ 2,670 $ 2,690 $ 5,299 $ 5,305
Other service fee income        
NONINTEREST INCOME        
Noninterest income 315 366 611 733
Debit card interchange fee income        
NONINTEREST INCOME        
Noninterest income 914 936 1,717 1,772
Trust custodial account fees        
NONINTEREST INCOME        
Noninterest income 9,360 10,354 20,385 21,933
Escrow and exchange fees        
NONINTEREST INCOME        
Noninterest income $ 924 $ 1,827 $ 1,982 $ 3,488