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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 INCOME        
Loans $ 177,032 $ 174,204 $ 540,842 $ 489,263
Investment securities and other interest-earning assets 47,030 24,821 129,951 61,534
Total interest income 224,062 199,025 670,793 550,797
INTEREST EXPENSE        
Deposits 62,718 9,873 156,532 14,228
FHLB advances and other borrowings 7,235 3,480 22,328 7,171
Subordinated debentures 4,561 4,560 13,683 13,682
Total interest expense 74,514 17,913 192,543 35,081
Net interest income before provision for credit losses 149,548 181,112 478,250 515,716
Provision for credit losses 3,918 1,077 8,433 1,994
Net interest income after provision for credit losses 145,630 180,035 469,817 513,722
NONINTEREST INCOME        
Loan servicing income 533 397 1,599 1,318
Earnings on bank owned life insurance 3,579 3,339 10,440 9,800
Net gain from sales of loans 45 457 419 3,087
Net (loss) gain from sales of investment securities 0 (393) 138 1,710
Other income 223 1,023 3,515 3,764
Total noninterest income 18,551 20,164 60,276 68,251
NONINTEREST EXPENSE        
Compensation and benefits 54,068 56,355 161,785 170,898
Premises and occupancy 11,382 12,011 34,739 35,792
Data processing 7,517 7,058 22,270 19,658
Other real estate owned operations, net (4) 0 112 0
FDIC insurance premiums 2,324 1,461 7,106 4,309
Legal and professional services 4,243 4,075 14,460 12,772
Marketing expense 1,635 1,912 5,352 5,647
Office expense 1,079 1,338 3,591 3,793
Loan expense 476 789 1,689 3,067
Deposit expense 10,811 4,846 28,441 12,678
Amortization of intangible assets 3,055 3,472 9,281 10,543
Other expense 5,599 7,549 15,355 18,331
Total noninterest expense 102,185 100,866 304,181 297,488
Net income before income taxes 61,996 99,333 225,912 284,485
Income tax expense 15,966 25,970 59,684 74,415
Net income $ 46,030 $ 73,363 $ 166,228 $ 210,070
EARNINGS PER SHARE        
Basic (in dollars per share) $ 0.48 $ 0.77 $ 1.74 $ 2.22
Diluted (in dollars per share) $ 0.48 $ 0.77 $ 1.74 $ 2.21
WEIGHTED AVERAGE SHARES OUTSTANDING        
Basic (in shares) 94,189,844 93,793,502 94,072,463 93,687,230
Diluted (in shares) 94,283,008 94,120,637 94,214,846 94,055,116
Service charges on deposit accounts        
NONINTEREST INCOME        
Noninterest income $ 2,673 $ 2,704 $ 7,972 $ 8,009
Other service fee income        
NONINTEREST INCOME        
Noninterest income 280 323 891 1,056
Debit card interchange fee income        
NONINTEREST INCOME        
Noninterest income 924 808 2,641 2,580
Trust custodial account fees        
NONINTEREST INCOME        
Noninterest income 9,356 9,951 29,741 31,884
Escrow and exchange fees        
NONINTEREST INCOME        
Noninterest income $ 938 $ 1,555 $ 2,920 $ 5,043