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Consolidated Statements of Income - 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        
Loans, including fees $ 155,206 $ 109,562 $ 434,352 $ 299,094
Interest and dividends on securities:        
Taxable 18,082 17,531 55,651 47,468
Tax-exempt 4,679 4,916 14,191 13,965
Total interest and dividends on securities 22,761 22,447 69,842 61,433
Other interest income 5,622 2,108 16,004 4,211
Total interest and dividend income 183,589 134,117 520,198 364,738
INTEREST EXPENSE        
Interest bearing demand deposits 20,873 2,953 49,181 4,917
Money market deposits 10,841 968 22,313 1,672
Savings deposits 6,699 1,067 16,559 1,662
Certificates of deposit 5,983 958 10,092 3,347
Total interest expense on deposits 44,396 5,946 98,145 11,598
Federal Home Loan Bank borrowings 16,463 348 44,477 1,334
Other short-term borrowings 745 147 1,654 244
Subordinated debt and junior subordinated debt 4,303 3,175 12,342 7,123
Total interest expense 65,907 9,616 156,618 20,299
NET INTEREST INCOME 117,682 124,501 363,580 344,439
Provision for credit losses 6,327 (535) 12,932 (4,785)
Net interest income after provision for credit losses 111,355 125,036 350,648 349,224
NON-INTEREST INCOME        
Trust fees 6,705 6,517 21,116 20,879
Service charges on deposits 6,726 6,942 19,128 19,520
Electronic banking fees 4,949 4,808 14,564 15,307
Net swap fee and valuation income 3,845 2,430 7,257 6,053
Net securities brokerage revenue 2,394 2,491 7,492 6,969
Bank-owned life insurance 2,398 1,999 7,547 8,263
Mortgage banking income 975 1,257 2,002 4,508
Net securities (losses) gains (337) 656 13 (1,176)
Net (loss) gain on other real estate owned and other assets (28) 2,040 1,075 (68)
Other income 3,252 3,116 10,178 9,367
Total non-interest income 30,879 32,256 90,372 89,622
NON-INTEREST EXPENSE        
Salaries and wages 45,351 44,271 131,774 124,421
Employee benefits 11,922 10,693 35,492 28,574
Net occupancy 6,146 6,489 18,921 19,843
Equipment and software 9,132 8,083 27,018 23,795
Marketing 3,115 2,377 8,203 7,546
FDIC insurance 3,125 2,391 8,880 5,850
Amortization of intangible assets 2,262 2,560 6,845 7,738
Restructuring and merger-related expense 641 66 3,830 1,712
Other operating expenses 16,245 15,011 49,535 47,032
Total non-interest expense 97,939 91,941 290,498 266,511
Income before provision for income taxes 44,295 65,351 150,522 172,335
Provision for income taxes 7,453 12,318 26,458 32,432
Net income 36,842 53,033 124,064 139,903
Preferred stock dividends 2,531 2,531 7,594 7,594
Net income available to common shareholders $ 34,311 $ 50,502 $ 116,470 $ 132,309
EARNINGS PER COMMON SHARE        
Basic $ 0.58 $ 0.85 $ 1.96 $ 2.19
Diluted $ 0.58 $ 0.85 $ 1.96 $ 2.19
AVERAGE COMMON SHARES OUTSTANDING        
Basic 59,358,653 59,549,244 59,280,644 60,336,637
Diluted 59,443,366 59,697,676 59,386,429 60,489,248
DIVIDENDS DECLARED PER COMMON SHARE $ 0.35 $ 0.34 $ 1.05 $ 1.02