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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income        
Loans, including fees $ 184,387 $ 97,091 $ 354,093 $ 184,273
Investment securities        
Taxable 32,062 23,639 63,929 45,735
Tax-exempt 3,513 4,916 6,977 9,347
Total interest on investment securities 35,575 28,555 70,906 55,082
Other earning assets 3,933 505 7,477 625
Total interest income 223,895 126,151 432,476 239,980
Interest expense        
Deposits 44,292 2,963 75,748 5,586
Short-term borrowings 15,536 1,566 28,486 1,883
Long-term borrowings 4,835 4,612 9,692 9,156
Total interest expense 64,663 9,141 113,926 16,625
Net interest income 159,232 117,010 318,550 223,355
Provision for Credit Losses-loans and leases 12,719 (4,267) 21,363 (9,856)
Provision for credit losses-unfunded commitments (1,994) 3,481 (159) 3,255
Net interest income after provision for credit losses 148,507 117,796 297,346 229,956
Noninterest income        
Service Charges on Deposit Accounts 6,972 7,648 13,486 15,377
Wealth management fees 6,713 6,311 13,047 12,371
Bankcard income 3,692 3,823 7,284 7,160
Client derivative fees 1,827 1,369 2,832 2,172
Foreign exchange income 15,039 13,470 31,937 23,621
Operating Lease, Lease Income 10,265 7,247 23,929 13,323
Net gain from sales of loans 3,839 5,241 6,174 9,113
Net gain (loss) on sales of investment securities (384) 0 (403) 3
Net gain (loss) on equity securities (82) (1,054) 58 (1,253)
Other 5,377 5,723 10,457 9,185
Total noninterest income 53,258 49,778 108,801 91,072
Noninterest expenses        
Salaries and employee benefits 74,199 64,992 146,453 128,939
Net occupancy 5,606 5,359 11,291 11,105
Furniture and equipment 3,362 3,201 6,679 6,768
Data processing 9,871 8,334 18,891 16,598
Marketing 2,802 2,323 4,962 4,023
Communication 644 670 1,278 1,336
Professional services 2,308 2,214 4,254 4,373
State intangible tax 964 1,090 1,949 2,221
FDIC assessments 2,806 1,677 5,632 3,136
Intangible assets amortization 2,601 2,915 5,201 5,829
Amortization of operating leases 6,730 4,687 14,668 8,556
Other 8,722 5,572 16,050 12,955
Total noninterest expenses 120,615 103,034 237,308 205,839
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 81,150 64,540 168,839 115,189
Income tax expense (benefit) 15,483 13,020 32,769 22,368
Net income $ 65,667 $ 51,520 $ 136,070 $ 92,821
Earnings per common share        
Basic $ 0.70 $ 0.55 $ 1.45 $ 0.99
Diluted $ 0.69 $ 0.55 $ 1.43 $ 0.98
Average common shares outstanding - basic 93,924,068 93,555,131 93,828,829 93,470,005
Average common shares outstanding - diluted 95,169,348 94,449,817 95,065,334 94,357,392