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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 income        
Loans, including fees $ 192,261 $ 122,170 $ 546,354 $ 306,443
Investment securities        
Taxable 31,297 26,331 95,226 72,066
Tax-exempt 3,522 5,014 10,499 14,361
Total interest on investment securities 34,819 31,345 105,725 86,427
Other earning assets 5,011 1,597 12,488 2,222
Total interest income 232,091 155,112 664,567 395,092
Interest expense        
Deposits 57,069 6,386 132,817 11,972
Short-term borrowings 14,615 6,158 43,101 8,041
Long-term borrowings 4,952 4,676 14,644 13,832
Total interest expense 76,636 17,220 190,562 33,845
Net interest income 155,455 137,892 474,005 361,247
Provision for Credit Losses-loans and leases 12,907 7,898 34,270 (1,958)
Provision for credit losses-unfunded commitments (1,234) 386 (1,393) 3,641
Net interest income after provision for credit losses 143,782 129,608 441,128 359,564
Noninterest income        
Service Charges on Deposit Accounts 6,957 6,279 20,443 21,656
Wealth management fees 6,943 5,487 19,990 17,858
Bankcard income 3,406 3,484 10,690 10,644
Client derivative fees 1,612 1,447 4,444 3,619
Foreign exchange income 13,384 11,752 45,321 35,373
Operating Lease, Lease Income 14,537 7,127 38,466 20,450
Net gain from sales of loans 4,086 3,729 10,260 12,842
Net gain (loss) on sales of investment securities (4) (179) (407) (176)
Net gain (loss) on equity securities (54) (701) 4 (1,954)
Other 5,761 4,109 16,218 13,294
Total noninterest income 56,628 42,534 165,429 133,606
Noninterest expenses        
Salaries and employee benefits 75,641 66,808 222,094 195,747
Net occupancy 5,809 5,669 17,100 16,774
Furniture and equipment 3,341 3,222 10,020 9,990
Data processing 8,473 8,497 27,364 25,095
Marketing 2,598 2,523 7,560 6,546
Communication 744 657 2,022 1,993
Professional services 2,524 2,346 6,778 6,719
State intangible tax 981 1,090 2,930 3,311
FDIC assessments 2,665 1,885 8,297 5,021
Intangible assets amortization 2,600 2,783 7,801 8,612
Amortization of operating leases 8,877 5,746 23,545 14,302
Other 7,791 23,842 23,841 36,797
Total noninterest expenses 122,044 125,068 359,352 330,907
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 78,366 47,074 247,205 162,263
Income tax expense (benefit) 15,305 (8,631) 48,074 13,737
Net income $ 63,061 $ 55,705 $ 199,131 $ 148,526
Earnings per common share        
Basic $ 0.67 $ 0.60 $ 2.12 $ 1.59
Diluted $ 0.66 $ 0.59 $ 2.09 $ 1.57
Average common shares outstanding - basic 94,030,275 93,582,250 93,896,716 93,507,831
Average common shares outstanding - diluted 95,126,269 94,793,766 95,085,871 94,504,453