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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Loans receivable:        
Taxable $ 106,787 $ 87,002 $ 185,862 $ 172,107
Tax exempt 5,990 5,545 11,694 10,884
Investment securities:        
Taxable 10,372 7,440 18,882 14,135
Tax exempt 17,212 13,071 33,087 25,456
Deposits with financial institutions 610 129 840 243
Federal Home Loan Bank stock 175 88 321 266
Total Interest Income 141,146 113,275 250,686 223,091
INTEREST EXPENSE        
Deposits 8,485 5,823 12,779 12,023
Federal funds purchased 76 2 76 4
Securities sold under repurchase agreements 134 75 223 162
Federal Home Loan Bank advances 1,774 1,452 2,992 2,894
Subordinated debentures and other borrowings 2,016 1,659 3,675 3,316
Total Interest Expense 12,485 9,011 19,745 18,399
NET INTEREST INCOME 128,661 104,264 230,941 204,692
Provision for credit losses 16,755 0 16,755 0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 111,906 104,264 214,186 204,692
OTHER INCOME        
Net gains and fees on sales of loans 3,226 8,325 5,425 12,311
Increase in cash surrender value of life insurance 1,279 1,205 2,455 2,394
Gains on life insurance benefits 29 0 549 147
Net realized gains on sales of available for sale securities 90 1,761 656 3,560
Other income 1,048 1,017 1,682 1,249
Total Other Income 28,277 30,884 54,174 54,975
OTHER EXPENSES        
Salaries and employee benefits 56,041 42,438 98,560 81,249
Net occupancy 6,648 5,615 12,835 12,106
Equipment 6,720 4,848 11,800 9,878
Marketing 1,414 1,122 2,150 2,246
Outside data processing fees 4,881 4,698 9,244 8,942
Printing and office supplies 381 313 726 596
Intangible asset amortization 2,303 1,464 3,669 2,821
FDIC assessments 2,924 1,461 5,116 2,829
Other real estate owned and foreclosure expenses (266) 178 298 912
Professional and other outside services 10,267 2,976 13,220 5,519
Other expenses 6,000 4,182 12,020 8,295
Total Other Expenses 97,313 69,295 169,638 135,393
INCOME BEFORE INCOME TAX 42,870 65,853 98,722 124,274
Income tax expense 3,879 10,294 11,145 19,246
Total reclassifications for the period, net of tax 38,991 55,559 87,577 105,028
Preferred stock dividends 469 0 469 0
Net income available to common stockholders $ 38,522 $ 55,559 $ 87,108 $ 105,028
Per Share Data:        
Basic Net Income Available to Common Stockholders (in dollars per share) $ 0.64 $ 1.03 $ 1.55 $ 1.95
Diluted Net Income Available to Common Stockholders (in dollars per share) 0.63 1.03 1.54 1.94
Cash Dividends Paid (in dollars per share) $ 0.32 $ 0.29 $ 0.61 $ 0.55
Average Diluted Common Shares Outstanding (in shares) 59,307,899 54,184,424 56,516,098 54,159,332
Service charges on deposit accounts        
OTHER INCOME        
Other income $ 7,690 $ 5,596 $ 14,109 $ 10,860
Fiduciary and wealth management fees        
OTHER INCOME        
Other income 7,634 7,510 14,966 13,932
Card payment fees        
OTHER INCOME        
Other income 5,175 4,159 10,898 8,526
Derivative hedge fees        
OTHER INCOME        
Other income 1,444 943 2,362 1,260
Other customer fees        
OTHER INCOME        
Other income $ 662 $ 368 $ 1,072 $ 736