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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Loans receivable:        
Taxable $ 186,256 $ 106,787 $ 358,609 $ 185,862
Tax exempt 7,760 5,990 15,469 11,694
Investment securities:        
Taxable 8,886 10,372 17,973 18,882
Tax exempt 14,279 17,212 30,349 33,087
Deposits with financial institutions 3,164 610 3,801 840
Federal Home Loan Bank stock 1,020 175 1,562 321
Total Interest Income 221,365 141,146 427,763 250,686
INTEREST EXPENSE        
Deposits 73,201 8,485 123,886 12,779
Federal funds purchased 123 76 1,420 76
Securities sold under repurchase agreements 979 134 1,827 223
Federal Home Loan Bank advances 6,815 1,774 13,879 2,992
Subordinated debentures and other borrowings 2,412 2,016 4,797 3,675
Total Interest Expense 83,530 12,485 145,809 19,745
NET INTEREST INCOME 137,835 128,661 281,954 230,941
Provision for credit losses 0 16,755 0 16,755
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 137,835 111,906 281,954 214,186
NON-INTEREST INCOME        
Net gains and fees on sales of loans 3,632 3,226 6,031 5,425
Increase in cash surrender value of life insurance 1,316 1,279 2,603 2,455
Gains on life insurance benefits 780 29 781 549
Net realized gains (losses) on sales of available for sale securities (1,392) 90 (2,963) 656
Other income 822 1,048 1,645 1,682
Total Non-Interest Income 26,319 28,277 51,316 54,174
NON-INTEREST EXPENSES        
Salaries and employee benefits 54,753 56,041 112,212 98,560
Net occupancy 6,674 6,648 13,933 12,835
Equipment 6,181 6,720 12,307 11,800
Marketing 1,102 1,414 2,411 2,150
Outside data processing fees 6,604 4,881 12,717 9,244
Printing and office supplies 434 381 817 726
Intangible asset amortization 2,182 2,303 4,379 3,669
FDIC assessments 2,740 2,924 4,136 5,116
Other real estate owned and foreclosure expenses 916 (266) 898 298
Professional and other outside services 4,660 10,267 8,358 13,220
Other expenses 6,347 6,000 14,145 12,020
Total Non-Interest Expenses 92,593 97,313 186,313 169,638
INCOME BEFORE INCOME TAX 71,561 42,870 146,957 98,722
Income tax expense 10,699 3,879 22,016 11,145
NET INCOME 60,862 38,991 124,941 87,577
Preferred stock dividends 469 469 938 469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 60,393 $ 38,522 $ 124,003 $ 87,108
Per Share Data:        
Basic Net Income Available to Common Stockholders (in dollars per share) $ 1.02 $ 0.64 $ 2.09 $ 1.55
Diluted Net Income Available to Common Stockholders (in dollars per share) 1.02 0.63 2.09 1.54
Cash Dividends Paid (in dollars per share) $ 0.34 $ 0.32 $ 0.66 $ 0.61
Average Diluted Common Shares Outstanding (in shares) 59,448,379 59,307,899 59,446,057 56,516,098
Service charges on deposit accounts        
NON-INTEREST INCOME        
Other income $ 7,813 $ 7,690 $ 15,172 $ 14,109
Fiduciary and wealth management fees        
NON-INTEREST INCOME        
Other income 7,397 7,634 15,259 14,966
Card payment fees        
NON-INTEREST INCOME        
Other income 4,537 5,175 9,709 10,898
Derivative hedge fees        
NON-INTEREST INCOME        
Other income 672 1,444 1,820 2,362
Other customer fees        
NON-INTEREST INCOME        
Other income $ 742 $ 662 $ 1,259 $ 1,072