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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Loans receivable:        
Taxable $ 191,705 $ 128,504 $ 550,314 $ 314,366
Tax exempt 8,288 6,500 23,757 18,194
Investment securities:        
Taxable 8,590 10,055 26,563 28,937
Tax exempt 13,947 17,261 44,296 50,348
Deposits with financial institutions 5,884 704 9,685 1,544
Federal Home Loan Bank stock 719 314 2,281 635
Total Interest Income 229,133 163,338 656,896 414,024
INTEREST EXPENSE        
Deposits 85,551 16,644 209,437 29,423
Federal funds purchased 0 418 1,420 494
Securities sold under repurchase agreements 797 372 2,624 595
Federal Home Loan Bank advances 6,896 3,493 20,775 6,485
Subordinated debentures and other borrowings 2,506 2,105 7,303 5,780
Total Interest Expense 95,750 23,032 241,559 42,777
NET INTEREST INCOME 133,383 140,306 415,337 371,247
Provision for credit losses 2,000 0 2,000 16,755
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 131,383 140,306 413,337 354,492
NONINTEREST INCOME        
Net gains and fees on sales of loans 5,517 2,543 11,548 7,968
Increase in cash surrender value of life insurance 1,210 1,376 3,813 3,831
Gains on life insurance benefits 551 5,279 1,332 5,828
Net realized gains (losses) on sales of available for sale securities (1,650) 481 (4,613) 1,137
Other income (loss) 1,229 (425) 2,874 1,257
Total Noninterest Income 27,842 29,617 79,158 83,791
NONINTEREST EXPENSES        
Salaries and employee benefits 55,566 56,002 167,778 154,562
Net occupancy 6,837 6,738 20,770 19,573
Equipment 5,698 5,997 18,005 17,797
Marketing 2,369 2,401 4,780 4,551
Outside data processing fees 6,573 6,827 19,290 16,071
Printing and office supplies 333 472 1,150 1,198
Intangible asset amortization 2,182 2,303 6,561 5,972
FDIC assessments 2,981 2,824 7,117 7,940
Other real estate owned and foreclosure expenses 677 328 1,575 626
Professional and other outside services 3,833 4,461 12,191 17,681
Other expenses 6,805 8,025 20,950 20,045
Total Noninterest Expenses 93,854 96,378 280,167 266,016
INCOME BEFORE INCOME TAX 65,371 73,545 212,328 172,267
Income tax expense 9,005 9,793 31,021 20,938
NET INCOME 56,366 63,752 181,307 151,329
Preferred stock dividends 468 469 1,406 938
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 55,898 $ 63,283 $ 179,901 $ 150,391
Per Share Data:        
Basic Net Income Available to Common Stockholders (in dollars per share) $ 0.95 $ 1.08 $ 3.04 $ 2.63
Diluted Net Income Available to Common Stockholders (in dollars per share) 0.94 1.08 3.03 2.62
Cash Dividends Paid (in dollars per share) $ 0.34 $ 0.32 $ 1.00 $ 0.93
Average Diluted Common Shares Outstanding (in shares) 59,502,525 59,338,729 59,465,398 57,467,559
Service charges on deposit accounts        
NONINTEREST INCOME        
Other income $ 7,975 $ 7,165 $ 23,147 $ 21,274
Fiduciary and wealth management fees        
NONINTEREST INCOME        
Other income 7,394 7,221 22,653 22,187
Card payment fees        
NONINTEREST INCOME        
Other income 4,716 4,776 14,425 15,674
Derivative hedge fees        
NONINTEREST INCOME        
Other income 516 700 2,336 3,062
Other customer fees        
NONINTEREST INCOME        
Other income $ 384 $ 501 $ 1,643 $ 1,573