XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated 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
Interest Income        
Interest and fees on loans $ 120,694 $ 69,515 $ 228,362 $ 133,909
Interest and dividends on investments:        
Taxable interest 5,634 6,286 11,423 12,764
Interest exempt from federal income taxes 114 120 231 246
Dividends 782 149 1,287 284
Interest on bank deposits 4,043 658 4,553 769
Total interest income 131,267 76,728 245,856 147,972
Interest Expense        
Interest on deposits 25,901 797 41,419 1,610
Interest on short-term borrowings 5,193 18 7,594 39
Interest on subordinated debentures 2,254 2,143 4,468 4,272
Interest on other long-term debt 44 51 89 103
Interest on lease obligations 51 57 104 114
Total interest expense 33,443 3,066 53,674 6,138
Net Interest Income 97,824 73,662 192,182 141,834
Provision for credit losses - portfolio 2,790 4,099 140 6,063
Provision for credit losses - acquisition day 1 non-PCD 0 0 10,653 0
Net Interest Income after Provision for Credit Losses 95,034 69,563 181,389 135,771
Noninterest Income        
Net securities gains 0 0 0 2
Trust income 2,532 2,573 5,018 5,286
Service charges on deposit accounts 5,324 4,886 10,242 9,501
Insurance and retail brokerage commissions 2,314 2,486 4,866 4,758
Income from bank owned life insurance 1,195 1,383 2,422 2,891
Gain on sale of mortgage loans 1,253 1,561 1,905 2,843
Gain on sale of other loans and assets 1,891 1,099 3,977 3,418
Card-related interchange income 7,372 7,137 14,201 13,627
Derivatives mark to market 81 42 (8) 389
Swap fee income 332 1,154 577 1,607
Other income 2,229 2,188 4,286 4,163
Total noninterest income 24,523 24,509 47,486 48,485
Noninterest Expense        
Salaries and employee benefits 36,735 30,949 70,999 61,881
Net occupancy expense 4,784 4,170 9,802 8,957
Furniture and equipment expense 4,284 3,857 8,522 7,587
Data processing expense 3,763 3,470 7,167 6,658
Advertising and promotion 1,327 1,434 2,990 2,660
Intangible amortization 1,173 913 2,425 1,918
Intangible amortization 1,282 862 2,429 1,724
Other professional fees and services 1,182 1,197 2,773 2,418
FDIC insurance 1,277 702 2,694 1,400
Loss on sale or write-down of assets 6 86 47 161
Litigation and operational losses 894 629 1,637 1,229
Merger and acquisition related 60 0 (8,481) 0
Other Noninterest Expense 9,296 7,410 17,358 14,810
Total noninterest expense 65,943 55,679 137,324 111,403
Income Before Income Taxes 53,614 38,393 91,551 72,853
Income tax provision 10,833 7,639 18,546 14,373
Net Income $ 42,781 $ 30,754 $ 73,005 $ 58,480
Average Shares Outstanding (in shares) 102,530,052 94,020,240 101,056,432 94,049,308
Average Shares Outstanding Assuming Dilution (in shares) 102,760,266 94,245,770 101,281,899 94,273,808
Per Share Data:        
Basic Earnings per Share (in dollars per share) $ 0.42 $ 0.33 $ 0.72 $ 0.62
Diluted Earnings per Share (in dollars per share) 0.42 0.33 0.72 0.62
Cash Dividends Declared per Common Share (in dollars per share) $ 0.125 $ 0.120 $ 0.245 $ 0.235