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Condensed Consolidated 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
Interest Income        
Interest and fees on loans $ 129,373 $ 78,722 $ 357,735 $ 212,631
Interest and dividends on investments:        
Taxable interest 6,229 6,080 17,652 18,844
Interest exempt from federal income taxes 114 117 345 363
Dividends 823 204 2,110 488
Interest on bank deposits 3,346 577 7,899 1,346
Total interest income 139,885 85,700 385,741 233,672
Interest Expense        
Interest on deposits 32,685 1,028 74,104 2,638
Interest on short-term borrowings 6,643 50 14,237 89
Interest on subordinated debentures 2,707 2,157 7,175 6,429
Interest on other long-term debt 41 48 130 151
Interest on lease obligations 52 57 156 171
Total interest expense 42,128 3,340 95,802 9,478
Net Interest Income 97,757 82,360 289,939 224,194
Provision for credit losses - portfolio 5,885 5,923 6,025 11,986
Provision for credit losses - acquisition day 1 non-PCD 0 0 10,653 0
Net Interest Income after Provision for Credit Losses 91,872 76,437 273,261 212,208
Noninterest Income        
Net securities (losses) gains (103) 0 (103) 2
Trust income 2,949 2,777 7,967 8,063
Service charges on deposit accounts 5,600 5,194 15,842 14,695
Insurance and retail brokerage commissions 2,305 2,048 7,171 6,806
Income from bank owned life insurance 1,242 1,419 3,664 4,310
Gain on sale of mortgage loans 1,270 1,485 3,175 4,328
Gain on sale of other loans and assets 1,027 1,093 5,004 4,511
Card-related interchange income 7,221 6,980 21,422 20,607
Derivatives mark to market 35 6 27 395
Swap fee income 452 2,326 1,029 3,933
Other income 2,828 2,586 7,114 6,749
Total noninterest income 24,826 25,914 72,312 74,399
Noninterest Expense        
Salaries and employee benefits 35,640 32,486 106,639 94,367
Net occupancy expense 4,782 4,629 14,584 13,586
Furniture and equipment expense 4,414 4,005 12,936 11,592
Data processing expense 3,857 3,721 11,024 10,379
Advertising and promotion 1,662 1,278 4,652 3,938
Intangible amortization 1,588 1,569 4,013 3,487
Intangible amortization 1,344 746 3,773 2,470
Other professional fees and services 1,603 1,204 4,376 3,622
FDIC insurance 1,920 796 4,614 2,196
Loss on sale or write-down of assets 50 54 97 215
Litigation and operational losses 1,626 758 3,263 1,987
Merger and acquisition related (379) (448) (8,860) (448)
Other Noninterest Expense 8,548 8,207 25,906 23,017
Total noninterest expense 67,413 59,901 204,737 171,304
Income Before Income Taxes 49,285 42,450 140,836 115,303
Income tax provision 10,054 8,482 28,600 22,855
Net Income $ 39,231 $ 33,968 $ 112,236 $ 92,448
Average Shares Outstanding (in shares) 102,159,213 93,194,854 101,428,065 93,761,360
Average Shares Outstanding Assuming Dilution (in shares) 102,442,878 93,450,259 101,674,970 93,994,158
Per Share Data:        
Basic Earnings per Share (in dollars per share) $ 0.38 $ 0.36 $ 1.11 $ 0.99
Diluted Earnings per Share (in dollars per share) 0.38 0.36 1.10 0.98
Cash Dividends Declared per Common Share (in dollars per share) $ 0.125 $ 0.120 $ 0.370 $ 0.355