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CONSOLIDATED STATEMENTS OF INCOME - 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 $ 107,275 $ 77,959 $ 207,637 $ 150,473
Interest and dividends on taxable investments 20,811 24,899 42,749 47,491
Interest and dividends on nontaxable investments 3,538 3,317 7,120 5,907
Total interest income 131,624 106,175 257,506 203,871
Interest expense:        
Interest on deposits 18,948 2,691 28,876 5,256
Interest on borrowings 3,397 304 8,283 525
Interest on subordinated notes payable 0 39 38 77
Total interest expense 22,345 3,034 37,197 5,858
Net interest income 109,279 103,141 220,309 198,013
Provision for credit losses 752 6,038 4,252 6,944
Net interest income after provision for credit losses 108,527 97,103 216,057 191,069
Noninterest revenues:        
Deposit service fees 15,698 16,138 30,832 32,293
Mortgage banking 11 269 286 424
Other banking services 2,042 870 3,064 1,609
Employee benefit services 28,565 28,921 57,949 58,501
Insurance services 11,860 9,780 23,382 20,189
Wealth management services 7,858 8,141 16,103 16,774
Loss on sales of investment securities 0 0 52,329 0
Gain on debt extinguishment 0 0 242 0
Unrealized loss on equity securities (50) (22) (50) (20)
Total noninterest revenues 65,984 64,097 79,479 129,770
Noninterest expenses:        
Salaries and employee benefits 68,034 65,398 139,521 127,046
Data processing and communications 14,291 13,611 27,420 26,270
Occupancy and equipment 10,453 10,424 21,477 21,376
Amortization of intangible assets 3,705 3,851 7,372 7,583
Legal and professional fees 3,102 3,385 8,303 7,002
Business development and marketing 4,567 3,616 7,468 6,359
Acquisition expenses (1) 3,960 56 4,259
Acquisition-related contingent consideration adjustment 1,000 400 1,000 400
Other expenses 7,887 5,779 14,473 9,936
Total noninterest expenses 113,038 110,424 227,090 210,231
Income before income taxes 61,473 50,776 68,446 110,608
Income taxes 13,182 10,971 14,357 23,748
Net income $ 48,291 $ 39,805 $ 54,089 $ 86,860
Basic earnings per share $ 0.90 $ 0.74 $ 1.00 $ 1.61
Diluted earnings per share $ 0.89 $ 0.73 $ 1.00 $ 1.60