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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans $ 481,088 $ 435,296 $ 1,354,124 $ 1,303,726
Money market investments 36,966 6,914 67,172 14,300
Investment securities 133,181 87,952 331,421 265,348
Total interest income 651,235 530,162 1,752,717 1,583,374
Interest expense:        
Deposits 60,897 27,029 113,507 85,290
Short-term borrowings 921 54 1,249 259
Long-term debt 9,798 13,686 30,168 41,518
Total interest expense 71,616 40,769 144,924 127,067
Net interest income 579,619 489,393 1,607,793 1,456,307
Provision for credit losses (benefit) 39,637 (61,173) 33,499 (160,414)
Net interest income after provision for credit losses (benefit) 539,982 550,566 1,574,294 1,616,721
Non-interest income:        
Mortgage banking activities 9,448 8,307 35,888 33,098
Net gain on sale of debt securities 0 23 0 23
Net (loss) gain, including impairment, on equity securities (1,448) (401) (7,651) 1,585
Net (loss) gain on trading account debt securities (274) 58 (946) (34)
Net loss on sale of loans, including valuation adjustments on loans held-for-sale 0 0 0 (73)
Adjustments to indemnity reserves on loans sold 1,715 2,038 1,140 3,008
Other operating income 290,645 37,476 342,651 91,304
Total non-interest income 426,494 169,258 738,597 477,451
Operating expenses:        
Personnel costs 193,843 157,647 529,627 471,330
Net occupancy expenses 27,420 24,896 78,357 75,471
Equipment expenses 26,626 22,537 75,193 66,917
Other taxes 15,966 14,459 47,461 41,623
Professional fees 112,221 104,709 335,590 305,810
Communications 6,224 6,133 18,364 18,971
Business promotion 24,348 18,116 60,784 47,148
FDIC deposit insurance 6,610 7,181 20,445 18,891
Other real estate owned (OREO) income (2,444) (1,722) (12,963) (10,554)
Other operating expenses 55,486 33,429 120,373 93,185
Amortization of intangibles 795 783 2,481 3,089
Goodwill impairment charge 9,000 0 9,000 0
Total operating expenses 476,095 388,168 1,284,712 1,131,881
Income before income tax 490,381 331,656 1,028,179 962,291
Income tax expense 67,986 83,542 182,677 233,466
Net Income 422,395 248,114 845,502 728,825
Net Income Applicable to Common Stock $ 422,042 $ 247,761 $ 844,443 $ 727,766
Net Income per Common Share - Basic $ 5.71 $ 3.09 $ 11.09 $ 8.89
Net Income per Common Share - Diluted $ 5.70 $ 3.09 $ 11.07 $ 8.87
Service charges on deposit accounts        
Non-interest income:        
Revenue from contract with customer $ 40,006 $ 41,312 $ 122,528 $ 121,085
Other services        
Non-interest income:        
Revenue from contract with customer $ 86,402 $ 80,445 $ 244,987 $ 227,455