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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Loans $ 596,886 $ 481,088 $ 1,708,216 $ 1,354,124
Money market investments 99,286 36,966 265,785 67,172
Investment securities 148,614 133,181 403,814 331,421
Total interest income 844,786 651,235 2,377,815 1,752,717
Interest expense:        
Deposits 294,121 60,897 730,824 113,507
Short-term borrowings 1,478 921 5,987 1,249
Long-term debt 15,167 9,798 43,660 30,168
Total interest expense 310,766 71,616 780,471 144,924
Net interest income 534,020 579,619 1,597,344 1,607,793
Provision for credit losses 45,117 39,637 129,946 33,499
Net interest income after provision for credit losses 488,903 539,982 1,467,398 1,574,294
Mortgage banking activities 5,393 9,448 15,109 35,888
Net (loss) gain, including impairment on equity securities (1,319) (1,448) 1,165 (7,651)
Net gain (loss) on trading account debt securities 219 (274) 632 (946)
Net loss on sale of loans on loans held-for-sale, including valudation adjustments (44) 0 (44) 0
Adjustments to indemnity reserves on loans sold (187) 1,715 (31) 1,140
Other operating income 24,762 290,645 77,625 342,651
Total non-interest income 159,549 426,494 481,981 738,597
Operating expenses:        
Personnel costs 193,152 193,843 583,380 529,627
Net occupancy expenses 28,100 27,420 81,304 78,357
Equipment expenses 8,905 8,735 26,878 25,798
Other taxes 8,590 15,966 41,290 47,461
Professional fees 38,514 47,662 122,077 122,884
Technology and software expenses 72,930 68,341 213,843 213,638
Processing and transactional services 37,899 32,368 108,609 94,358
Communications 4,220 3,858 12,483 11,028
Business promotion 23,075 24,348 67,029 60,784
FDIC deposit insurance 8,932 6,610 24,600 20,445
Other real estate owned (OREO) income (5,189) (2,444) (10,197) (12,963)
Other operating expenses 23,061 39,593 70,274 81,814
Amortization of intangibles 795 795 2,385 2,481
Goodwill impairment charge 23,000 9,000 23,000 9,000
Total operating expenses 465,984 476,095 1,366,955 1,284,712
Income before income tax 182,468 490,381 582,424 1,028,179
Income tax expense 45,859 67,986 135,676 182,677
Net Income 136,609 422,395 446,748 845,502
Net Income Applicable to Common Stock $ 136,256 $ 422,042 $ 445,689 $ 844,443
Net Income per Common Share - Basic $ 1.90 $ 5.71 $ 6.22 $ 11.09
Net Income per Common Share - Diluted $ 1.90 $ 5.70 $ 6.21 $ 11.07
Service charges on deposit accounts        
Interest expense:        
Revenue from contract with customer $ 37,318 $ 40,006 $ 109,777 $ 122,528
Other services        
Interest expense:        
Revenue from contract with customer $ 93,407 $ 86,402 $ 277,748 $ 244,987