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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
Income before income taxes $ 80,141 $ 95,068 $ 244,218 $ 247,469
Interest income        
Interest and fees on loans 187,145 150,157 537,830 413,770
Interest Income, Securities, Operating, Taxable 14,817 13,243 45,707 34,567
Nontaxable interest and dividends on securities 1 1 4 4
Interest on loans held for sale 60 51 133 150
Interest on federal funds sold and short-term investments 905 6,519 4,882 10,222
Total interest and dividend income 202,928 169,971 588,556 458,713
Interest expense        
Interest on deposits 40,713 6,109 95,297 10,327
Interest on borrowings 12,335 1,261 31,835 3,492
Total interest expense 53,048 7,370 127,132 13,819
Net interest income 149,880 162,601 461,424 444,894
Provision for credit losses 5,500 3,000 17,750 1,000
Net interest income after provision for credit losses 144,380 159,601 443,674 443,894
Noninterest income        
Deposit account fees 5,936 6,261 17,360 17,582
Interchange and ATM fees 4,808 4,331 13,470 11,967
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions 10,246 8,436 30,373 26,438
Mortgage banking income 739 585 1,717 2,989
Bank Owned Life Insurance Income 1,983 1,883 5,777 5,549
Gain Realized on Life Insurance Policies (1,924) (477) (2,111) (600)
Loan level derivative income 842 471 2,525 1,511
Other noninterest income 7,065 5,751 19,209 15,729
Total noninterest income 33,543 28,195 92,542 82,365
Noninterest expenses        
Salaries and employee benefits 54,797 52,708 165,747 150,957
Occupancy and equipment expenses 12,321 12,316 37,528 37,255
Data processing & facilities management 2,404 2,259 7,461 6,878
Professional Fees 2,753 2,547 6,765 7,057
Software Maintenance 3,324 2,497 9,407 7,706
Debit card expense 2,319 1,936 6,707 5,562
Amortization of Intangible Assets 1,712 1,898 5,243 5,801
FDIC assessment 2,727 1,677 8,011 5,225
Business Combination, Acquisition Related Costs 0 0 0 7,100
Other noninterest expenses 15,425 14,890 45,129 45,249
Total noninterest expenses 97,782 92,728 291,998 278,790
Income before income taxes 80,141 95,068 244,218 247,469
Current Federal, State and Local, Tax Expense (Benefit) 19,333 23,171 59,519 60,699
Net income $ 60,808 $ 71,897 $ 184,699 $ 186,770
Basic earnings per share (in dollars per share) $ 1.38 $ 1.57 $ 4.16 $ 4.01
Diluted earnings per share (in dollars per share) $ 1.38 $ 1.57 $ 4.16 $ 4.00
Weighted average common shares (basic) (in shares) 44,135,487 45,839,555 44,419,731 46,618,209
Common shares equivalents (in shares) 11,417 16,856 12,851 17,221
Weighted average common shares (diluted) (in shares) 44,146,904 45,856,411 44,432,582 46,635,430
Retained Earnings [Member]        
Noninterest expenses        
Net income $ 60,808 $ 71,897 $ 184,699 $ 186,770
Cash dividends declared per common share (in dollars per share) $ 0.55 $ 0.51 $ 1.65 $ 1.53