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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest and Dividend Income      
Loan receivable $ 1,130,242 $ 801,981 $ 649,224
Investment securities 51,717 28,240 14,151
Federal Home Loan Bank stock 1,349 1,103 991
Deposits with banks 58,914 19,957 2,145
Total interest and dividend income 1,242,222 851,281 666,511
Interest Expense      
Time deposits 331,997 56,354 40,542
Other deposits 135,965 48,942 21,259
Advances from the Federal Home Loan Bank 22,164 5,880 1,182
Long-term debt 6,480 5,546 5,773
Short-term borrowings 3,870 862 0
Total interest expense 500,476 117,584 68,756
Net interest income before provision for credit losses 741,746 733,697 597,755
Provision/(reversal) for credit losses (25,978) (14,543) 16,008
Net interest income after provision for credit losses 715,768 719,154 613,763
Non-Interest Income      
Net gains/(losses) from equity securities 18,248 392 (1,426)
Securities (losses)/gains, net (3,000) 0 853
Letters of credit commissions 6,716 6,351 7,103
Other operating income 22,390 27,112 27,433
Total non-interest income 68,292 56,814 54,603
Non-Interest Expense      
Salaries and employee benefits 154,149 142,546 132,795
Occupancy expense 22,270 22,808 20,318
Computer and equipment expense 17,478 13,603 13,549
Professional services expense 32,491 28,237 23,666
Data processing service expense 14,728 13,181 13,607
FDIC and State assessments 23,588 8,037 7,132
Marketing expense 5,887 6,863 6,913
Other real estate owned expense 761 127 343
Amortization of investments in low income housing and Alternative energy partnerships 86,616 42,065 45,447
Amortization of core deposit premium 1,310 1,892 687
Cost associated with debt redemption 0 0 732
Acquisition, integration and reorganization costs 671 4,127 1,425
Other operating expense 20,529 19,946 19,909
Total non-interest expense 380,478 303,432 286,523
Income before income tax expense 403,582 472,536 381,843
Income tax expense 49,458 111,894 83,539
Net income 354,124 360,642 298,304
Other Comprehensive Income/(Loss), Net of Tax:      
Net holding gains/(losses) on securities available-for-sale 18,642 (105,043) (11,989)
Net holding (losses)/gains on cash flow hedge derivatives (1,763) 5,813 3,614
Total other comprehensive income/(loss), net of tax 16,879 (99,230) (8,375)
Total comprehensive income $ 371,003 $ 261,412 $ 289,929
Net Income Per Common Share      
Basic (in dollars per share) $ 4.88 $ 4.85 $ 3.81
Diluted (in dollars per share) 4.86 4.83 3.8
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) $ 1.36 $ 1.36 $ 1.27
Average Common Shares Outstanding:      
Basic (in shares) 72,573,025 74,337,265 78,268,369
Diluted (in shares) 72,862,628 74,664,735 78,570,638
Deposit Account [Member]      
Non-Interest Income      
Non-Interest Income $ 6,432 $ 6,523 $ 5,584
Asset Management [Member]      
Non-Interest Income      
Non-Interest Income $ 17,506 $ 16,436 $ 15,056