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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INTEREST INCOME:        
Interest and fees on loans $ 122,913 $ 112,062 $ 334,000 $ 336,416
Interest on securities:        
Taxable 45,648 32,384 116,366 94,373
Nontaxable 6,164 4,609 17,874 13,673
Interest on federal funds sold 0 0 0 1
Interest on interest bearing deposits in other financial institutions 1,081 132 1,715 258
TOTAL INTEREST INCOME 175,806 149,187 469,955 444,721
INTEREST EXPENSE:        
Interest on deposits 15,158 3,444 24,665 11,629
Interest on short-term borrowings 360 98 494 348
Interest on other borrowings (includes $189 and $(543) of interest expense (benefit) related to derivatives reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2022 and 2021, respectively, and $552 and $(1,601) of interest expense (benefit) related to derivatives reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021, respectively) 4,412 3,102 11,780 9,378
TOTAL INTEREST EXPENSE 19,930 6,644 36,939 21,355
NET INTEREST INCOME 155,876 142,543 433,016 423,366
Provision (benefit) for credit losses 5,492 (4,534) 11,983 (12,262)
NET INTEREST INCOME AFTER PROVISION (BENEFIT) FOR CREDIT LOSSES 150,384 147,077 421,033 435,628
NONINTEREST INCOME:        
Loan servicing income 831 784 1,951 2,495
Securities gains (losses), net (includes $(1,070) and $1,535 of net security gains (losses) reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2022 and 2021, respectively, and $(1,720) and $4,347 of net security gains (losses) reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021, respectively) (1,055) 1,535 (272) 4,347
Unrealized gain (loss) on equity securities, net (211) 112 (615) 85
Net gains on sale of loans held for sale 1,832 5,281 8,144 16,454
Valuation adjustment on servicing rights 0 195 1,658 586
Income on bank owned life insurance 694 940 1,741 2,706
Other noninterest income 3,787 1,239 15,596 4,557
TOTAL NONINTEREST INCOME 29,181 32,724 98,289 96,205
NONINTEREST EXPENSES:        
Salaries and employee benefits 62,661 60,689 192,867 177,083
Occupancy 6,794 7,366 21,250 22,683
Furniture and equipment 2,928 3,365 9,480 9,959
Professional fees 16,277 17,242 47,420 46,969
Advertising 1,554 1,921 4,392 5,039
Core deposit and customer relationship intangibles amortization 1,856 2,295 5,993 7,226
Other real estate and loan collection expenses 304 78 577 627
(Gain)/loss on sales/valuations of assets, net (251) (3) (3,435) 374
Acquisition, integration and restructuring costs 2,156 204 5,144 3,342
Partnership investment in tax credit projects 979 2,374 1,793 3,754
Other noninterest expenses 13,625 15,096 40,678 39,370
TOTAL NONINTEREST EXPENSES 108,883 110,627 326,159 316,426
INCOME BEFORE INCOME TAXES 70,682 69,174 193,163 215,407
Income taxes (includes $302 and $524 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2022 and 2021, respectively, and $466 and $1,501 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021, respectively) 14,118 13,250 41,637 45,064
NET INCOME 56,564 55,924 151,526 170,343
Preferred dividends (2,013) (2,013) (6,038) (6,038)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 54,551 $ 53,911 $ 145,488 $ 164,305
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.28 $ 1.27 $ 3.43 $ 3.89
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.28 1.27 3.42 3.88
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.27 $ 0.25 $ 0.81 $ 0.69
Reclassification out of accumulated other comprehensive income (loss) | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
INTEREST EXPENSE:        
Interest on other borrowings (includes $189 and $(543) of interest expense (benefit) related to derivatives reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2022 and 2021, respectively, and $552 and $(1,601) of interest expense (benefit) related to derivatives reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021, respectively) $ 189 $ (543) $ 552 $ (1,601)
Reclassification out of accumulated other comprehensive income (loss) | Accumulated Net Unrealized Investment Gain (Loss)        
NONINTEREST INCOME:        
Securities gains (losses), net (includes $(1,070) and $1,535 of net security gains (losses) reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2022 and 2021, respectively, and $(1,720) and $4,347 of net security gains (losses) reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021, respectively) (1,070) 1,535 (1,720) 4,347
Reclassification out of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss)        
NONINTEREST EXPENSES:        
Income taxes (includes $302 and $524 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2022 and 2021, respectively, and $466 and $1,501 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021, respectively) 302 524 466 1,501
Service charges and fees        
NONINTEREST INCOME:        
Revenue from contract with customers 17,282 15,551 50,599 44,354
Trust fees        
NONINTEREST INCOME:        
Revenue from contract with customers 5,372 6,221 17,130 18,037
Brokerage and insurance commissions        
NONINTEREST INCOME:        
Revenue from contract with customers $ 649 $ 866 $ 2,357 $ 2,584