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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income        
Interest and fees on loans $ 749,812 $ 621,057 $ 1,460,153 $ 1,179,749
Mortgage loans held-for-sale 5,434 4,178 9,580 7,706
Interest-bearing deposits with banks 19,731 16,882 36,389 30,350
Federal funds sold and securities purchased under resale agreements 17 1 36 71
Investment securities 69,779 51,243 139,457 111,186
Trading account securities 13 6 31 20
Federal Home Loan Bank and Federal Reserve Bank stock 4,974 3,544 9,452 7,224
Brokerage customer receivables 219 265 394 560
Total interest income 849,979 697,176 1,655,492 1,336,866
Interest expense        
Interest on deposits 335,703 213,495 635,235 358,297
Interest on Federal Home Loan Bank advances 24,797 17,399 46,845 36,534
Interest on other borrowings 8,700 8,485 17,948 16,339
Interest on subordinated notes 5,185 5,523 10,672 11,011
Interest on junior subordinated debentures 4,984 4,737 9,988 9,153
Total interest expense 379,369 249,639 720,688 431,334
Net interest income 470,610 447,537 934,804 905,532
Provision for credit losses 40,061 28,514 61,734 51,559
Net interest income after provision for credit losses 430,549 419,023 873,070 853,973
Non-interest income        
Wealth management 35,413 33,858 70,228 63,803
Mortgage banking 29,124 29,981 56,787 48,245
Service charges on deposit accounts 15,546 13,608 30,357 26,511
(Losses) gains on investment securities, net (4,282) 0 (2,956) 1,398
Fees from covered call options 2,056 2,578 6,903 12,969
Trading gains, net 70 106 747 919
Operating lease income, net 13,938 12,227 28,048 25,273
Other 29,282 20,672 71,613 41,681
Total non-interest income 121,147 113,030 261,727 220,799
Non-interest expense        
Salaries and employee benefits 198,541 184,923 393,714 361,704
Software and equipment 29,231 26,205 56,962 50,902
Operating lease equipment 10,834 9,816 21,517 19,649
Occupancy, net 19,585 19,176 38,671 37,662
Data processing 9,503 9,726 18,795 19,135
Advertising and marketing 17,436 17,794 30,476 29,740
Professional fees 9,967 8,940 19,520 17,103
Amortization of other acquisition-related intangible assets 1,122 1,499 2,280 2,734
FDIC insurance 10,429 9,008 24,966 17,677
Other real estate owned expense, net (259) 118 133 (89)
Other 33,964 33,418 66,464 63,575
Total non-interest expense 340,353 320,623 673,498 619,792
Income before taxes 211,343 211,430 461,299 454,980
Income tax expense 58,955 56,680 121,617 120,032
Net income 152,388 154,750 339,682 334,948
Preferred stock dividends 6,991 6,991 13,982 13,982
Net income applicable to common shares $ 145,397 $ 147,759 $ 325,700 $ 320,966
Net income per common share-Basic (usd per share) $ 2.35 $ 2.41 $ 5.28 $ 5.26
Net income per common share-Diluted (usd per share) 2.32 2.38 5.21 5.18
Cash dividends declared per common share (usd per share) $ 0.45 $ 0.40 $ 0.90 $ 0.80
Weighted average common shares outstanding (in shares) 61,839 61,192 61,660 61,072
Dilutive potential common shares (in shares) 926 902 901 933
Average common shares and dilutive common shares (in shares) 62,765 62,094 62,561 62,005