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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME        
Loans $ 167,547 $ 182,852 $ 340,522 $ 363,810
Investment securities and other interest-earning assets 40,507 42,536 80,963 82,921
Total interest income 208,054 225,388 421,485 446,731
INTEREST EXPENSE        
Deposits 64,229 53,580 123,735 93,814
FHLB advances and other borrowings 2,330 7,155 6,567 15,093
Subordinated debentures 5,101 4,561 9,662 9,122
Total interest expense 71,660 65,296 139,964 118,029
Net interest income before provision for credit losses 136,394 160,092 281,521 328,702
Provision for credit losses 1,265 1,499 5,117 4,515
Net interest income after provision for credit losses 135,129 158,593 276,404 324,187
NONINTEREST INCOME        
Loan servicing income 510 493 1,039 1,066
Earnings on bank owned life insurance 4,218 3,487 8,377 6,861
Net gain from sales of loans 65 345 65 374
Net gain from sales of investment securities 0 0 0 138
Other (loss) income (167) 2,031 5,792 3,292
Total noninterest income 18,222 20,539 43,996 41,725
NONINTEREST EXPENSE        
Compensation and benefits 53,140 53,424 107,270 107,717
Premises and occupancy 10,480 11,615 21,287 23,357
Data processing 7,754 7,488 15,265 14,753
Other real estate owned operations, net 0 8 46 116
FDIC insurance premiums 1,873 2,357 4,502 4,782
Legal and professional services 1,078 4,716 5,221 10,217
Marketing expense 1,724 1,879 3,282 3,717
Office expense 1,077 1,280 2,170 2,512
Loan expense 840 567 1,610 1,213
Deposit expense 12,289 9,194 24,954 17,630
Amortization of intangible assets 2,763 3,055 5,599 6,226
Other expense 4,549 5,061 8,994 9,756
Total noninterest expense 97,567 100,644 200,200 201,996
Net income before income taxes 55,784 78,488 120,200 163,916
Income tax expense 13,879 20,852 31,270 43,718
Net income $ 41,905 $ 57,636 $ 88,930 $ 120,198
EARNINGS PER SHARE        
Basic (in dollars per share) $ 0.43 $ 0.60 $ 0.92 $ 1.26
Diluted (in dollars per share) $ 0.43 $ 0.60 $ 0.92 $ 1.26
WEIGHTED AVERAGE SHARES OUTSTANDING        
Basic (in shares) 94,628,201 94,166,083 94,489,230 94,012,799
Diluted (in shares) 94,716,205 94,215,967 94,597,559 94,192,341
Service charges on deposit accounts        
NONINTEREST INCOME        
Noninterest income $ 2,710 $ 2,670 $ 5,398 $ 5,299
Other service fee income        
NONINTEREST INCOME        
Noninterest income 309 315 645 611
Debit card interchange fee income        
NONINTEREST INCOME        
Noninterest income 925 914 1,690 1,717
Trust custodial account fees        
NONINTEREST INCOME        
Noninterest income 8,950 9,360 19,592 20,385
Escrow and exchange fees        
NONINTEREST INCOME        
Noninterest income $ 702 $ 924 $ 1,398 $ 1,982