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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income:        
Interest and fees on loans $ 169,274 $ 124,992 $ 483,676 $ 333,595
Taxable interest and dividends on securities 24,191 29,280 77,451 88,277
Non-taxable interest and dividends on securities 1,434 1,917 4,302 5,585
Interest on federal funds sold and other short-term investments 7,269 1,638 27,384 2,726
Total interest and dividend income 202,168 157,827 592,813 430,183
Interest expense:        
Interest on deposits 59,607 4,781 158,686 11,164
Interest on borrowings 5,356 867 17,025 959
Total interest expense 64,963 5,648 175,711 12,123
Net interest income 137,205 152,179 417,102 418,060
Provision for allowance for loan losses 7,328 6,480 14,854 7,045
Net interest income after provision for allowance for loan losses 129,877 145,699 402,248 411,015
Noninterest income (loss):        
Service charges on deposit accounts 7,403 6,708 21,117 23,558
Trust and investment advisory fees 6,235 5,832 18,136 17,967
Debit card processing fees 3,388 3,249 10,071 9,417
Interest rate swap income 1,695 1,562 2,112 6,087
(Losses) income from investments held in rabbi trusts (1,523) (2,248) 4,336 (13,997)
Realized loss on sales of commercial loans (2,651) 0 (2,651) 0
(Losses) gains on sales of mortgage loans held for sale, net (164) 22 (288) 240
Losses on sales of securities available for sale, net 0 (198) (333,170) (2,474)
Other 4,774 4,597 15,845 13,527
Total noninterest income (loss) 19,157 19,524 (264,492) 54,325
Noninterest expense:        
Salaries and employee benefits 60,898 61,292 185,264 171,525
Office occupancy and equipment 8,641 8,880 26,797 28,804
Data processing 13,443 12,242 38,555 39,711
Professional services 7,125 4,218 13,277 11,510
Marketing expenses 1,765 2,118 4,899 6,262
Loan expenses 1,082 2,211 3,292 5,757
FDIC insurance 2,808 1,578 8,388 4,710
Amortization of intangible assets 504 299 1,299 899
Other 5,482 2,927 15,802 6,888
Total noninterest expense 101,748 95,765 297,573 276,066
Income (loss) from continuing operations before income tax expense (benefit) 47,286 69,458 (159,817) 189,274
Income tax (benefit) expense (16,178) 16,650 (65,619) 43,681
Net income (loss) from continuing operations 63,464 52,808 (94,198) 145,593
Net (loss) income from discontinued operations (4,351) 1,969 7,872 11,872
Net income (loss) $ 59,113 $ 54,777 $ (86,326) $ 157,465
Basic earnings (loss) per share:        
Basic earnings (loss) per share from continuing operations (in dollars per share) $ 0.39 $ 0.32 $ (0.58) $ 0.87
Basic (loss) earnings per share from discontinued operations (in dollars per share) (0.03) 0.01 0.05 0.07
Basic earnings (loss) per share (in dollars per share) 0.36 0.33 (0.53) 0.94
Diluted earnings (loss) per share:        
Diluted earnings (loss) per share from continuing operations (in dollars per share) 0.39 0.32 (0.58) 0.87
Diluted (loss) earnings per share from discontinued operations (in dollars per share) (0.03) 0.01 0.05 0.07
Diluted earnings per share (in dollars per share) $ 0.36 $ 0.33 $ (0.53) $ 0.94