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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
INTEREST AND DIVIDEND INCOME        
Loans, including fees $ 96,412 $ 105,968 $ 189,532 $ 215,327
Interest and dividends on securities:        
Taxable 15,825 12,900 29,937 24,027
Tax-exempt 4,706 3,952 9,049 7,862
Total interest and dividends on securities 20,531 16,852 38,986 31,889
Other interest income 1,504 507 2,103 1,166
Total interest and dividend income 118,447 123,327 230,621 248,382
INTEREST EXPENSE        
Interest bearing demand deposits 1,153 1,009 1,965 2,052
Money market deposits 383 551 704 1,130
Savings deposits 330 261 595 525
Certificates of deposit 1,116 2,026 2,389 4,396
Total interest expense on deposits 2,982 3,847 5,653 8,103
Federal Home Loan Bank borrowings 411 1,781 986 4,195
Other short-term borrowings 48 40 96 159
Subordinated debt and junior subordinated debt 2,778 1,804 3,948 3,593
Total interest expense 6,219 7,472 10,683 16,050
NET INTEREST INCOME 112,228 115,855 219,938 232,332
Provision for credit losses (812) (21,025) (4,250) (48,984)
Net interest income after provision for credit losses 113,040 136,880 224,188 281,316
NON-INTEREST INCOME        
Trust fees 6,527 7,148 14,362 14,780
Service charges on deposits 6,487 4,876 12,577 9,770
Electronic banking fees 5,154 5,060 10,499 9,426
Net securities brokerage revenue 2,258 1,829 4,478 3,352
Bank-owned life insurance 2,384 1,707 6,264 3,416
Mortgage banking income 1,328 7,830 3,251 12,094
Net securities (losses) gains (1,183) 477 (1,832) 756
Net (loss) gain on other real estate owned and other assets (1,302) 4,014 (2,108) 4,189
Other income 5,330 3,171 9,874 11,537
Total non-interest income 26,983 36,112 57,365 69,320
NON-INTEREST EXPENSE        
Salaries and wages 41,213 37,435 80,150 74,324
Employee benefits 8,722 9,268 17,880 19,534
Net occupancy 6,119 6,427 13,354 13,605
Equipment and software 7,702 7,281 15,713 14,045
Marketing 2,749 1,802 5,170 4,185
FDIC insurance 1,937 181 3,459 1,462
Amortization of intangible assets 2,579 2,873 5,178 5,769
Restructuring and merger-related expense 52 1,222 1,646 2,074
Other operating expenses 15,946 17,323 32,019 35,141
Total non-interest expense 87,019 83,812 174,569 170,139
Income before provision for income taxes 53,004 89,180 106,984 180,497
Provision for income taxes 10,256 18,592 20,114 36,793
Net income 42,748 70,588 86,870 143,704
Preferred stock dividends 2,531 2,531 5,063 5,063
Net income available to common shareholders $ 40,217 $ 68,057 $ 81,807 $ 138,641
EARNINGS PER COMMON SHARE        
Basic $ 0.67 $ 1.02 $ 1.35 $ 2.07
Diluted $ 0.67 $ 1.01 $ 1.34 $ 2.06
AVERAGE COMMON SHARES OUTSTANDING        
Basic 60,036,103 66,894,398 60,736,858 67,078,036
Diluted 60,185,207 67,066,592 60,899,270 67,239,548
DIVIDENDS DECLARED PER COMMON SHARE $ 0.34 $ 0.33 $ 0.68 $ 0.66
COMPREHENSIVE (LOSS) INCOME $ (22,001) $ 73,371 $ (84,071) $ 124,931