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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INTEREST AND DIVIDEND INCOME        
Loans, including fees $ 109,562 $ 103,206 $ 299,094 $ 318,532
Interest and dividends on securities:        
Taxable 17,531 13,481 47,468 37,467
Tax-exempt 4,916 4,063 13,965 11,925
Total interest and dividends on securities 22,447 17,544 61,433 49,392
Other interest income 2,108 628 4,211 1,836
Total interest and dividend income 134,117 121,378 364,738 369,760
INTEREST EXPENSE        
Interest bearing demand deposits 2,953 815 4,917 2,859
Money market deposits 968 350 1,672 1,488
Savings deposits 1,067 244 1,662 769
Certificates of deposit 958 1,726 3,347 6,122
Total interest expense on deposits 5,946 3,135 11,598 11,238
Federal Home Loan Bank borrowings 348 1,192 1,334 5,387
Other short-term borrowings 147 33 244 192
Subordinated debt and junior subordinated debt 3,175 1,743 7,123 5,336
Total interest expense 9,616 6,103 20,299 22,153
NET INTEREST INCOME 124,501 115,275 344,439 347,607
Provision for credit losses (535) (1,730) (4,785) (50,714)
Net interest income after provision for credit losses 125,036 117,005 349,224 398,321
NON-INTEREST INCOME        
Trust fees 6,517 7,289 20,879 22,069
Service charges on deposits 6,942 6,050 19,520 15,820
Electronic banking fees 4,808 5,427 15,307 14,853
Net securities brokerage revenue 2,491 1,965 6,969 5,318
Bank-owned life insurance 1,999 2,656 8,263 6,072
Mortgage banking income 1,257 4,563 4,508 16,656
Net securities gains (losses) 656 (15) (1,176) 740
Net gain (loss) on other real estate owned and other assets 2,040 785 (68) 4,974
Other income 5,546 4,035 15,420 15,574
Total non-interest income 32,256 32,755 89,622 102,076
NON-INTEREST EXPENSE        
Salaries and wages 44,271 39,497 124,421 113,822
Employee benefits 10,693 10,658 28,574 30,191
Net occupancy 6,489 6,825 19,843 20,430
Equipment and software 8,083 7,609 23,795 21,654
Marketing 2,377 1,848 7,546 6,033
FDIC insurance 2,391 1,227 5,850 2,690
Amortization of intangible assets 2,560 2,854 7,738 8,622
Restructuring and merger-related expense 66 4,467 1,712 6,540
Other operating expenses 15,011 19,716 47,032 54,858
Total non-interest expense 91,941 94,701 266,511 264,840
Income before provision for income taxes 65,351 55,059 172,335 235,557
Provision for income taxes 12,318 10,651 32,432 47,445
Net income 53,033 44,408 139,903 188,112
Preferred stock dividends 2,531 2,531 7,594 7,594
Net income available to common shareholders $ 50,502 $ 41,877 $ 132,309 $ 180,518
EARNINGS PER COMMON SHARE        
Basic $ 0.85 $ 0.64 $ 2.19 $ 2.72
Diluted $ 0.85 $ 0.64 $ 2.19 $ 2.71
AVERAGE COMMON SHARES OUTSTANDING        
Basic 59,549,244 64,931,764 60,336,637 66,354,750
Diluted 59,697,676 65,065,848 60,489,248 66,510,357
DIVIDENDS DECLARED PER COMMON SHARE $ 0.34 $ 0.33 $ 1.02 $ 0.99
COMPREHENSIVE (LOSS) INCOME $ (37,546) $ 36,285 $ (121,617) $ 161,216