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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Loans, including fees $ 175,532 $ 158,534 $ 512,225 $ 453,700
Investment securities:        
Taxable 40,105 34,598 113,505 96,582
Tax-exempt 1,534 1,561 4,619 4,708
Other interest income 5,486 9,482 20,069 35,458
Total interest income 222,657 204,175 650,418 590,448
Interest expense:        
Savings deposits 20,869 15,042 61,416 41,514
Time deposits 25,607 15,610 70,333 34,067
Securities sold under repurchase agreements 6,173 4,143 16,732 9,580
Other borrowings 74 71 213 213
Junior subordinated deferrable interest debentures 1,992 1,981 5,943 6,106
Total interest expense 54,715 36,847 154,637 91,480
Net interest income 167,942 167,328 495,781 498,968
Credit loss expense 8,602 10,476 30,351 27,879
Net interest income after provision for credit losses 159,340 156,852 465,430 471,089
Non-interest income:        
Investment securities transactions, net (1) (3) (1) (3)
Other investments income, net 4,180 3,598 8,852 3,653
Other income 3,933 5,863 14,380 15,262
Total non-interest income 43,842 45,385 129,604 123,449
Non-interest expense:        
Employee compensation and benefits 37,543 34,773 109,039 100,926
Occupancy 7,746 6,268 20,109 18,598
Depreciation of bank premises and equipment 5,594 5,488 16,938 16,362
Professional fees 4,131 4,123 12,034 11,051
Deposit insurance assessments 1,731 1,744 5,126 7,575
Net operations, other real estate owned 1,136 (1,638) 1,463 (3,278)
Advertising 1,397 1,360 4,679 3,913
Software and software maintenance 4,820 5,081 15,783 14,978
Other 12,117 14,001 34,795 36,638
Total non-interest expense 76,215 71,200 219,966 206,763
Income before income taxes 126,967 131,037 375,068 387,775
Provision for income taxes 27,195 27,773 80,985 82,383
Net income $ 99,772 $ 103,264 $ 294,083 $ 305,392
Basic earnings per common share:        
Weighted average number of shares outstanding (in shares) 62,190,993 62,053,563 62,172,928 62,089,779
Net income per common share (in dollars per share) $ 1.60 $ 1.66 $ 4.73 $ 4.92
Fully diluted earnings per common share:        
Weighted average number of shares outstanding (in shares) 62,309,574 62,195,486 62,289,708 62,227,379
Net income per common share (in dollars per share) $ 1.60 $ 1.66 $ 4.72 $ 4.91
Services charges on deposit accounts        
Non-interest income:        
Service charges on deposit accounts $ 18,660 $ 19,311 $ 55,018 $ 54,939
Other service charges, commissions and fees, Banking        
Non-interest income:        
Service charges on deposit accounts 14,762 14,314 43,880 42,761
Other service charges, commissions and fees, Non-banking        
Non-interest income:        
Service charges on deposit accounts $ 2,308 $ 2,302 $ 7,475 $ 6,837