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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Loans receivable:        
Taxable $ 128,504 $ 85,319 $ 314,366 $ 257,426
Tax exempt 6,500 5,591 18,194 16,475
Investment securities:        
Taxable 10,055 7,788 28,937 21,923
Tax exempt 17,261 14,464 50,348 39,920
Deposits with financial institutions 704 218 1,544 461
Federal Home Loan Bank stock 314 168 635 434
Total Interest Income 163,338 113,548 414,024 336,639
INTEREST EXPENSE        
Deposits 16,644 5,707 29,423 17,730
Federal funds purchased 418 0 494 4
Securities sold under repurchase agreements 372 77 595 239
Federal Home Loan Bank advances 3,493 1,389 6,485 4,283
Subordinated debentures and other borrowings 2,105 1,660 5,780 4,976
Total Interest Expense 23,032 8,833 42,777 27,232
NET INTEREST INCOME 140,306 104,715 371,247 309,407
Provision for credit losses 0 0 16,755 0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 140,306 104,715 354,492 309,407
NON-INTEREST INCOME        
Net gains and fees on sales of loans 2,543 3,955 7,968 16,266
Increase in cash surrender value of life insurance 1,376 1,198 3,831 3,592
Gains on life insurance benefits 5,279 1,270 5,828 1,417
Net realized gains on sales of available for sale securities 481 1,756 1,137 5,316
Other income (loss) (425) 1,144 1,257 2,393
Total Non-Interest Income 29,617 28,501 83,791 83,476
NON-INTEREST EXPENSES        
Salaries and employee benefits 56,002 43,314 154,562 124,563
Net occupancy 6,738 5,576 19,573 17,682
Equipment 5,997 4,529 17,797 14,407
Marketing 2,401 1,676 4,551 3,922
Outside data processing fees 6,827 4,794 16,071 13,736
Printing and office supplies 472 265 1,198 861
Intangible asset amortization 2,303 1,463 5,972 4,284
FDIC assessments 2,824 1,552 7,940 4,381
Other real estate owned and foreclosure expenses 328 (91) 626 821
Professional and other outside services 4,461 2,767 17,681 8,286
Other expenses 8,025 5,539 20,045 13,834
Total Non-Interest Expenses 96,378 71,384 266,016 206,777
INCOME BEFORE INCOME TAX 73,545 61,832 172,267 186,106
Income tax expense 9,793 9,062 20,938 28,308
Total reclassifications for the period, net of tax 63,752 52,770 151,329 157,798
Preferred stock dividends 469 0 938 0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 63,283 $ 52,770 $ 150,391 $ 157,798
Per Share Data:        
Basic Net Income Available to Common Stockholders (in dollars per share) $ 1.08 $ 0.98 $ 2.63 $ 2.93
Diluted Net Income Available to Common Stockholders (in dollars per share) 1.08 0.98 2.62 2.92
Cash Dividends Paid (in dollars per share) $ 0.32 $ 0.29 $ 0.93 $ 0.84
Average Diluted Common Shares Outstanding (in shares) 59,338,729 53,959,765 57,467,559 54,093,063
Service charges on deposit accounts        
NON-INTEREST INCOME        
Other income $ 7,165 $ 6,249 $ 21,274 $ 17,109
Fiduciary and wealth management fees        
NON-INTEREST INCOME        
Other income 7,221 7,352 22,187 21,284
Card payment fees        
NON-INTEREST INCOME        
Other income 4,776 4,156 15,674 12,682
Derivative hedge fees        
NON-INTEREST INCOME        
Other income 700 1,028 3,062 2,288
Other customer fees        
NON-INTEREST INCOME        
Other income $ 501 $ 393 $ 1,573 $ 1,129