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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Loans receivable:        
Taxable $ 201,413 $ 186,256 $ 399,436 $ 358,609
Tax exempt 8,430 7,760 16,620 15,469
Investment securities:        
Taxable 9,051 8,886 17,799 17,973
Tax exempt 13,613 14,279 27,224 30,349
Deposits with financial institutions 2,995 3,164 9,488 3,801
Federal Home Loan Bank stock 879 1,020 1,714 1,562
Total Interest Income 236,381 221,365 472,281 427,763
INTEREST EXPENSE        
Deposits 99,151 73,201 197,436 123,886
Federal funds purchased 126 123 126 1,420
Securities sold under repurchase agreements 645 979 1,677 1,827
Federal Home Loan Bank advances 6,398 6,815 13,171 13,879
Subordinated debentures and other borrowings 1,490 2,412 4,237 4,797
Total Interest Expense 107,810 83,530 216,647 145,809
NET INTEREST INCOME 128,571 137,835 255,634 281,954
Provision for credit losses 24,500 0 26,500 0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 104,071 137,835 229,134 281,954
NONINTEREST INCOME        
Net gains and fees on sales of loans 5,141 3,632 8,395 6,031
Increase in cash surrender value of life insurance 1,414 1,316 2,863 2,603
Gains on life insurance benefits 515 780 658 781
Net realized losses on sales of available for sale securities (49) (1,392) (51) (2,963)
Other income 1,586 822 2,083 1,645
Total Noninterest Income 31,334 26,319 57,972 51,316
NONINTEREST EXPENSES        
Salaries and employee benefits 52,214 54,753 110,507 112,212
Net occupancy 6,746 6,674 14,058 13,933
Equipment 6,599 6,181 12,825 12,307
Marketing 1,773 1,102 2,971 2,411
Outside data processing fees 7,072 6,604 13,961 12,717
Printing and office supplies 354 434 707 817
Intangible asset amortization 1,771 2,182 3,728 4,379
FDIC assessments 3,278 2,740 7,565 4,136
Other real estate owned and foreclosure expenses 373 916 907 898
Professional and other outside services 3,822 4,660 7,774 8,358
Other expenses 7,411 6,347 13,345 14,145
Total Noninterest Expenses 91,413 92,593 188,348 186,313
INCOME BEFORE INCOME TAX 43,992 71,561 98,758 146,957
Income tax expense 4,067 10,699 10,892 22,016
NET INCOME 39,925 60,862 87,866 124,941
Preferred stock dividends 469 469 938 938
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 39,456 $ 60,393 $ 86,928 $ 124,003
Per Share Data:        
Basic Net Income Available to Common Stockholders (in dollars per share) $ 0.68 $ 1.02 $ 1.48 $ 2.09
Diluted Net Income Available to Common Stockholders (in dollars per share) 0.68 1.02 1.48 2.09
Cash Dividends Paid (in dollars per share) $ 0.35 $ 0.34 $ 0.69 $ 0.66
Average Diluted Common Shares Outstanding (in shares) 58,328,265 59,448,379 58,800,463 59,446,057
Service charges on deposit accounts        
NONINTEREST INCOME        
Other income $ 8,214 $ 7,813 $ 16,121 $ 15,172
Fiduciary and wealth management fees        
NONINTEREST INCOME        
Other income 8,825 7,397 17,025 15,259
Card payment fees        
NONINTEREST INCOME        
Other income 4,739 4,537 9,239 9,709
Derivative hedge fees        
NONINTEREST INCOME        
Other income 489 672 752 1,820
Other customer fees        
NONINTEREST INCOME        
Other income $ 460 $ 742 $ 887 $ 1,259