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CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Loans receivable:        
Taxable $ 206,680 $ 191,705 $ 606,116 $ 550,314
Tax exempt 8,622 8,288 25,242 23,757
Investment securities:        
Taxable 9,263 8,590 27,062 26,563
Tax exempt 13,509 13,947 40,733 44,296
Deposits with financial institutions 2,154 5,884 11,642 9,685
Federal Home Loan Bank stock 855 719 2,569 2,281
Total Interest Income 241,083 229,133 713,364 656,896
INTEREST EXPENSE        
Deposits 98,856 85,551 296,292 209,437
Federal funds purchased 329 0 455 1,420
Securities sold under repurchase agreements 700 797 2,377 2,624
Federal Home Loan Bank advances 8,544 6,896 21,715 20,775
Subordinated debentures and other borrowings 1,544 2,506 5,781 7,303
Total Interest Expense 109,973 95,750 326,620 241,559
NET INTEREST INCOME 131,110 133,383 386,744 415,337
Provision for credit losses 5,000 2,000 31,500 2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 126,110 131,383 355,244 413,337
NONINTEREST INCOME        
Net gains and fees on sales of loans 6,764 5,517 15,159 11,548
Increase in cash surrender value of life insurance 1,265 1,210 4,128 3,813
Gains on life insurance benefits 1,490 551 2,148 1,332
Net realized losses on sales of available for sale securities (9,114) (1,650) (9,165) (4,613)
Other income 1,374 1,229 3,457 2,874
Total Noninterest Income 24,866 27,842 82,838 79,158
NONINTEREST EXPENSES        
Salaries and employee benefits 55,223 55,566 165,730 167,778
Net occupancy 6,994 6,837 21,052 20,770
Equipment 6,949 5,698 19,774 18,005
Marketing 1,836 2,369 4,807 4,780
Outside data processing fees 7,150 6,573 21,111 19,290
Printing and office supplies 378 333 1,085 1,150
Intangible asset amortization 1,772 2,182 5,500 6,561
FDIC assessments 3,720 2,981 11,285 7,117
Other real estate owned and foreclosure expenses 942 677 1,849 1,575
Professional and other outside services 3,035 3,833 10,809 12,191
Other expenses 6,630 6,805 19,975 20,950
Total Noninterest Expenses 94,629 93,854 282,977 280,167
INCOME BEFORE INCOME TAX 56,347 65,371 155,105 212,328
Income tax expense 7,160 9,005 18,052 31,021
NET INCOME 49,187 56,366 137,053 181,307
Preferred stock dividends 468 468 1,406 1,406
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 48,719 $ 55,898 $ 135,647 $ 179,901
Per Share Data:        
Basic Net Income Available to Common Stockholders (in dollars per share) $ 0.84 $ 0.95 $ 2.32 $ 3.04
Diluted Net Income Available to Common Stockholders (in dollars per share) 0.84 0.94 2.31 3.03
Cash Dividends Paid (in dollars per share) $ 0.35 $ 0.34 $ 1.04 $ 1.00
Average Diluted Common Shares Outstanding (in shares) 58,289,489 59,502,525 58,628,999 59,465,398
Service charges on deposit accounts        
NONINTEREST INCOME        
Other income $ 8,361 $ 7,975 $ 24,482 $ 23,147
Fiduciary and wealth management fees        
NONINTEREST INCOME        
Other income 8,525 7,394 25,550 22,653
Card payment fees        
NONINTEREST INCOME        
Other income 5,121 4,716 14,360 14,425
Derivative hedge fees        
NONINTEREST INCOME        
Other income 736 516 1,488 2,336
Other customer fees        
NONINTEREST INCOME        
Other income $ 344 $ 384 $ 1,231 $ 1,643