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Consolidated 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
Interest income        
Interest and fees on loans $ 197,274 $ 179,759 $ 390,500 $ 350,685
Interest Income, Securities, Operating, Taxable 13,992 15,581 28,223 30,890
Nontaxable interest and dividends on securities 2 2 3 3
Interest on loans held for sale 199 39 303 73
Interest on federal funds sold and short-term investments 397 3,312 880 3,977
Total interest and dividend income 211,864 198,693 419,909 385,628
Interest expense        
Interest on deposits 61,469 31,909 115,789 54,584
Interest on borrowings 12,469 14,238 28,755 19,500
Total interest expense 73,938 46,147 144,544 74,084
Net interest income 137,926 152,546 275,365 311,544
Provision for credit losses 4,250 5,000 9,250 12,250
Net interest income after provision for credit losses 133,676 147,546 266,115 299,294
Noninterest income        
Deposit account fees 6,332 5,508 12,560 11,424
Interchange and ATM fees 4,753 4,478 9,205 8,662
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions 10,987 10,348 20,928 20,127
Mortgage banking income 1,320 670 2,116 978
Bank Owned Life Insurance Income 2,000 1,940 3,928 3,794
Gain Realized on Life Insurance Policies 0 (176) (263) (187)
Loan level derivative income 473 1,275 553 1,683
Other noninterest income 6,465 6,362 12,720 12,144
Total noninterest income 32,330 30,757 62,273 58,999
Noninterest expenses        
Salaries and employee benefits 57,162 53,975 114,336 110,950
Occupancy and equipment expenses 12,472 12,385 25,939 25,207
Data processing & facilities management 2,405 2,530 4,888 5,057
Professional Fees 1,997 1,935 3,425 4,012
Advertising Expense 1,826 1,641 2,986 2,858
Software Maintenance 4,475 3,134 8,569 6,083
Debit card expense 1,602 2,217 4,080 4,388
Amortization of Intangible Assets 1,465 1,716 3,028 3,531
FDIC assessment 2,694 2,674 5,676 5,284
Other noninterest expenses 13,516 13,348 26,574 26,846
Total noninterest expenses 99,614 95,555 199,501 194,216
Income before income taxes 66,392 82,748 128,887 164,077
Current Federal, State and Local, Tax Expense (Benefit) 15,062 20,104 29,787 40,186
Net income $ 51,330 $ 62,644 $ 99,100 $ 123,891
Basic earnings per share (in dollars per share) $ 1.21 $ 1.42 $ 2.33 $ 2.78
Diluted earnings per share (in dollars per share) $ 1.21 $ 1.42 $ 2.33 $ 2.78
Weighted average common shares (basic) (in shares) 42,468,658 44,129,152 42,511,186 44,564,209
Common shares equivalents (in shares) 4,308 7,573 8,592 13,568
Weighted average common shares (diluted) (in shares) 42,472,966 44,136,725 42,519,778 44,577,777
Retained Earnings [Member]        
Noninterest expenses        
Net income $ 51,330 $ 62,644 $ 99,100 $ 123,891
Cash dividends declared per common share (in dollars per share) $ 0.57 $ 0.55 $ 1.14 $ 1.10