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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest Income        
Investment securities $ 53,397 $ 43,722 $ 144,697 $ 125,217
Residential real estate loans 18,594 13,738 51,508 42,279
Commercial loans 173,437 142,692 493,706 398,507
Consumer and other loans 19,478 14,250 54,248 38,552
Total interest income 264,906 214,402 744,159 604,555
Interest Expense        
Deposits 54,697 3,279 98,942 9,884
Securities sold under agreements to repurchase 10,972 675 24,185 1,435
Federal Home Loan Bank advances 0 3,318 26,910 4,628
FRB Bank Term Funding 30,229 0 63,160 0
Other borrowed funds 489 214 1,428 698
Subordinated debentures 1,465 1,589 4,308 3,590
Total interest expense 97,852 9,075 218,933 20,235
Net Interest Income 167,054 205,327 525,226 584,320
Provision for credit losses 3,539 8,341 11,782 13,839
Net interest income after provision for credit losses 163,515 196,986 513,444 570,481
Non-Interest Income        
Service charges and other fees 19,304 18,970 56,042 53,390
Miscellaneous loan fees and charges 4,322 4,040 12,451 11,445
Gain on sale of loans 4,046 3,846 9,974 17,857
(Loss) gain on sale of debt securities (65) (85) (202) 101
Other income 2,633 3,635 8,949 9,456
Total non-interest income 30,240 30,406 87,214 92,249
Non-Interest Expense        
Compensation and employee benefits 77,387 80,612 237,628 239,489
Occupancy and equipment 10,553 10,797 33,045 32,527
Advertising and promotions 4,052 3,768 12,020 10,766
Data processing 8,730 7,716 25,241 22,744
Other real estate owned and foreclosed assets 15 66 41 72
Regulatory assessments and insurance 6,060 3,339 16,277 9,479
Core deposit intangibles amortization 2,428 2,665 7,304 7,994
Other expenses 20,351 21,097 63,606 66,818
Total non-interest expense 129,576 130,060 395,162 389,889
Income Before Income Taxes 64,179 97,332 205,496 272,841
Federal and state income tax expense 11,734 17,994 36,885 49,316
Net Income $ 52,445 $ 79,338 $ 168,611 $ 223,525
Basic earnings per share (in dollars per share) $ 0.47 $ 0.72 $ 1.52 $ 2.02
Diluted earnings per share (in dollars per share) 0.47 0.72 1.52 2.02
Dividends declared per share (in dollars per share) $ 0.33 $ 0.33 $ 0.99 $ 0.99
Average outstanding shares - basic (in shares) 110,877,534 110,766,502 110,857,788 110,752,231
Average outstanding shares - diluted (in shares) 110,886,959 110,833,594 110,882,718 110,811,267