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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest Income        
Investment securities $ 42,165 $ 47,658 $ 98,383 $ 91,300
Residential real estate loans 21,754 17,076 42,518 32,914
Commercial loans 188,326 164,587 369,798 320,269
Consumer and other loans 21,589 18,044 42,537 34,770
Total interest income 273,834 247,365 553,236 479,253
Interest Expense        
Deposits 67,852 31,700 135,048 44,245
Securities sold under agreements to repurchase 13,566 8,607 26,164 13,213
Federal Home Loan Bank advances 24,179 3,305 28,428 26,910
FRB Bank Term Funding 0 29,899 27,097 32,931
Other borrowed funds 353 443 697 939
Subordinated debentures 1,406 1,431 2,844 2,843
Total interest expense 107,356 75,385 220,278 121,081
Net Interest Income 166,478 171,980 332,958 358,172
Provision for credit losses 3,518 2,773 11,767 8,243
Net interest income after provision for credit losses 162,960 169,207 321,191 349,929
Non-Interest Income        
Service charges and other fees 19,422 18,967 37,985 36,738
Miscellaneous loan fees and charges 4,821 4,162 9,183 8,129
Gain on sale of loans 4,669 3,528 8,031 5,928
(Loss) gain on sale of securities (12) (23) 4 (137)
Other income 3,304 2,445 6,990 6,316
Total non-interest income 32,204 29,079 62,193 56,974
Non-Interest Expense        
Compensation and employee benefits 84,434 78,764 170,223 160,241
Occupancy and equipment 11,594 10,827 23,477 22,492
Advertising and promotions 4,362 3,733 8,345 7,968
Data processing 9,387 8,402 18,546 16,511
Other real estate owned and foreclosed assets 149 14 174 26
Regulatory assessments and insurance 5,393 5,314 13,154 10,217
Core deposit intangibles amortization 3,017 2,427 5,777 4,876
Other expenses 22,616 21,123 53,099 43,255
Total non-interest expense 140,952 130,604 292,795 265,586
Income Before Income Taxes 54,212 67,682 90,589 141,317
Federal and state income tax expense 9,504 12,727 13,254 25,151
Net Income $ 44,708 $ 54,955 $ 77,335 $ 116,166
Basic earnings per share (in dollars per share) $ 0.39 $ 0.50 $ 0.68 $ 1.05
Diluted earnings per share (in dollars per share) 0.39 0.50 0.68 1.05
Dividends declared per share (in dollars per share) $ 0.33 $ 0.33 $ 0.66 $ 0.66
Average outstanding shares - basic (in shares) 113,390,539 110,870,964 112,941,341 110,847,806
Average outstanding shares - diluted (in shares) 113,405,491 110,875,535 112,981,531 110,879,654