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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest Income        
Investment securities $ 46,371 $ 53,397 $ 144,754 $ 144,697
Residential real estate loans 23,118 18,594 65,636 51,508
Commercial loans 196,901 173,437 566,699 493,706
Consumer and other loans 23,188 19,478 65,725 54,248
Total interest income 289,578 264,906 842,814 744,159
Interest Expense        
Deposits 70,607 54,697 205,655 98,942
Securities sold under agreements to repurchase 14,737 10,972 40,901 24,185
Federal Home Loan Bank advances 22,344 0 50,772 26,910
FRB Bank Term Funding 0 30,229 27,097 63,160
Other borrowed funds 252 489 949 1,428
Subordinated debentures 1,407 1,465 4,251 4,308
Total interest expense 109,347 97,852 329,625 218,933
Net Interest Income 180,231 167,054 513,189 525,226
Provision for credit losses 8,005 3,539 19,772 11,782
Net interest income after provision for credit losses 172,226 163,515 493,417 513,444
Non-Interest Income        
Service charges and other fees 20,587 19,304 58,572 56,042
Miscellaneous loan fees and charges 4,970 4,322 14,153 12,451
Gain on sale of loans 4,898 4,046 12,929 9,974
Gain (loss) on sale of securities 26 (65) 30 (202)
Other income 4,223 2,633 11,213 8,949
Total non-interest income 34,704 30,240 96,897 87,214
Non-Interest Expense        
Compensation and employee benefits 85,083 77,387 255,306 237,628
Occupancy and equipment 11,989 10,553 35,466 33,045
Advertising and promotions 4,062 4,052 12,407 12,020
Data processing 9,196 8,730 27,742 25,241
Other real estate owned and foreclosed assets 13 15 187 41
Regulatory assessments and insurance 5,150 6,060 18,304 16,277
Intangibles amortization 3,367 2,428 9,144 7,304
Other expenses 25,848 20,351 78,947 63,606
Total non-interest expense 144,708 129,576 437,503 395,162
Income Before Income Taxes 62,222 64,179 152,811 205,496
Federal and state income tax expense 11,167 11,734 24,421 36,885
Net Income $ 51,055 $ 52,445 $ 128,390 $ 168,611
Basic earnings per share (in dollars per share) $ 0.45 $ 0.47 $ 1.14 $ 1.52
Diluted earnings per share (in dollars per share) 0.45 0.47 1.13 1.52
Dividends declared per share (in dollars per share) $ 0.33 $ 0.33 $ 0.99 $ 0.99
Average outstanding shares - basic (in shares) 113,394,758 110,877,534 113,093,583 110,857,788
Average outstanding shares - diluted (in shares) 113,473,107 110,886,959 113,137,861 110,882,718