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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
INTEREST INCOME:    
Interest and fees on loans $ 153,843 $ 102,369
Interest on securities:    
Taxable 55,976 32,620
Nontaxable 6,028 6,202
Interest on interest bearing deposits in other financial institutions 1,131 71
TOTAL INTEREST INCOME 216,978 141,262
INTEREST EXPENSE:    
Interest on deposits 56,898 2,977
Interest on short-term borrowings 2,422 46
Interest on other borrowings (includes $591 and $0 of interest expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and 2022, respectively) 5,446 3,560
TOTAL INTEREST EXPENSE 64,766 6,583
NET INTEREST INCOME 152,212 134,679
Provision for credit losses 3,074 3,245
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 149,138 131,434
NONINTEREST INCOME:    
Loan servicing income 714 286
Securities (losses) gains, net (includes $(1,104) and $1,991 of net security (losses) gains reclassified from accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and 2022, respectively) (1,104) 2,872
Unrealized gain (loss) on equity securities, net 193 (283)
Net gains on sale of loans held for sale 1,831 3,411
Valuation adjustment on servicing rights 0 1,658
Income on bank owned life insurance 964 524
Other noninterest income 1,463 863
TOTAL NONINTEREST INCOME 29,999 34,569
NONINTEREST EXPENSES:    
Salaries and employee benefits 62,149 66,174
Occupancy 7,209 7,362
Furniture and equipment 2,915 3,519
Professional fees 16,076 15,156
Advertising 1,985 1,555
Core deposit and customer relationship intangibles amortization 1,788 2,054
Other real estate and loan collection expenses 155 195
Loss on sales/valuations of assets, net 1,115 46
Acquisition, integration and restructuring costs 1,673 576
Partnership investment in tax credit projects 538 77
Other noninterest expenses 15,440 14,083
TOTAL NONINTEREST EXPENSES 111,043 110,797
INCOME BEFORE INCOME TAXES 68,094 55,206
Income taxes (includes $426 and $503 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and 2022, respectively) 15,318 12,117
NET INCOME 52,776 43,089
Preferred dividends (2,013) (2,013)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 50,763 $ 41,076
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.19 $ 0.97
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.19 0.97
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.30 $ 0.27
Service charges and fees    
NONINTEREST INCOME:    
Revenue from contract with customers $ 17,136 $ 15,251
Trust fees    
NONINTEREST INCOME:    
Revenue from contract with customers 5,657 6,079
Brokerage and insurance commissions    
NONINTEREST INCOME:    
Revenue from contract with customers 696 869
Capital markets fees    
NONINTEREST INCOME:    
Revenue from contract with customers $ 2,449 $ 3,039