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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME:        
Interest and fees on loans $ 168,899 $ 108,718 $ 322,742 $ 211,087
Interest on securities:        
Taxable 58,172 38,098 114,148 70,718
Nontaxable 6,378 5,508 12,406 11,710
Interest on interest bearing deposits in other financial institutions 2,051 563 3,182 634
TOTAL INTEREST INCOME 235,500 152,887 452,478 294,149
INTEREST EXPENSE:        
Interest on deposits 81,975 6,530 138,873 9,507
Interest on short-term borrowings 848 88 3,270 134
Interest on other borrowings (includes $(63) and $182 of interest (income) expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2023 and 2022, respectively, and $701 and $363 of interest expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2023 and 2022, respectively) 5,545 3,808 10,991 7,368
TOTAL INTEREST EXPENSE 88,368 10,426 153,134 17,009
NET INTEREST INCOME 147,132 142,461 299,344 277,140
Provision for credit losses 5,379 3,246 8,453 6,491
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 141,753 139,215 290,891 270,649
NONINTEREST INCOME:        
Loan servicing income 411 834 1,125 1,120
Securities (losses) gains, net (includes $325 and $2,641 of net security losses reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2023 and 2022, respectively, and $1,429 and $650 of net security losses reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2023 and 2022, respectively) (314) (2,089) (1,418) 783
Unrealized gain (loss) on equity securities, net (41) (121) 152 (404)
Net gains on sale of loans held for sale 1,050 2,901 2,881 6,312
Valuation adjustment on servicing rights 0 0 0 1,658
Income on bank owned life insurance 1,220 523 2,184 1,047
Other noninterest income 407 3,036 1,870 3,899
TOTAL NONINTEREST INCOME 32,493 34,539 62,492 69,108
NONINTEREST EXPENSES:        
Salaries and employee benefits 62,099 64,032 124,248 130,206
Occupancy 6,691 7,094 13,900 14,456
Furniture and equipment 3,063 3,033 5,978 6,552
Professional fees 15,194 14,457 27,991 27,997
FDIC insurance assessments 3,035 1,530 6,314 3,146
Advertising 3,052 1,283 5,037 2,838
Core deposit and customer relationship intangibles amortization 1,715 2,083 3,503 4,137
Other real estate and loan collection expenses 348 78 503 273
Gain on sales/valuations of assets, net (3,372) (3,230) (2,257) (3,184)
Acquisition, integration and restructuring costs 1,892 2,412 3,565 2,988
Partnership investment in tax credit projects 154 737 692 814
Other noninterest expenses 15,575 12,970 31,015 27,053
TOTAL NONINTEREST EXPENSES 109,446 106,479 220,489 217,276
INCOME BEFORE INCOME TAXES 64,800 67,275 132,894 122,481
Income taxes (includes $63 and $667 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2023 and 2022, respectively, and $535 and $164 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2023 and 2022, respectively) 15,384 15,402 30,702 27,519
NET INCOME 49,416 51,873 102,192 94,962
Preferred dividends (2,012) (2,012) (4,025) (4,025)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 47,404 $ 49,861 $ 98,167 $ 90,937
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.11 $ 1.17 $ 2.30 $ 2.14
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.11 1.17 2.30 2.14
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.30 $ 0.27 $ 0.60 $ 0.54
Reclassification out of accumulated other comprehensive income (loss) | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
INTEREST EXPENSE:        
Interest on other borrowings (includes $(63) and $182 of interest (income) expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2023 and 2022, respectively, and $701 and $363 of interest expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2023 and 2022, respectively) $ (63) $ 182 $ 701 $ 363
Reclassification out of accumulated other comprehensive income (loss) | Accumulated Net Unrealized Investment Gain (Loss)        
NONINTEREST INCOME:        
Securities (losses) gains, net (includes $325 and $2,641 of net security losses reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2023 and 2022, respectively, and $1,429 and $650 of net security losses reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2023 and 2022, respectively) (325) (2,641) (1,429) (650)
Reclassification out of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss)        
NONINTEREST EXPENSES:        
Income taxes (includes $63 and $667 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2023 and 2022, respectively, and $535 and $164 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2023 and 2022, respectively) (63) (667) (535) (164)
Service charges and fees        
NONINTEREST INCOME:        
Revenue from contract with customers 19,627 18,066 36,763 33,317
Trust fees        
NONINTEREST INCOME:        
Revenue from contract with customers 5,419 5,679 11,076 11,758
Brokerage and insurance commissions        
NONINTEREST INCOME:        
Revenue from contract with customers 677 839 1,373 1,708
Capital markets fees        
NONINTEREST INCOME:        
Revenue from contract with customers $ 4,037 $ 4,871 $ 6,486 $ 7,910