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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
INTEREST INCOME:      
Interest and fees on loans $ 697,997 $ 477,970 $ 444,137
Interest on securities:      
Taxable 223,521 169,544 125,010
Nontaxable 25,268 24,006 19,268
Interest on federal funds sold 3 11 1
Interest on interest bearing deposits in other financial institutions 7,007 3,125 344
TOTAL INTEREST INCOME 953,796 674,656 588,760
INTEREST EXPENSE:      
Interest on deposits 319,688 56,880 14,797
Interest on borrowings 10,311 2,717 471
Interest on term debt (includes $575, $246, and $(1,601) of interest (income) expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022, and 2021, respectively) 22,560 16,823 12,932
TOTAL INTEREST EXPENSE 352,559 76,420 28,200
NET INTEREST INCOME 601,237 598,236 560,560
Provision (benefit) for credit losses 21,707 15,370 (17,575)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 579,530 582,866 578,135
NONINTEREST INCOME:      
Revenue from contract with customers 97,533 93,587 87,666
Loan servicing income 1,561 2,741 3,276
Capital markets fees 10,007 11,543 1,324
Securities (losses) gains, net (includes $(141,377), $(1,892), and $5,910 of net security gains (losses) reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022, and 2021, respectively) (141,539) (425) 5,910
Unrealized (loss) gain on equity securities, net 240 (622) 58
Net gains on sale of loans held for sale 3,880 9,032 20,605
Valuation adjustment on servicing rights 0 1,658 1,088
Income on bank owned life insurance 3,771 2,341 3,762
Other noninterest income 3,621 8,409 5,246
TOTAL NONINTEREST INCOME (LOSS) (20,926) 128,264 128,935
NONINTEREST EXPENSES:      
Salaries and employee benefits 251,276 254,478 240,114
Occupancy 26,847 28,155 29,965
Furniture and equipment 11,599 12,499 13,323
Professional fees 58,667 58,606 58,843
FDIC insurance assessments 19,940 7,000 5,757
Advertising 8,347 6,221 7,257
Core deposit intangibles and customer relationship intangibles amortization 6,739 7,834 9,395
Other real estate and loan collection expenses 1,489 950 990
(Gain) loss on sales/valuations of assets, net (77) (1,047) 588
Acquisition, integration and restructuring costs 10,359 7,586 5,331
Partnership investment in tax credit projects 5,401 5,040 6,303
Other noninterest expenses 61,240 56,055 53,946
TOTAL NONINTEREST EXPENSES 461,827 443,377 431,812
INCOME BEFORE INCOME TAXES 96,777 267,753 275,258
Income taxes (includes $(43,560), $(355), and $1,896 of income tax expense (benefit) reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022, and 2021, respectively) 16,857 55,573 55,335
NET INCOME 79,920 212,180 219,923
Preferred dividends (8,050) (8,050) (8,050)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 71,870 $ 204,130 $ 211,873
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.68 $ 4.80 $ 5.01
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.68 4.79 5.00
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 1.20 $ 1.09 $ 0.96
Service charges and fees      
NONINTEREST INCOME:      
Revenue from contract with customers $ 74,024 $ 68,031 $ 59,703
Trust fees      
NONINTEREST INCOME:      
Revenue from contract with customers 20,715 22,570 24,417
Brokerage and insurance commissions      
NONINTEREST INCOME:      
Revenue from contract with customers $ 2,794 $ 2,986 $ 3,546