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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
INTEREST INCOME:    
Interest and fees on loans $ 195,661 $ 153,843
Interest on securities:    
Taxable 47,014 55,976
Nontaxable 6,041 6,028
Interest on interest bearing deposits in other financial institutions 3,006 1,131
TOTAL INTEREST INCOME 251,722 216,978
INTEREST EXPENSE:    
Interest on deposits 84,134 56,898
Interest on borrowings 7,524 2,422
Interest on term debt (includes $(35) and $591 of interest (income) expense related to derivatives reclassified from accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023, respectively) 5,849 5,446
TOTAL INTEREST EXPENSE 97,507 64,766
NET INTEREST INCOME 154,215 152,212
Provision for credit losses 986 3,074
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 153,229 149,138
NONINTEREST INCOME:    
Loan servicing income 131 714
Securities (losses) gains, net (includes $58 and $(1,104) of net security gains (losses) reclassified from accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023, respectively) 58 (1,104)
Unrealized gain (loss) on equity securities, net 95 193
Net gains on sale of loans held for sale 104 1,831
Income on bank owned life insurance 1,177 964
Other noninterest income 2,347 1,463
TOTAL NONINTEREST INCOME 27,663 29,999
NONINTEREST EXPENSES:    
Salaries and employee benefits 63,955 62,149
Occupancy 7,263 7,209
Furniture and equipment 2,337 2,915
Professional fees 15,531 12,797
FDIC insurance assessments 4,969 3,279
Advertising 1,358 1,985
Core deposit intangibles and customer relationship intangibles amortization 1,492 1,788
Other real estate and loan collection expenses 512 155
Loss (gain) on sales/valuations of assets, net 214 1,115
Acquisition, integration and restructuring costs 1,375 1,673
Partnership investment in tax credit projects 494 538
Other noninterest expenses 14,095 15,440
TOTAL NONINTEREST EXPENSES 113,595 111,043
INCOME BEFORE INCOME TAXES 67,297 68,094
Income taxes (includes $5,762 and $426 of income tax benefit reclassified from accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023, respectively) 15,590 15,318
NET INCOME 51,707 52,776
Preferred dividends (2,013) (2,013)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 49,694 $ 50,763
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.16 $ 1.19
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.16 1.19
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.30 $ 0.30
Service charges and fees    
NONINTEREST INCOME:    
Revenue from contract with customers $ 17,063 $ 17,136
Trust fees    
NONINTEREST INCOME:    
Revenue from contract with customers 5,043 5,657
Brokerage and insurance commissions    
NONINTEREST INCOME:    
Revenue from contract with customers 754 696
Capital markets fees    
NONINTEREST INCOME:    
Revenue from contract with customers $ 891 $ 2,449