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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME:        
Interest and fees on loans $ 199,161 $ 168,899 $ 394,822 $ 322,742
Interest on securities:        
Taxable 47,381 58,172 94,395 114,148
Nontaxable 6,042 6,378 12,083 12,406
Interest on interest bearing deposits in other financial institutions 3,045 2,051 6,051 3,182
TOTAL INTEREST INCOME 255,629 235,500 507,351 452,478
INTEREST EXPENSE:        
Interest on deposits 80,499 81,975 164,633 138,873
Interest on borrowings 10,825 848 18,349 3,270
Interest on term debt (includes $(245) and $(63) of interest expense (income) related to derivatives reclassified from accumulated other comprehensive income for the three months ended June 30, 2024 and 2023, respectively, and $(210) and $701 of interest expense (income) related to derivatives reclassified from accumulated other comprehensive income for the six months ended June 30, 2024 and 2023, respectively) 5,564 5,545 11,413 10,991
TOTAL INTEREST EXPENSE 96,888 88,368 194,395 153,134
NET INTEREST INCOME 158,741 147,132 312,956 299,344
Provision for credit losses 9,008 5,379 9,994 8,453
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 149,733 141,753 302,962 290,891
NONINTEREST INCOME:        
Loan servicing income 107 411 238 1,125
Securities losses, net (includes $(10,556) and $(325) of net security losses reclassified from accumulated other comprehensive income for the three months ended June 30, 2024 and 2023, respectively, and $(10,556) and $(1,429) of net security losses reclassified from accumulated other comprehensive income for the six months ended June 30, 2024 and 2023, respectively) (10,111) (314) (10,053) (1,418)
Unrealized gain (loss) on equity securities, net 133 (41) 228 152
Net gains on sale of loans held for sale 0 1,050 104 2,881
Income on bank owned life insurance 1,326 1,220 2,503 2,184
Other noninterest income 1,366 407 3,713 1,870
TOTAL NONINTEREST INCOME 18,207 32,493 45,870 62,492
NONINTEREST EXPENSES:        
Salaries and employee benefits 65,120 62,099 129,075 124,248
Occupancy 6,262 6,691 13,525 13,900
Furniture and equipment 2,155 3,063 4,492 5,978
Professional fees 15,372 15,194 30,903 27,991
FDIC insurance assessments 3,340 3,035 8,309 6,314
Advertising 1,368 3,052 2,726 5,037
Core deposit intangibles amortization 1,421 1,715 2,913 3,503
Other real estate and loan collection expenses 515 348 1,027 503
Loss (gain) on sales/valuations of assets, net 193 (3,372) 407 (2,257)
Acquisition, integration and restructuring costs 5,973 1,892 7,348 3,565
Partnership investment in tax credit projects 222 154 716 692
Other noninterest expenses 14,303 15,575 28,398 31,015
TOTAL NONINTEREST EXPENSES 116,244 109,446 229,839 220,489
INCOME BEFORE INCOME TAXES 51,696 64,800 118,993 132,894
Income taxes (includes $5,319 and $63 of income tax benefit reclassified from accumulated other comprehensive income for the three months ended June 30, 2024 and 2023, respectively, and $11,081 and $535 of income tax benefit reclassified from accumulated other comprehensive income for the six months ended June 30, 2024 and 2023, respectively) 11,954 15,384 27,544 30,702
NET INCOME 39,742 49,416 91,449 102,192
Preferred dividends (2,012) (2,012) (4,025) (4,025)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 37,730 $ 47,404 $ 87,424 $ 98,167
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 0.88 $ 1.11 $ 2.03 $ 2.30
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 0.88 1.11 2.03 2.30
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.30 $ 0.30 $ 0.60 $ 0.60
Reclassification out of accumulated other comprehensive income (loss) | Accumulated Net Unrealized Investment Gain (Loss)        
NONINTEREST INCOME:        
Securities losses, net (includes $(10,556) and $(325) of net security losses reclassified from accumulated other comprehensive income for the three months ended June 30, 2024 and 2023, respectively, and $(10,556) and $(1,429) of net security losses reclassified from accumulated other comprehensive income for the six months ended June 30, 2024 and 2023, respectively) $ (10,556) $ (325) $ (10,556) $ (1,429)
Reclassification out of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Loss        
NONINTEREST EXPENSES:        
Income taxes (includes $5,319 and $63 of income tax benefit reclassified from accumulated other comprehensive income for the three months ended June 30, 2024 and 2023, respectively, and $11,081 and $535 of income tax benefit reclassified from accumulated other comprehensive income for the six months ended June 30, 2024 and 2023, respectively) (5,319) (63) (11,081) (535)
Service charges and fees        
NONINTEREST INCOME:        
Revenue from contract with customers 16,964 19,627 34,027 36,763
Trust fees        
NONINTEREST INCOME:        
Revenue from contract with customers 5,532 5,419 10,575 11,076
Brokerage and insurance commissions        
NONINTEREST INCOME:        
Revenue from contract with customers 894 677 1,648 1,373
Capital markets fees        
NONINTEREST INCOME:        
Revenue from contract with customers $ 1,996 $ 4,037 $ 2,887 $ 6,486