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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST INCOME:        
Interest and fees on loans $ 192,506 $ 182,394 $ 587,328 $ 505,136
Interest on securities:        
Taxable 51,116 54,800 145,511 168,948
Nontaxable 5,979 6,584 18,062 18,990
Interest on federal funds sold 0 3 0 3
Interest on interest-bearing deposits in other financial institutions 4,193 1,651 10,244 4,833
TOTAL INTEREST INCOME 253,794 245,432 761,145 697,910
INTEREST EXPENSE:        
Interest on deposits 82,976 92,744 247,609 231,617
Interest on borrowings 7,378 1,167 25,727 4,437
Interest on term debt (includes $(247) and $(63) of interest income related to derivatives reclassified from accumulated other comprehensive income for the three months ended September 30, 2024 and 2023, respectively, and $(457) and $638 of interest (income) expense related to derivatives reclassified from accumulated other comprehensive income for the nine months ended September 30, 2024 and 2023, respectively) 5,543 5,765 16,956 16,756
TOTAL INTEREST EXPENSE 95,897 99,676 290,292 252,810
NET INTEREST INCOME 157,897 145,756 470,853 445,100
Provision for credit losses 6,276 1,516 16,270 9,969
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 151,621 144,240 454,583 435,131
NONINTEREST INCOME:        
Loan servicing income 111 278 349 1,403
Securities losses, net (includes $(9,299) and $59 of net security (losses) gains reclassified from accumulated other comprehensive income for the three months ended September 30, 2024 and 2023, respectively, and $(19,855) and $(1,370) of net security losses reclassified from accumulated other comprehensive income for the nine months ended September 30, 2024 and 2023, respectively) (9,520) (114) (19,573) (1,532)
Unrealized gain on equity securities, net 377 13 605 165
Net gains on sale of loans held for sale 0 905 104 3,786
Income on bank owned life insurance 1,107 858 3,610 3,042
Other noninterest income 1,576 619 5,289 2,489
TOTAL NONINTEREST INCOME 18,992 28,383 64,862 90,875
NONINTEREST EXPENSES:        
Salaries and employee benefits 62,742 62,262 191,817 186,510
Occupancy 6,318 6,438 19,843 20,338
Furniture and equipment 2,062 2,720 6,554 8,698
Professional fees 17,448 13,616 48,351 41,607
FDIC insurance assessments 3,035 3,313 11,344 9,627
Advertising 1,937 1,633 4,663 6,670
Core deposit intangibles amortization 1,345 1,625 4,258 5,128
Other real estate and loan collection expenses 395 481 1,422 984
Loss (gain) on sales/valuations of assets, net (26,419) 108 (26,012) (2,149)
Acquisition, integration and restructuring costs 2,026 2,429 9,374 5,994
Partnership investment in tax credit projects 222 1,136 938 1,828
Other noninterest expenses 14,816 15,292 43,214 46,307
TOTAL NONINTEREST EXPENSES 85,927 111,053 315,766 331,542
INCOME BEFORE INCOME TAXES 84,686 61,570 203,679 194,464
Income taxes (includes $(5,729) and $9,877 of income tax (expense) benefit reclassified from accumulated other comprehensive income for the three months ended September 30, 2024 and 2023, respectively, and $5,352 and $19,253 of income tax benefit reclassified from accumulated other comprehensive income for the nine months ended September 30, 2024 and 2023, respectively) 20,533 13,479 48,077 44,181
NET INCOME 64,153 48,091 155,602 150,283
Preferred dividends (2,013) (2,013) (6,038) (6,038)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 62,140 $ 46,078 $ 149,564 $ 144,245
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.45 $ 1.08 $ 3.49 $ 3.38
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.44 1.08 3.47 3.37
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.30 $ 0.30 $ 0.90 $ 0.90
Reclassification out of accumulated other comprehensive income (loss) | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
INTEREST EXPENSE:        
Interest on term debt (includes $(247) and $(63) of interest income related to derivatives reclassified from accumulated other comprehensive income for the three months ended September 30, 2024 and 2023, respectively, and $(457) and $638 of interest (income) expense related to derivatives reclassified from accumulated other comprehensive income for the nine months ended September 30, 2024 and 2023, respectively) $ (247) $ (63) $ (457) $ 638
Reclassification out of accumulated other comprehensive income (loss) | Accumulated Net Unrealized Investment Gain (Loss)        
NONINTEREST INCOME:        
Securities losses, net (includes $(9,299) and $59 of net security (losses) gains reclassified from accumulated other comprehensive income for the three months ended September 30, 2024 and 2023, respectively, and $(19,855) and $(1,370) of net security losses reclassified from accumulated other comprehensive income for the nine months ended September 30, 2024 and 2023, respectively) (9,299) 59 (19,855) (1,370)
Reclassification out of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Loss        
NONINTEREST EXPENSES:        
Income taxes (includes $(5,729) and $9,877 of income tax (expense) benefit reclassified from accumulated other comprehensive income for the three months ended September 30, 2024 and 2023, respectively, and $5,352 and $19,253 of income tax benefit reclassified from accumulated other comprehensive income for the nine months ended September 30, 2024 and 2023, respectively) 5,729 (9,877) (5,352) (19,253)
Service charges and fees        
NONINTEREST INCOME:        
Revenue from contract with customers 17,100 18,553 51,127 55,316
Trust fees        
NONINTEREST INCOME:        
Revenue from contract with customers 5,272 4,734 15,847 15,810
Brokerage and insurance commissions        
NONINTEREST INCOME:        
Revenue from contract with customers 853 692 2,501 2,065
Capital markets fees        
NONINTEREST INCOME:        
Revenue from contract with customers $ 2,116 $ 1,845 $ 5,003 $ 8,331