XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ 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 and leases $ 552,679 $ 234,674 $ 966,204 $ 449,078
Interest and dividends on investment securities:        
Taxable 79,036 17,256 118,765 35,981
Exempt from federal income tax 6,817 1,369 10,214 2,741
Dividends 2,581 84 3,300 170
Interest on temporary investments and interest bearing deposits 34,616 2,919 53,197 4,272
Total interest income 675,729 256,302 1,151,680 492,242
INTEREST EXPENSE        
Interest on deposits 100,408 4,015 164,021 7,931
Interest on securities sold under agreement to repurchase and federal funds purchased 1,071 66 1,477 129
Interest on borrowings 81,004 50 109,768 99
Interest on junior and other subordinated debentures 9,271 4,001 17,741 7,150
Total interest expense 191,754 8,132 293,007 15,309
Net interest income 483,975 248,170 858,673 476,933
PROVISION FOR CREDIT LOSSES  16,014 18,692 121,553 23,496
Net interest income after provision for credit losses 467,961 229,478 737,120 453,437
NON-INTEREST INCOME        
Residential mortgage banking (loss) revenue, net (2,342) 30,544 5,474 91,330
Gain on sale of debt securities, net 0 0 0 2
(Loss) gain on equity securities, net (697) (2,075) 1,719 (4,736)
Gain on loan and lease sales, net 442 1,303 1,382 3,640
Bank owned life insurance income 4,063 2,110 6,853 4,197
Noninterest Income, Other Operating Income 3,811 785 17,414 (2,099)
Total non-interest income 39,678 55,235 94,413 135,204
NON-INTEREST EXPENSE        
Salaries and employee benefits 163,398 110,942 299,490 224,080
Occupancy and equipment, net 50,550 34,559 92,250 69,388
Communications 4,357 2,585 7,383 5,339
Marketing 1,937 1,649 2,996 4,047
Services 14,094 14,402 26,937 25,739
FDIC assessments 11,579 2,954 17,692 7,470
Intangible amortization 35,553 1,026 48,213 2,051
Merger related expenses 29,649 2,672 145,547 4,950
Other expenses 17,442 8,785 30,869 18,940
Total non-interest expense 328,559 179,574 671,377 362,004
Income before provision for income taxes 179,080 105,139 160,156 226,637
Provision for income taxes 45,703 26,548 40,817 56,889
Net income $ 133,377 $ 78,591 $ 119,339 $ 169,748
Earnings per common share (1):        
Basic (in dollars per share) [1] $ 0.64 $ 0.61 $ 0.65 $ 1.31
Diluted (in dollars per share) [1] $ 0.64 $ 0.61 $ 0.65 $ 1.31
Weighted average number of common shares outstanding (1):        
Basic (in shares) [1] 207,977 129,306 182,325 129,233
Diluted (in shares) [1] 208,545 129,673 182,860 129,685
Service charges on deposits        
NON-INTEREST INCOME        
Revenue from contract with customer $ 16,454 $ 12,011 $ 30,766 $ 23,594
Card-based Fees        
NON-INTEREST INCOME        
Revenue from contract with customer 13,435 10,530 24,996 19,238
Financial services and trust revenue        
NON-INTEREST INCOME        
Revenue from contract with customer $ 4,512 $ 27 $ 5,809 $ 38
[1] Periods prior to February 28, 2023 have been restated as a result of the adjustment to common shares outstanding based on the exchange ratio from the Merger of 0.5958.