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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Loans, including fees $ 152,896 $ 87,630 $ 295,166 $ 169,118
Investment securities:        
Taxable 32,175 16,938 61,984 30,128
Tax-exempt 1,569 351 3,147 701
Other interest income 11,484 4,665 25,976 6,069
Total interest income 198,124 109,584 386,273 206,016
Interest expense:        
Savings deposits 14,778 1,296 26,472 2,397
Time deposits 11,628 2,277 18,457 4,781
Securities sold under repurchase agreements 3,295 241 5,437 425
Other borrowings 71 1,907 142 3,795
Junior subordinated deferrable interest debentures 1,897 962 4,125 1,671
Total interest expense 31,669 6,683 54,633 13,069
Net interest income 166,455 102,901 331,640 192,947
Credit loss expense 8,816 3,735 17,403 5,216
Net interest income after provision for credit losses 157,639 99,166 314,237 187,731
Non-interest income:        
Other investments (loss) income, net (2,900) 1,219 55 4,101
Other income 5,554 8,798 9,399 17,890
Total non-interest income 37,702 43,242 78,064 86,754
Non-interest expense:        
Employee compensation and benefits 33,294 31,045 66,153 62,164
Occupancy 6,004 6,189 12,330 12,461
Depreciation of bank premises and equipment 5,408 5,455 10,874 10,930
Professional fees 3,338 2,942 6,928 5,260
Deposit insurance assessments 1,693 1,979 5,831 3,036
Net operations, other real estate owned 105 (47) (1,640) (455)
Advertising 1,289 1,455 2,553 2,895
Software and software maintenance 4,928 4,372 9,897 8,549
Other 11,475 15,366 22,637 28,034
Total non-interest expense 67,534 68,756 135,563 132,874
Income before income taxes 127,807 73,652 256,738 141,611
Provision for income taxes 27,322 15,681 54,610 30,147
Net income $ 100,485 $ 57,971 $ 202,128 $ 111,464
Basic earnings per common share:        
Weighted average number of shares outstanding (in shares) 62,074,485 62,950,103 62,108,188 63,150,061
Net income per common share (in dollars per share) $ 1.62 $ 0.92 $ 3.25 $ 1.77
Fully diluted earnings per common share:        
Weighted average number of shares outstanding (in shares) 62,205,297 63,085,429 62,243,626 63,290,738
Net income per common share (in dollars per share) $ 1.62 $ 0.92 $ 3.25 $ 1.76
Services charges on deposit accounts        
Non-interest income:        
Service charges $ 18,075 $ 18,248 $ 35,628 $ 35,505
Other service charges, commissions and fees, Banking        
Non-interest income:        
Service charges 14,392 12,935 28,447 25,451
Other service charges, commissions and fees, Non-banking        
Non-interest income:        
Service charges $ 2,581 $ 2,042 $ 4,535 $ 3,807