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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:        
Real estate secured loans $ 99,302 $ 69,073 $ 195,290 $ 132,908
Commercial loans 31,426 22,363 60,109 45,184
Consumer loans 4,431 3,344 8,673 6,483
Available for sale debt securities, equity securities and Federal Home Loan Bank stock 11,432 8,454 22,862 16,406
Held to maturity debt securities 2,357 2,489 4,725 5,085
Deposits, Federal funds sold and other short-term investments 948 562 1,793 1,209
Total interest income 149,896 106,285 293,452 207,275
Interest expense:        
Deposits 36,447 5,576 63,957 10,763
Borrowed funds 14,088 1,104 21,564 2,272
Subordinated debt 255 130 501 239
Total interest expense 50,790 6,810 86,022 13,274
Net interest income 99,106 99,475 207,430 194,001
Provision charge (benefit) for credit losses 10,397 2,996 16,398 (3,409)
Net interest income after provision charge (benefit) for credit losses 88,709 96,479 191,032 197,410
Non-interest income:        
Fees 5,775 7,424 12,162 14,313
Wealth management income 6,919 7,024 13,834 14,489
Insurance agency income 3,847 2,850 7,950 6,270
Bank-owned life insurance 1,534 1,563 3,018 2,741
Net gains on securities transactions 29 141 24 157
Other income 1,283 1,930 4,552 3,108
Total non-interest income 19,387 20,932 41,540 41,078
Non-interest expense:        
Compensation and employee benefits 35,283 37,437 74,021 74,503
Net occupancy expense 7,949 8,479 16,360 17,810
Data processing expense 5,716 5,632 11,224 10,976
FDIC insurance 2,125 1,350 4,061 2,555
Amortization of intangibles 749 873 1,511 1,732
Advertising and promotion expense 1,379 1,222 2,589 2,326
Provision (benefit) charge for credit losses on off-balance sheet credit exposures (647) (973) 92 (3,363)
Merger-related expenses 1,960 0 3,060 0
Other operating expenses 9,949 9,826 21,032 19,191
Total non-interest expense 64,463 63,846 133,950 125,730
Income before income tax expense 43,633 53,565 98,622 112,758
Income tax expense 11,630 14,337 26,083 29,567
Net income $ 32,003 $ 39,228 $ 72,539 $ 83,191
Basic earnings per share (usd per share) $ 0.43 $ 0.53 $ 0.97 $ 1.11
Weighted average basic shares outstanding (in shares) 74,823,272 74,328,632 74,734,795 75,068,154
Diluted earnings per share (usd per share) $ 0.43 $ 0.53 $ 0.97 $ 1.11
Weighted average diluted shares outstanding (in shares) 74,830,187 74,400,788 74,766,848 75,152,286