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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest and dividend income:      
Real estate secured loans $ 655,868 $ 408,942 $ 304,321
Commercial loans 251,793 128,854 98,961
Consumer loans 36,635 18,439 14,368
Available for sale debt securities and Federal Home Loan Bank stock 85,895 46,790 36,619
Held to maturity debt securities 8,885 9,362 9,894
Deposits, federal funds sold and other short-term investments 7,062 3,433 2,018
Total interest and dividend income 1,046,138 615,820 466,181
Interest expense:      
Deposits 349,523 159,459 38,704
Borrowed funds 73,523 55,856 9,310
Subordinated debentures 22,478 1,051 615
Total interest expense 445,524 216,366 48,629
Net interest income 600,614 399,454 417,552
Provision charge for credit losses 87,564 28,168 5,004
Net interest income after provision for credit losses 513,050 371,286 412,548
Non-interest income:      
Fees 34,114 24,396 28,128
Wealth management income 30,533 27,669 27,870
Insurance agency income 16,201 13,934 11,440
Bank-owned life insurance 11,709 6,482 5,988
Net (loss) gain on securities transactions (2,986) 30 181
Other income 4,542 7,318 14,182
Total non-interest income 94,113 79,829 87,789
Non-interest expense:      
Compensation and employee benefits 218,341 148,497 147,203
Net occupancy expense 45,014 32,271 34,566
Data processing expense 35,579 22,993 21,729
FDIC Insurance 12,964 8,578 5,195
Advertising and promotion expense 5,146 4,822 5,191
Amortization of intangibles 28,931 2,952 3,292
Merger-related expenses 56,867 7,826 4,128
Other operating expenses 54,706 47,397 38,927
Total non-interest expense 457,548 275,336 260,231
Income before income tax expense 149,615 175,779 240,106
Income tax expense 34,090 47,381 64,458
Net income $ 115,525 $ 128,398 $ 175,648
Basic earnings per share (in dollars per share) $ 1.05 $ 1.72 $ 2.35
Average basic shares outstanding (in shares) 109,668,911 74,844,489 74,700,623
Diluted earnings per share (in dollars per share) $ 1.05 $ 1.71 $ 2.35
Average diluted shares outstanding (in shares) 109,712,732 74,873,256 74,782,370