Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.24.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income:      
Interest and fees on loans $ 699,101 $ 499,691 $ 385,721
Taxable securities 53,499 40,722 25,413
Nontaxable securities 65 137 302
Federal funds sold 2,844 1,556 29
Other interest and dividends 57,737 17,209 4,840
Total interest income 813,246 559,315 416,305
Interest expense:      
Deposits 331,740 59,396 26,569
Borrowed funds 70,569 29,027 5,233
Total interest expense 402,309 88,423 31,802
Net interest income 410,937 470,892 384,503
Provision for credit losses 18,715 37,607 31,517
Net interest income after provision for credit losses 392,222 433,285 352,986
Noninterest income      
Securities (losses) gains 0 (6,168) 620
Increase in cash surrender value life insurance 7,574 6,478 6,642
Other operating income 3,037 12,661 4,664
Total noninterest income 30,417 33,359 33,452
Noninterest expenses:      
Salaries and employee benefits 80,965 77,952 67,728
Equipment and occupancy expense 14,295 12,319 11,404
Third party processing and other services 27,872 27,333 16,362
Professional services 5,916 4,277 3,891
FDIC and other regulatory assessments 15,614 4,565 5,679
Other real estate owned expense 47 295 868
Other operating expenses 33,342 31,075 27,157
Total noninterest expenses 178,051 157,816 133,089
Income before income taxes 244,588 308,828 253,349
Provision for income taxes 37,735 57,324 45,615
Net income 206,853 251,504 207,734
Dividends on preferred stock 62 62 62
Net income available to common stockholders $ 206,791 $ 251,442 $ 207,672
Basic earnings per common share (in dollars per share) $ 3.8 $ 4.63 $ 3.83
Diluted earnings per common share (in dollars per share) $ 3.79 $ 4.61 $ 3.82
Deposit Account [Member]      
Noninterest income      
Noninterest income $ 8,420 $ 8,033 $ 6,839
Mortgage Banking [Member]      
Noninterest income      
Noninterest income 2,755 2,438 7,340
Credit Card [Member]      
Noninterest income      
Noninterest income $ 8,631 $ 9,917 $ 7,347