v3.25.1
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest and dividend income:    
Real estate secured loans $ 187,054 $ 107,456
Commercial loans 75,819 36,100
Consumer loans 10,158 4,523
Available for sale debt securities, equity securities and Federal Home Loan Bank stock 29,644 12,330
Held to maturity debt securities 1,996 2,268
Deposits, Federal funds sold and other short-term investments 675 1,182
Total interest and dividend income 305,346 163,859
Interest expense:    
Deposits 97,420 52,534
Borrowed funds 17,778 17,383
Subordinated debt 8,420 272
Total interest expense 123,618 70,189
Net interest income 181,728 93,670
Provision charge (benefit) for credit losses 638 (320)
Net interest income after provision charge for credit losses 181,090 93,990
Non-interest income:    
Fees 9,655 5,912
Wealth management income 7,328 7,488
Insurance agency income 5,651 4,793
Bank-owned life insurance 2,092 1,817
Net gain (loss) on securities transactions 87 (1)
Other income 2,217 798
Total non-interest income 27,030 20,807
Non-interest expense:    
Compensation and employee benefits 62,366 40,048
Net occupancy expense 13,927 8,520
Data processing expense 9,605 6,783
FDIC insurance 3,385 2,272
Amortization of intangibles 9,501 705
Advertising and promotion expense 1,060 966
Merger-related expenses 0 2,202
Other operating expenses 16,423 10,331
Total non-interest expense 116,267 71,827
Income before income tax expense 91,853 42,970
Income tax expense 27,825 10,888
Net income $ 64,028 $ 32,082
Basic earnings per share (usd per share) $ 0.49 $ 0.43
Weighted average basic shares outstanding (in shares) 130,325,393 75,260,029
Diluted earnings per share (usd per share) $ 0.49 $ 0.43
Weighted average diluted shares outstanding (in shares) 130,380,475 75,275,660