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SUMMARY OF OPERATING RESULTS BY QUARTER
12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
SUMMARY OF OPERATING RESULTS BY QUARTER

20. SUMMARY OF OPERATING RESULTS BY QUARTER (unaudited) (in thousands except per share data)

 

 

 

Three Months Ended

 

2017

 

March 31

 

 

June 30

 

 

Sept 30

 

 

Dec 31

 

Interest income

 

$

144,690

 

 

$

151,211

 

 

$

157,895

 

 

$

163,116

 

Interest expense

 

 

10,375

 

 

 

13,817

 

 

 

17,037

 

 

 

16,770

 

Net interest income

 

 

134,315

 

 

 

137,394

 

 

 

140,858

 

 

 

146,346

 

Provision for loan losses

 

 

9,000

 

 

 

14,500

 

 

 

11,500

 

 

 

6,000

 

Noninterest income

 

 

102,917

 

 

 

110,306

 

 

 

104,306

 

 

 

106,033

 

Noninterest expense

 

 

173,810

 

 

 

176,939

 

 

 

171,821

 

 

 

182,559

 

Income tax expense

 

 

12,446

 

 

 

11,490

 

 

 

12,971

 

 

 

16,463

 

Net income from continuing operations

 

$

41,976

 

 

$

44,771

 

 

$

48,872

 

 

$

47,357

 

 

2016

 

March 31 (1)

 

 

June 30 (1)

 

 

Sept 30

 

 

Dec 31

 

Interest income

 

$

124,086

 

 

$

127,897

 

 

$

132,038

 

 

$

139,010

 

Interest expense

 

 

6,194

 

 

 

6,687

 

 

 

7,273

 

 

 

7,554

 

Net interest income

 

 

117,892

 

 

 

121,210

 

 

 

124,765

 

 

 

131,456

 

Provision for loan losses

 

 

5,000

 

 

 

7,000

 

 

 

13,000

 

 

 

7,500

 

Noninterest income

 

 

97,965

 

 

 

102,774

 

 

 

103,542

 

 

 

98,230

 

Noninterest expense

 

 

165,268

 

 

 

168,419

 

 

 

165,211

 

 

 

167,847

 

Income tax expense

 

 

11,240

 

 

 

12,102

 

 

 

10,674

 

 

 

10,939

 

Net income from continuing operations

 

$

34,349

 

 

$

36,463

 

 

$

39,422

 

 

$

43,400

 

 

Per Share

 

Three Months Ended

 

2017

 

March 31

 

 

June 30

 

 

Sept 30

 

 

Dec 31

 

Net income from continuing operations - basic

 

$

0.85

 

 

$

0.91

 

 

$

0.99

 

 

$

0.96

 

Net income from continuing operations - diluted

 

 

0.84

 

 

 

0.90

 

 

 

0.98

 

 

 

0.95

 

Dividend

 

 

0.255

 

 

 

0.255

 

 

 

0.255

 

 

 

0.275

 

Book value

 

 

40.34

 

 

 

41.42

 

 

 

42.15

 

 

 

43.72

 

 

Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

March 31 (1)

 

 

June 30 (1)

 

 

Sept 30

 

 

Dec 31

 

Net income from continuing operations - basic

 

$

0.70

 

 

$

0.75

 

 

$

0.81

 

 

$

0.89

 

Net income from continuing operations - diluted

 

 

0.70

 

 

 

0.74

 

 

 

0.80

 

 

 

0.87

 

Dividend

 

 

0.245

 

 

 

0.245

 

 

 

0.245

 

 

 

0.255

 

Book value

 

 

39.38

 

 

 

40.44

 

 

 

40.86

 

 

 

39.51

 

 

(1)

During the third quarter of 2016, the Company early adopted ASU No. 2016-09 with an effective date of January 1, 2016. As part of the adoption of this standard, the Company made an accounting policy election to account for stock compensation forfeitures on an actual basis and discontinue the use of an estimated forfeiture approach.  This change required a modified retrospective adoption, via a cumulative effect adjustment and recasting of first quarter and second quarter 2016 operating results.  The impact of this adoption was an increase to net income of $158 thousand and $220 thousand for the first and second quarters, respectively. Additionally, basic and diluted net income per share increased $0.01 for both periods.