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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest income:        
Loans and leases $ 57,144 $ 58,815 $ 115,008 $ 120,341
Investment securities, taxable 4,155 4,487 8,143 10,037
Investment securities, tax-exempt 154 232 328 496
Other 317 316 583 662
Total interest income 61,770 63,850 124,062 131,536
Interest expense:        
Deposits 3,202 8,265 6,728 19,116
Short-term borrowings 29 90 65 344
Subordinated notes 814 835 1,632 1,719
Long-term debt and mandatorily redeemable securities 790 659 1,290 1,512
Total interest expense 4,835 9,849 9,715 22,691
Net interest income 56,935 54,001 114,347 108,845
(Recovery of) provision for credit losses* (3,025) 10,375 [1] (627) 21,728 [1]
Net interest income after provision for loan and lease losses 59,960 43,626 114,974 87,117
Noninterest income:        
Mortgage banking 2,859 3,315 6,760 5,651
Insurance commissions 1,684 1,695 3,836 3,576
Equipment rental 4,255 5,990 8,884 12,620
(Losses) gains on investment securities available-for-sale (680) (1) (680) 279
Other 3,052 3,142 6,129 5,811
Total noninterest income 24,898 25,241 50,767 49,863
Noninterest expense:        
Salaries and employee benefits 25,510 23,999 50,706 48,400
Net occupancy 2,527 2,504 5,246 5,225
Furniture and equipment 6,337 6,258 12,795 12,665
Depreciation - leased equipment 3,550 5,142 7,323 10,569
Professional fees 2,146 1,258 3,759 2,700
Supplies and communication 1,430 1,390 2,905 3,024
FDIC and other insurance 772 599 1,437 887
Business development and marketing 1,351 1,121 2,348 2,480
Loan and lease collection and repossession 486 838 615 1,601
Other 1,089 1,716 2,204 3,809
Total noninterest expense 45,198 44,825 89,338 91,360
Income before income taxes 39,660 24,042 76,403 45,620
Income tax expense 9,425 5,516 18,062 10,676
Net income 30,235 18,526 58,341 34,944
Net (income) loss attributable to noncontrolling interests (12) (24) (13) (29)
Net income available to common shareholders $ 30,223 $ 18,502 $ 58,328 $ 34,915
Per common share:        
Basic net income per common share (in dollars per share) $ 1.19 $ 0.72 $ 2.29 $ 1.36
Diluted net income per common share (in dollars per share) 1.19 0.72 2.29 1.36
Cash dividends (in dollars per share) $ 0.30 $ 0.28 $ 0.59 $ 0.57
Basic weighted average common shares outstanding (in shares) 25,143,712 25,540,855 25,231,789 25,532,105
Diluted weighted average common shares outstanding (in shares) 25,143,712 25,540,855 25,231,789 25,532,105
Trust and wealth advisory        
Noninterest income:        
Trust and wealth advisory, service charges on deposit accounts, and debit card income $ 6,466 $ 5,589 $ 11,947 $ 10,437
Service charges on deposit accounts        
Noninterest income:        
Trust and wealth advisory, service charges on deposit accounts, and debit card income 2,508 1,910 4,955 4,515
Debit card        
Noninterest income:        
Trust and wealth advisory, service charges on deposit accounts, and debit card income $ 4,754 $ 3,601 $ 8,936 $ 6,974
[1] *ASU 2016-13 adopted during the fourth quarter of 2020 therefore June 30, 2020 provision amount reflects the incurred loss method.