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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Interest income      
Loans $ 158,691 $ 117,633 $ 106,564
Investment securities – taxable 417 939 1,057
Investment securities – tax-exempt 24,960 24,529 22,654
Mortgage-backed securities 41,584 41,361 37,450
FHLB stock and equity investments 1,595 1,306 798
Other interest earning assets 1,918 1,706 390
Total interest income 229,165 187,474 168,913
Interest expense      
Deposits 35,864 20,736 14,255
FHLB borrowings 12,813 15,106 11,751
Subordinated notes 5,659 5,633 1,628
Trust preferred subordinated debentures 2,610 2,013 1,706
Other borrowings 155 16 8
Total interest expense 57,101 43,504 29,348
Net interest income 172,064 143,970 139,565
Provision for loan losses [1] 8,437 4,675 9,780
Net interest income after provision for loan losses 163,627 139,295 129,785
Noninterest income      
Deposit services 25,082 21,785 20,702
Net (loss) gain on sale of securities available for sale (1,839) 625 2,836
Gain on sale of loans 692 1,821 2,795
Trust income 6,832 3,818 3,491
Bank owned life insurance income 2,923 2,537 2,626
Brokerage services 1,987 2,422 2,127
Other 5,096 4,465 4,834
Total noninterest income 40,773 37,473 39,411
Noninterest expense      
Salaries and employee benefits 70,643 60,779 61,628
Occupancy expense 13,814 12,068 13,722
Acquisition expense 2,413 4,352 0
Advertising, travel & entertainment 2,894 2,219 2,643
ATM and debit card expense 1,090 3,889 3,136
Professional fees 4,035 3,844 4,946
Software and data processing expense 3,996 3,027 2,911
Telephone and communications 1,847 1,905 1,931
FDIC insurance 1,871 1,769 2,141
Amortization expense on intangibles 5,213 1,955 1,940
Other 12,283 10,528 14,524
Total noninterest expense 120,099 106,335 109,522
Income before income tax expense 84,301 70,433 59,674
Income tax expense 10,163 16,121 10,325
Net income $ 74,138 $ 54,312 $ 49,349
Earnings per common share - basic (in dollars per share) $ 2.12 $ 1.82 $ 1.82
Earnings per common share - diluted (in dollars per share) 2.11 1.81 1.81
Dividends paid on common stock (in dollars per share) $ 1.20 $ 1.11 $ 1.01
[1] Of the $8.4 million in provision for loan losses for the year ended December 31, 2018, $302,000 related to provision expense on PCI loans. Of the $4.7 million and $9.8 million recorded in provision for loan losses for the year ended December 31, 2017 and 2016, respectively, none related to provision expense on PCI loans