XML 30 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest income:      
Loans $ 170,288 $ 158,691 $ 117,633
Taxable investment securities 167 417 939
Tax-exempt investment securities 16,856 24,960 24,529
Mortgage-backed securities 50,486 41,584 41,361
Federal Home Loan Bank stock and equity investments 1,654 1,595 1,306
Other interest earning assets 1,336 1,918 1,706
Total interest income 240,787 229,165 187,474
Interest expense:      
Deposits 44,565 35,864 20,736
Federal Home Loan Bank borrowings 17,719 12,813 15,106
Subordinated notes 5,661 5,659 5,633
Trust preferred subordinated debentures 2,775 2,610 2,013
Other borrowings 262 155 16
Total interest expense 70,982 57,101 43,504
Net interest income 169,805 172,064 143,970
Provision for loan losses [1] 5,101 8,437 4,675
Net interest income after provision for loan losses 164,704 163,627 139,295
Noninterest income:      
Deposit services 26,038 25,082 21,785
Net gain (loss) on sale of securities available for sale 756 (1,839)  
Net gain (loss) on sale of securities available for sale     625
Gain on sale of loans 509 692 1,821
Trust fees 6,269 6,832 3,818
Bank owned life insurance 2,307 2,923 2,537
Brokerage services 2,080 1,987 2,422
Other 4,409 5,096 4,465
Total noninterest income 42,368 40,773 37,473
Noninterest expense:      
Salaries and employee benefits 73,731 70,643 60,779
Net occupancy 13,128 13,814 12,068
Acquisition expense 0 2,413 4,352
Advertising, travel & entertainment 2,964 2,894 2,219
ATM expense 894 1,090 3,889
Professional fees 4,717 4,035 3,844
Software and data processing 4,537 3,996 3,027
Communications 1,941 1,847 1,905
FDIC insurance 859 1,871 1,769
Amortization of intangibles 4,418 5,213 1,955
Other 12,108 12,283 10,528
Total noninterest expense 119,297 120,099 106,335
Income before income tax expense 87,775 84,301 70,433
Income tax expense 13,221 10,163 16,121
Net income $ 74,554 $ 74,138 $ 54,312
Earnings per common share - basic (in dollars per share) $ 2.21 $ 2.12 $ 1.82
Earnings per common share - diluted (in dollars per share) 2.20 2.11 1.81
Dividends paid on common stock (in dollars per share) $ 1.26 $ 1.20 $ 1.11
[1] Of the $5.1 million in provision for loan losses for the year ended December 31, 2019, $45,000 related to provision expense reversed on PCI loans. 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 recorded in provision for loan losses for the year ended December 31, 2017, none was related to provision expense on PCI loans.