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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Loans receivable:        
Taxable $ 87,312 $ 92,824 $ 183,964 $ 183,305
Tax exempt 5,359 4,244 10,674 8,397
Investment securities:        
Taxable 6,147 6,998 13,778 13,093
Tax exempt 10,019 7,454 19,354 14,325
Deposits with financial institutions 134 784 709 1,659
Federal Home Loan Bank stock 281 335 580 673
Total Interest Income 109,252 112,639 229,059 221,452
INTEREST EXPENSE        
Deposits 12,707 23,087 34,455 42,681
Federal funds purchased 2 117 113 210
Securities sold under repurchase agreements 92 342 444 672
Federal Home Loan Bank advances 1,794 1,692 3,568 3,506
Subordinated debentures and other borrowings 1,639 2,123 3,584 4,239
Total Interest Expense 16,234 27,361 42,164 51,308
NET INTEREST INCOME 93,018 85,278 186,895 170,144
Provision for loan losses 21,895 500 41,647 1,700
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 71,123 84,778 145,248 168,444
OTHER INCOME        
Net gains and fees on sales of loans 3,674 1,736 7,037 3,031
Increase in cash surrender value of life insurance 1,231 927 2,591 1,916
Gains on life insurance benefits 95 19 95 19
Net realized gains on sales of available for sale securities 3,068 1,843 7,680 2,983
Other income 1,028 1,064 1,293 1,394
Total Other Income 26,481 21,614 56,280 40,327
OTHER EXPENSES        
Salaries and employee benefits 35,698 32,709 74,941 65,737
Net occupancy 5,447 4,469 11,248 9,496
Equipment 4,489 4,117 8,833 7,759
Marketing 2,092 2,752 3,535 3,826
Outside data processing fees 2,618 3,929 6,817 7,613
Printing and office supplies 279 334 666 649
Intangible asset amortization 1,511 1,520 3,025 3,048
FDIC assessments 1,472 678 2,995 1,385
Other real estate owned and foreclosure expenses 684 903 1,189 2,068
Professional and other outside services 1,553 2,376 3,811 4,260
Other expenses 4,146 3,800 9,100 8,367
Total Other Expenses 59,989 57,587 126,160 114,208
INCOME BEFORE INCOME TAX 37,615 48,805 75,368 94,563
Income tax expense 4,623 7,749 8,113 14,690
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 32,992 $ 41,056 $ 67,255 $ 79,873
Per Share Data:        
Basic Net Income Available to Common Stockholders (in dollars per share) $ 0.62 $ 0.83 $ 1.24 $ 1.62
Diluted Net Income Available to Common Stockholders (in dollars per share) 0.62 0.83 1.24 1.61
Cash Dividends Paid (in dollars per share) $ 0.26 $ 0.26 $ 0.52 $ 0.48
Average Diluted Shares Outstanding (in shares) 53,942,567 49,549,887 54,429,519 49,545,152
Service charges on deposit accounts        
OTHER INCOME        
Other income $ 4,312 $ 5,437 $ 10,282 $ 10,532
Fiduciary and wealth management fees        
OTHER INCOME        
Other income 5,601 3,931 11,586 7,749
Card payment fees        
OTHER INCOME        
Other income 6,097 4,829 12,004 9,655
Derivative hedge fees        
OTHER INCOME        
Other income 1,042 1,487 2,981 2,268
Other customer fees        
OTHER INCOME        
Other income $ 333 $ 341 $ 731 $ 780