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CONSOLIDATED 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
Interest Income        
Interest and fees on loans $ 321,883 $ 296,934 $ 654,951 $ 585,211
Interest and dividends on investment securities:        
Taxable 19,447 22,489 41,380 45,365
Tax-exempt 3,692 4,356 7,618 9,160
Dividends 3,092 2,795 6,493 5,969
Interest on federal funds sold and other short-term investments 411 1,168 1,876 2,261
Total interest income 348,525 327,742 712,318 647,966
Interest on deposits:        
Savings, NOW and money market 16,627 38,020 51,140 74,303
Time 29,857 40,331 72,671 78,502
Interest on short-term borrowings 1,980 14,860 6,687 27,409
Interest on long-term borrowings and junior subordinated debentures 17,502 14,297 33,922 28,870
Total interest expense 65,966 107,508 164,420 209,084
Net Interest Income 282,559 220,234 547,898 438,882
Provision for credit losses for held to maturity securities 41 0 800 0
Provision for credit losses for loans 41,115 2,100 75,039 10,100
Net Interest Income After Provision for Credit Losses 241,403 218,134 472,059 428,782
Non-Interest Income        
Insurance commissions 1,659 2,649 3,610 5,174
(Losses) gains on securities transactions, net (41) 11 (81) (21)
Other-than-temporary impairment losses on securities 0 (2,928) 0 (2,928)
Portion recognized in other comprehensive income (before taxes) 0 0 0 0
Net impairment losses on securities recognized in earnings 0 (2,928) 0 (2,928)
Fees from loan servicing 2,227 2,367 4,975 4,797
Gains on sales of loans, net 8,337 3,930 12,887 8,506
(Losses) gains on sales of assets, net (299) (564) (178) 77,156
Bank owned life insurance 5,823 2,205 8,965 4,092
Other 20,741 11,010 40,573 20,770
Total non-interest income 44,830 27,603 86,227 135,276
Non-Interest Expense        
Salary and employee benefits expense 78,532 76,183 164,260 159,288
Net occupancy and equipment expense 33,217 29,700 65,658 57,586
FDIC insurance assessment 6,135 4,931 10,011 11,052
Amortization of other intangible assets 6,681 4,170 12,151 8,481
Professional and legal fees 7,797 4,145 13,884 9,416
Amortization of tax credit investments 3,416 4,863 6,644 12,036
Telecommunication expense 2,866 2,351 5,153 4,619
Other 18,522 15,394 35,061 27,054
Total non-interest expense 157,166 141,737 312,822 289,532
Income Before Income Taxes 129,067 104,000 245,464 274,526
Income tax expense 33,466 27,532 62,595 84,728
Net Income 95,601 76,468 182,869 189,798
Dividends on preferred stock 3,172 3,172 6,344 6,344
Net Income Available to Common Shareholders $ 92,429 $ 73,296 $ 176,525 $ 183,454
Earnings Per Common Share:        
Basic (usd per share) $ 0.23 $ 0.22 $ 0.44 $ 0.55
Diluted (usd per share) 0.23 0.22 0.44 0.55
Cash Dividends Declared per Common Share (usd per share) $ 0.11 $ 0.11 $ 0.22 $ 0.22
Weighted Average Number of Common Shares Outstanding:        
Basic (in shares) 403,790,242 331,748,552 403,654,665 331,675,313
Diluted (in shares) 404,631,845 332,959,802 405,043,183 332,929,359
Trust and investment services        
Non-Interest Income        
Revenue from contracts with customer $ 2,826 $ 3,096 $ 6,239 $ 6,000
Service charges on deposit accounts        
Non-Interest Income        
Revenue from contracts with customer $ 3,557 $ 5,827 $ 9,237 $ 11,730