Quarterly Results of Operations

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

Quarterly Results of Operations

(In Thousands, Except Share Data) (Unaudited)

The following table sets forth a summary of the unaudited quarterly results of operations.

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2019
Interest income	$	137,094	$	137,862	$	134,476	$	133,148
Interest expense	23,947		25,062		25,651		24,263
Net interest income	113,147		112,800		108,825		108,885
Provision for loan losses	1,500		900		1,700		2,950
Noninterest income	35,885		41,960		37,953		37,456
Noninterest expense	88,832		93,290		96,500		95,552
Income before income taxes	58,700		60,570		48,578		47,839
Income taxes	13,590		13,945		11,132		9,424
Net income	$	45,110	$	46,625	$	37,446	$	38,415
Basic earnings per share	$	0.77	$	0.80	$	0.65	$	0.67
Diluted earnings per share	$	0.77	$	0.80	$	0.64	$	0.67
2018
Interest income	$	100,380	$	106,574	$	117,795	$	137,105
Interest expense	11,140		14,185		18,356		21,648
Net interest income	89,240		92,389		99,439		115,457
Provision for loan losses	1,750		1,810		2,250		1,000
Noninterest income	33,953		35,581		38,053		36,374
Noninterest expense	77,944		79,026		94,746		93,313
Income before income taxes	43,499		47,134		40,496		57,518
Income taxes	9,673		10,424		8,532		13,098
Net income	$	33,826	$	36,710	$	31,964	$	44,420
Basic earnings per share	$	0.69	$	0.74	$	0.61	$	0.76
Diluted earnings per share	$	0.68	$	0.74	$	0.61	$	0.76

See Note 2, “Mergers and Acquisitions” above for a discussion of the effect on the Company’s results of operations of its acquisitions of Brand in the third quarter of 2018.