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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 $ 91,634 $ 112,923 $ 190,656 $ 196,531
Interest Income, Securities, Operating, Taxable 7,831 8,521 15,788 15,986
Nontaxable interest and dividends on securities 9 13 18 26
Interest on loans held for sale 359 40 591 71
Interest on federal funds sold and short-term investments 132 647 292 1,073
Total interest and dividend income 99,965 122,144 207,345 213,687
Interest expense        
Interest on deposits 7,027 11,178 17,919 18,206
Interest on borrowings 1,840 4,947 4,024 6,937
Total interest expense 8,867 16,125 21,943 25,143
Net interest income 91,098 106,019 185,402 188,544
Provision for credit losses 20,000 1,000 45,000 2,000
Net interest income after provision for credit losses 71,098 105,019 140,402 186,544
Noninterest income        
Deposit account fees 2,829 5,080 7,799 9,486
Interchange and ATM fees 5,214 5,794 10,110 10,310
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions 7,296 7,153 14,125 13,901
Mortgage banking income 5,005 3,410 5,866 4,216
Bank Owned Life Insurance Income 1,312 1,296 2,588 2,268
Gain Realized on Life Insurance Policies (335) 0 (692) 0
Loan level derivative income 2,864 932 6,461 1,573
Available-for-sale Equity Securities, Gross Unrealized Gain 1,386 441 1,386 1,345
Other noninterest income 1,949 4,542 5,598 7,082
Total noninterest income 28,190 28,648 54,625 50,181
Noninterest expenses        
Salaries and employee benefits 37,269 38,852 74,618 71,969
Occupancy and equipment expenses 9,273 8,424 18,590 15,554
Data processing & facilities management 1,459 2,042 3,117 3,368
FDIC assessment 503 778 503 1,394
Advertising expense 787 1,282 1,892 2,495
Professional Fees 1,603 1,384 2,939 2,148
Amortization of Intangible Assets 1,433 1,572 2,964 2,429
Available-for-Sale Securities - Fixed Income Gross Realized Losses 0 1,462 0 1,462
Business Combination, Acquisition Related Costs 0 24,696 0 25,728
Software Maintenance 1,780 1,363 3,465 2,528
Other noninterest expenses 12,500 11,177 25,359 20,268
Total noninterest expenses 66,607 93,032 133,447 149,343
Income before income taxes 32,681 40,635 61,580 87,382
Current Federal, State and Local, Tax Expense (Benefit) 7,779 10,007 9,927 21,529
Net income $ 24,902 $ 30,628 $ 51,653 $ 65,853
Basic earnings per share (in dollars per share) $ 0.76 $ 0.89 $ 1.54 $ 2.11
Diluted earnings per share (in dollars per share) $ 0.76 $ 0.89 $ 1.54 $ 2.11
Weighted average common shares (basic) (in shares) 32,944,761 34,313,492 33,564,596 31,226,985
Common shares equivalents (in shares) 28,098 41,878 31,991 48,381
Weighted average common shares (diluted) (in shares) 32,972,859 34,355,370 33,596,587 31,275,366
Retained Earnings [Member]        
Noninterest expenses        
Net income $ 24,902 $ 30,628 $ 51,653 $ 65,853
Cash dividends declared per common share (in dollars per share) $ 0.46 $ 0.44 $ 0.92 $ 0.88