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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income        
Interest and fees on loans $ 90,112 $ 110,205 $ 280,768 $ 306,736
Interest Income, Securities, Operating, Taxable 7,218 8,269 23,006 24,255
Nontaxable interest and dividends on securities 9 14 27 40
Interest on loans held for sale 326 456 917 527
Interest on federal funds sold and short-term investments 254 680 546 1,753
Total interest and dividend income 97,919 119,624 305,264 333,311
Interest expense        
Interest on deposits 5,432 11,846 23,351 30,052
Interest on borrowings 1,604 3,180 5,628 10,117
Total interest expense 7,036 15,026 28,979 40,169
Net interest income 90,883 104,598 276,285 293,142
Provision for credit losses 7,500 0 52,500 2,000
Net interest income after provision for credit losses 83,383 104,598 223,785 291,142
Noninterest income        
Deposit account fees 3,428 5,299 11,227 14,785
Interchange and ATM fees 3,044 6,137 13,154 16,447
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions 7,571 7,188 21,696 21,089
Mortgage banking income 7,704 3,968 13,570 8,184
Bank Owned Life Insurance Income 1,314 1,304 3,902 3,572
Gain Realized on Life Insurance Policies 0 (434) (692) (434)
Loan level derivative income 2,457 2,739 8,918 4,312
Other noninterest income 3,829 4,747 10,813 13,174
Total noninterest income 29,347 31,816 83,972 81,997
Noninterest expenses        
Salaries and employee benefits 38,409 39,432 113,027 111,401
Occupancy and equipment expenses 9,273 8,555 27,863 24,109
Data processing & facilities management 1,567 1,515 4,684 4,883
FDIC assessment 1,034 0 1,537 1,394
Advertising expense 1,215 1,417 3,107 3,912
Professional Fees 1,305 1,338 4,244 3,486
Amortization of Intangible Assets 1,428 1,567 4,392 3,996
Available-for-Sale Securities - Fixed Income Gross Realized Losses 0 0 0 1,462
Loss on Contract Termination 684 0 684 0
Business Combination, Acquisition Related Costs 0 705 0 26,433
Software Maintenance 1,753 1,385 5,218 3,913
Other noninterest expenses 9,990 11,619 35,349 31,887
Total noninterest expenses 66,658 67,533 200,105 216,876
Income before income taxes 46,072 68,881 107,652 156,263
Current Federal, State and Local, Tax Expense (Benefit) 11,199 17,036 21,126 38,565
Net income $ 34,873 $ 51,845 $ 86,526 $ 117,698
Basic earnings per share (in dollars per share) $ 1.06 $ 1.51 $ 2.59 $ 3.65
Diluted earnings per share (in dollars per share) $ 1.06 $ 1.51 $ 2.59 $ 3.64
Weighted average common shares (basic) (in shares) 32,951,918 34,361,176 33,358,879 32,283,196
Common shares equivalents (in shares) 24,758 39,390 27,871 45,416
Weighted average common shares (diluted) (in shares) 32,976,676 34,400,566 33,386,750 32,328,612
Retained Earnings [Member]        
Noninterest expenses        
Net income $ 34,873 $ 51,845 $ 86,526 $ 117,698
Cash dividends declared per common share (in dollars per share) $ 0.46 $ 0.44 $ 1.38 $ 1.32