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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income        
Loans and leases $ 336,382 $ 315,012 $ 988,029 $ 909,167
Investment securities interest and dividend income 37,195 40,155 113,293 119,976
Overnight investments 757 7,151 5,828 20,820
Total interest income 374,334 362,318 1,107,150 1,049,963
Interest expense        
Deposits 13,468 21,737 55,578 53,821
Securities sold under customer repurchase agreements 395 542 1,236 1,516
Federal Home Loan Bank borrowings 2,156 1,316 7,612 4,187
Subordinated debt 4,351 1,774 11,783 5,398
Interest Expense, Other 305 524 1,488 796
Total interest expense 20,675 25,893 77,697 65,718
Net interest income 353,659 336,425 1,029,453 984,245
Provision (credit) for loan and lease losses 4,042 6,766 52,949 23,714
Net interest income after provision for loan and lease losses 349,617 329,659 976,504 960,531
Noninterest income        
Mortgage income 13,106 7,438 28,141 16,134
Insurance commissions (2,701) (967) 10,461 13,505
Realized gains on investment securities available for sale, net 21,425 1,136 54,972 6,855
Other 2,008 6,176 5,330 15,129
Total noninterest income 120,572 100,930 349,985 311,468
Noninterest expense        
Salaries and wages 147,297 137,841 439,185 406,788
Employee benefits 31,788 28,358 100,663 91,090
Occupancy expense 27,990 28,163 85,026 82,810
Equipment expense 29,430 28,770 86,054 83,999
Processing fees paid to third parties 11,927 7,250 32,485 20,980
FDIC insurance expense 2,167 2,440 9,364 7,857
Collection and foreclosure-related expenses 2,168 3,044 10,171 9,725
Merger-related expenses 3,507 3,892 12,108 9,695
Other 35,388 30,667 108,256 98,535
Total noninterest expense 291,662 270,425 883,312 811,479
Income before income taxes 178,527 160,164 443,177 460,520
Income taxes 35,843 35,385 89,538 105,023
Net income 142,684 124,779 353,639 355,497
Less: Preferred stock dividends 4,636 0 9,426 0
Net income available to common shareholders $ 138,048 $ 124,779 $ 344,213 $ 355,497
Average shares outstanding (in shares) 9,836,629 11,060,462 10,137,321 11,286,984
Net income per share $ 14.03 $ 11.27 $ 33.96 $ 31.50
Wealth management services        
Noninterest income        
Revenue from contract with customers $ 19,756 $ 15,957 $ 55,503 $ 51,069
Cardholder services, net        
Noninterest income        
Revenue from contract with customers 6,763 6,034 18,014 18,324
Other service charges and fees        
Noninterest income        
Revenue from contract with customers 20,841 27,112 64,776 77,967
Merchant services, net        
Noninterest income        
Revenue from contract with customers 26,369 25,212 75,152 74,786
ATM income        
Noninterest income        
Revenue from contract with customers 7,892 8,237 22,829 23,823
Realized gains on investment securities available for sale, net        
Noninterest income        
Revenue from contract with customers 3,576 2,960 10,453 9,105
Gain on extinguishment of debt        
Noninterest income        
Revenue from contract with customers $ 1,537 $ 1,635 $ 4,354 $ 4,771