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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest income:        
Interest and fees on loans $ 65,626 $ 62,062 $ 191,076 $ 181,835
Interest and dividends on investment securities:        
Taxable 7,878 7,410 23,898 23,381
Exempt from federal taxes 820 962 2,557 3,061
Interest on deposits in banks 607 342 1,734 1,002
Interest on federal funds sold 4 4 9 11
Total interest income 74,935 70,780 219,274 209,290
Interest expense:        
Interest on deposits 3,099 3,241 9,435 9,789
Interest on securities sold under repurchase agreements 100 55 282 162
Interest on long-term debt 457 544 1,357 1,596
Interest on subordinated debentures held by subsidiary trusts 698 610 2,036 1,800
Total interest expense 4,354 4,450 13,110 13,347
Net interest income 70,581 66,330 206,164 195,943
Provision for loan losses 2,363 1,098 8,913 3,533
Net interest income after provision for loan losses 68,218 65,232 197,251 192,410
Non-interest income:        
Payment services revenues 9,019 8,574 25,658 24,383
Income from the origination and sale of loans 8,013 7,983 20,347 22,691
Investment Advisory, Management and Administrative Fees 4,995 5,233 14,736 15,067
Service charges on deposit accounts 4,692 4,379 13,781 12,376
Other service charges, commissions and fees 2,628 2,521 8,081 7,752
Investment securities gains, net 225 23 312 75
Other income 2,299 2,465 7,049 8,515
Non-recurring litigation recovery 0 0 3,750 0
Total non-interest income 31,871 31,178 93,714 90,859
Non-interest expense:        
Salaries and wages 23,618 25,460 71,791 76,902
Employee benefits 8,610 8,008 26,285 23,987
Outsourced technology services 5,211 2,520 14,843 7,576
Occupancy, net 4,413 4,413 13,361 13,434
Furniture and equipment 2,398 3,849 7,114 11,345
OREO expense, net of income 8 (720) 109 (1,604)
Professional fees 1,191 1,916 3,635 4,731
FDIC insurance premiums 1,212 1,190 3,668 3,636
Mortgage servicing rights amortization 854 617 2,210 1,863
Mortgage servicing rights impairment recovery (16) (76) (21) (147)
Core deposit intangibles amortization 875 842 2,529 2,551
Other expenses 12,542 12,613 36,740 37,994
Loss Contingency, Loss in Period 0 5,000 0 5,000
Non-core acquisition expenses 1,197 566 1,197 629
Total non-interest expense 62,113 66,198 183,461 187,897
Income before income tax expense 37,976 30,212 107,504 95,372
Income tax expense 12,783 10,050 36,633 32,008
Net income $ 25,193 $ 20,162 $ 70,871 $ 63,364
Basic earnings per common share $ 0.57 $ 0.45 $ 1.59 $ 1.40
Diluted earnings per common share $ 0.56 $ 0.44 $ 1.58 $ 1.39