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Unaudited Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest Income        
Investment securities $ 21,357 $ 21,971 $ 64,600 $ 64,483
Residential real estate loans 12,156 10,356 34,345 29,290
Commercial loans 97,224 80,587 268,806 221,926
Consumer and other loans 11,658 9,991 33,145 27,987
Total interest income 142,395 122,905 400,896 343,686
Interest Expense        
Deposits 6,214 4,837 17,179 13,370
Securities sold under agreements to repurchase 999 570 2,687 1,541
Federal Home Loan Bank advances 2,035 2,132 8,937 6,734
Other borrowed funds 47 63 123 105
Subordinated debentures 1,652 1,558 5,014 4,345
Total interest expense 10,947 9,160 33,940 26,095
Net Interest Income 131,448 113,745 366,956 317,591
Provision for loan losses 0 3,194 57 8,707
Net interest income after provision for loan losses 131,448 110,551 366,899 308,884
Non-Interest Income        
Service charges and other fees 15,138 19,504 53,178 55,179
Miscellaneous loan fees and charges 1,775 1,807 3,934 5,527
Gain on sale of loans 10,369 7,256 23,929 21,495
Gain (loss) on sale of debt securities 13,811 (367) 14,158 (756)
Other income 1,956 4,216 7,158 8,885
Total non-interest income 43,049 32,416 102,357 90,330
Non-Interest Expense        
Compensation and employee benefits 62,509 49,927 167,210 144,671
Occupancy and equipment 8,731 7,914 25,348 22,850
Advertising and promotions 2,719 2,432 7,874 7,132
Data processing 4,466 3,752 12,420 11,960
Other real estate owned 166 2,674 496 2,957
Regulatory assessments and insurance 593 1,277 3,726 3,812
Loss on termination of hedging activities 13,528 0 13,528 0
Core deposit intangibles amortization 2,360 1,735 5,919 4,539
Other expenses 15,603 13,118 43,154 40,330
Total non-interest expense 110,675 82,829 279,675 238,251
Income Before Income Taxes 63,822 60,138 189,581 160,963
Federal and state income tax expense 12,212 10,802 36,447 28,684
Net Income $ 51,610 $ 49,336 $ 153,134 $ 132,279
Basic earnings per share $ 0.57 $ 0.58 $ 1.76 $ 1.59
Diluted earnings per share 0.57 0.58 1.76 1.59
Dividends declared per share $ 0.29 $ 0.26 $ 0.82 $ 0.75
Average outstanding shares - basic 90,294,811 84,518,407 86,911,402 83,294,111
Average outstanding shares - diluted 90,449,195 84,593,122 87,082,178 83,362,323