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Unaudited Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest Income        
Investment securities $ 25,833 $ 21,892 $ 46,847 $ 43,243
Residential real estate loans 12,098 11,410 23,624 22,189
Commercial loans 106,343 88,043 205,027 171,582
Consumer and other loans 11,130 11,040 22,771 21,487
Total interest income 155,404 132,385 298,269 258,501
Interest Expense        
Deposits 4,587 5,624 10,168 10,965
Securities sold under agreements to repurchase 908 886 1,897 1,688
Federal Home Loan Bank advances 268 3,847 614 6,902
Other borrowed funds 172 38 300 76
Subordinated debentures 1,250 1,694 2,702 3,362
Total interest expense 7,185 12,089 15,681 22,993
Net Interest Income 148,219 120,296 282,588 235,508
Credit loss expense 13,552 0 36,296 57
Net interest income after credit loss expense 134,667 120,296 246,292 235,451
Non-Interest Income        
Service charges and other fees 11,366 20,025 25,386 38,040
Miscellaneous loan fees and charges 1,682 1,192 2,967 2,159
Gain on sale of loans 25,858 7,762 37,720 13,560
Gain on sale of debt securities 128 134 991 347
Other income 2,190 1,721 7,432 5,202
Total non-interest income 41,224 30,834 74,496 59,308
Non-Interest Expense        
Compensation and employee benefits 57,981 51,973 117,641 104,701
Occupancy and equipment 9,357 8,180 18,576 16,617
Advertising and promotions 2,138 2,767 4,625 5,155
Data processing 5,042 4,062 10,324 7,954
Other real estate owned 75 191 187 330
Regulatory assessments and insurance 1,037 1,848 2,127 3,133
Core deposit intangibles amortization 2,613 1,865 5,146 3,559
Other expenses 19,898 15,284 31,443 27,551
Total non-interest expense 98,141 86,170 190,069 169,000
Income Before Income Taxes 77,750 64,960 130,719 125,759
Federal and state income tax expense 14,306 12,568 23,936 24,235
Net Income $ 63,444 $ 52,392 $ 106,783 $ 101,524
Basic earnings per share $ 0.67 $ 0.61 $ 1.13 $ 1.19
Diluted earnings per share 0.66 0.61 1.13 1.19
Dividends declared per share $ 0.29 $ 0.27 $ 0.58 $ 0.53
Average outstanding shares - basic 95,405,493 85,826,290 94,346,582 85,191,658
Average outstanding shares - diluted 95,430,403 85,858,286 94,395,930 85,241,238