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Unaudited Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest Income        
Investment securities $ 25,381 $ 21,357 $ 72,228 $ 64,600
Residential real estate loans 11,592 12,156 35,216 34,345
Commercial loans 109,514 97,224 314,541 268,806
Consumer and other loans 11,000 11,658 33,771 33,145
Total interest income 157,487 142,395 455,756 400,896
Interest Expense        
Deposits 3,952 6,214 14,120 17,179
Securities sold under agreements to repurchase 886 999 2,783 2,687
Federal Home Loan Bank advances 70 2,035 684 8,937
Other borrowed funds 173 47 473 123
Subordinated debentures 1,003 1,652 3,705 5,014
Total interest expense 6,084 10,947 21,765 33,940
Net Interest Income 151,403 131,448 433,991 366,956
Credit loss expense 2,869 0 39,165 57
Net interest income after credit loss expense 148,534 131,448 394,826 366,899
Non-Interest Income        
Service charges and other fees 13,404 15,138 38,790 53,178
Miscellaneous loan fees and charges 2,084 1,775 5,051 3,934
Gain on sale of loans 35,516 10,369 73,236 23,929
Gain on sale of debt securities 24 13,811 1,015 14,158
Other income 2,639 1,956 10,071 7,158
Total non-interest income 53,667 43,049 128,163 102,357
Non-Interest Expense        
Compensation and employee benefits 64,866 62,509 182,507 167,210
Occupancy and equipment 9,369 8,731 27,945 25,348
Advertising and promotions 2,779 2,719 7,404 7,874
Data processing 5,597 4,466 15,921 12,420
Other real estate owned 186 166 373 496
Regulatory assessments and insurance 1,495 593 3,622 3,726
Loss on termination of hedging activities 0 13,528 0 13,528
Core deposit intangibles amortization 2,612 2,360 7,758 5,919
Other expenses 18,786 15,603 50,229 43,154
Total non-interest expense 105,690 110,675 295,759 279,675
Income Before Income Taxes 96,511 63,822 227,230 189,581
Federal and state income tax expense 18,754 12,212 42,690 36,447
Net Income $ 77,757 $ 51,610 $ 184,540 $ 153,134
Basic earnings per share (in dollars per share) $ 0.81 $ 0.57 $ 1.95 $ 1.76
Diluted earnings per share (in dollars per share) 0.81 0.57 1.95 1.76
Dividends declared per share (in dollars per share) $ 0.30 $ 0.29 $ 0.88 $ 0.82
Average outstanding shares - basic (in shares) 95,411,656 90,294,811 94,704,198 86,911,402
Average outstanding shares - diluted (in shares) 95,442,576 90,449,195 94,747,894 87,082,178