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Unaudited Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest Income        
Investment securities $ 30,352 $ 25,381 $ 86,388 $ 72,228
Residential real estate loans 9,885 11,592 29,572 35,216
Commercial loans 115,533 109,514 339,903 314,541
Consumer and other loans 10,971 11,000 32,386 33,771
Total interest income 166,741 157,487 488,249 455,756
Interest Expense        
Deposits 2,609 3,952 8,427 14,120
Securities sold under agreements to repurchase 496 886 1,836 2,783
Federal Home Loan Bank advances 0 70 0 684
Other borrowed funds 178 173 529 473
Subordinated debentures 845 1,003 2,563 3,705
Total interest expense 4,128 6,084 13,355 21,765
Net Interest Income 162,613 151,403 474,894 433,991
Provision for credit losses 725 5,186 (4,880) 41,300
Net interest income after provision for credit losses 161,888 146,217 479,774 392,691
Non-Interest Income        
Service charges and other fees 15,154 13,404 41,741 38,790
Miscellaneous loan fees and charges 2,592 2,084 8,293 5,051
Gain on sale of loans 13,902 35,516 51,632 73,236
Gain (Loss) on sale of debt securities (168) 24 55 1,015
Other income 3,335 2,639 8,737 10,071
Total non-interest income 34,815 53,667 110,458 128,163
Non-Interest Expense        
Compensation and employee benefits 66,364 64,866 192,941 182,507
Occupancy and equipment 9,412 9,369 28,135 27,945
Advertising and promotions 3,236 2,779 8,513 7,404
Data processing 5,135 5,597 16,002 15,921
Other real estate owned 142 186 202 373
Regulatory assessments and insurance 2,011 1,495 5,592 3,622
Core deposit intangibles amortization 2,488 2,612 7,464 7,758
Other expenses 15,320 16,469 41,926 48,094
Total non-interest expense 104,108 103,373 300,775 293,624
Income Before Income Taxes 92,595 96,511 289,457 227,230
Federal and state income tax expense 16,976 18,754 55,409 42,690
Net Income $ 75,619 $ 77,757 $ 234,048 $ 184,540
Basic earnings per share (in dollars per share) $ 0.79 $ 0.81 $ 2.45 $ 1.95
Diluted earnings per share (in dollars per share) 0.79 0.81 2.45 1.95
Dividends declared per share (in dollars per share) $ 0.32 $ 0.30 $ 0.95 $ 0.88
Average outstanding shares - basic (in shares) 95,510,772 95,411,656 95,494,211 94,704,198
Average outstanding shares - diluted (in shares) 95,586,202 95,442,576 95,573,519 94,747,894