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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
INTEREST INCOME        
Loans $ 63,009,000 $ 70,438,000 $ 129,688,000 $ 121,424,000
Federal funds sold 17,000 73,000 27,000 102,000
Investment securities 8,499,000 8,050,000 17,005,000 13,929,000
Mortgage loans held for sale 295,000 375,000 572,000 522,000
Assets held in trading accounts 3,000 4,000 9,000 8,000
Interest bearing balances due from banks 77,000 229,000 220,000 439,000
TOTAL INTEREST INCOME 71,900,000 79,169,000 147,521,000 136,424,000
INTEREST EXPENSE        
Deposits 3,776,000 4,195,000 7,430,000 7,139,000
Federal funds purchased and securities sold under agreements to repurchase 59,000 57,000 125,000 121,000
Other borrowings 938,000 1,151,000 2,065,000 2,203,000
Subordinated debentures 544,000 559,000 1,087,000 793,000
TOTAL INTEREST EXPENSE 5,317,000 5,962,000 10,707,000 10,256,000
NET INTEREST INCOME 66,583,000 73,207,000 136,814,000 126,168,000
Provision for loan losses 4,616,000 3,006,000 7,439,000 4,177,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 61,967,000 70,201,000 129,375,000 121,991,000
NON-INTEREST INCOME        
Trust income 3,656,000 2,070,000 7,287,000 4,321,000
Service charges on deposit accounts 7,661,000 8,031,000 14,977,000 14,394,000
Other service charges and fees 1,571,000 2,766,000 3,480,000 4,430,000
Mortgage lending income 5,877,000 3,449,000 9,670,000 5,710,000
Investment banking income 1,181,000 593,000 1,865,000 1,487,000
Debit and credit card fees 7,688,000 6,486,000 14,888,000 12,134,000
Bank owned life insurance income 826,000 746,000 1,824,000 1,318,000
Gain (loss) on sale of securities 3,759,000 4,088,000 (38,000)
Net (loss) on assets covered by FDIC loss share agreements (3,056,000) (5,727,000)
Other income 4,669,000 3,863,000 8,318,000 5,253,000
TOTAL NON-INTEREST INCOME 36,888,000 24,948,000 66,397,000 43,282,000
NON-INTEREST EXPENSE        
Salaries and employee benefits 33,103,000 35,111,000 67,877,000 61,721,000
Occupancy expense, net 4,990,000 5,051,000 9,461,000 8,627,000
Furniture and equipment expense 4,077,000 3,241,000 8,023,000 6,420,000
Other real estate and foreclosure expense 967,000 1,017,000 1,934,000 1,398,000
Deposit insurance 1,096,000 1,096,000 2,244,000 1,966,000
Merger related costs 372,000 1,247,000 465,000 11,666,000
Other operating expenses 19,532,000 18,041,000 35,927,000 30,213,000
TOTAL NON-INTEREST EXPENSE 64,137,000 64,804,000 125,931,000 122,011,000
INCOME BEFORE INCOME TAXES 34,718,000 30,345,000 69,841,000 43,262,000
Provision for income taxes 11,809,000 10,250,000 23,427,000 14,432,000
NET INCOME 22,909,000 20,095,000 46,414,000 28,830,000
Preferred stock dividends 77,000 24,000 103,000
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 22,909,000 $ 20,018,000 $ 46,390,000 $ 28,727,000
BASIC EARNINGS PER SHARE (in dollars per share) $ 0.75 $ 0.67 $ 1.53 $ 1.10
DILUTED EARNINGS PER SHARE (in dollars per share) [1],[2] $ 0.75 $ 0.67 $ 1.52 $ 1.10
[1] EPS are computed independently for each quarter and therefore the sum of each quarterly EPS may not equal the year-to-date EPS. As a result of the large stock issuances during 2015 as part of the Companys acquisitions, the computed independent quarterly average common shares outstanding and the computed year-to-date average common shares differ significantly. For purposes of calculating a roll-forward amount for 2015 year-to-date EPS, diluted EPS for the second quarter of 2015 would require a computed amount of $0.71, producing a difference of $.04 from actual second quarter diluted EPS of $0.67. This difference is based on the direct result of the varying denominator for each period presented.
[2] Stock options to purchase 258,255 and 65,005 shares for the three and six months ended June 30, 2016 and 2015, respectively, were not included in the diluted EPS calculation because the exercise price of those options exceeded the average market price.