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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
INTEREST INCOME        
Loans $ 163,180 $ 179,971 $ 527,656 $ 517,533
Interest bearing balances due from banks and federal funds sold 623 1,586 3,667 4,861
Investment securities 14,910 14,467 47,326 46,414
Mortgage loans held for sale 1,012 382 1,961 924
TOTAL INTEREST INCOME 179,725 196,406 580,610 569,732
INTEREST EXPENSE        
Deposits 16,206 36,936 65,489 102,482
Federal funds purchased and securities sold under agreements to repurchase 335 249 1,431 642
Other borrowings 4,943 5,381 14,783 18,393
Subordinated notes and debentures 4,631 4,576 14,133 13,528
TOTAL INTEREST EXPENSE 26,115 47,142 95,836 135,045
NET INTEREST INCOME 153,610 149,264 484,774 434,687
Provision for credit loss expense 22,981 21,973 68,030 38,337
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 130,629 127,291 416,744 396,350
NON-INTEREST INCOME        
Investment banking income 557 513 2,005 1,491
Bank owned life insurance income 1,591 1,302 4,334 3,357
Gain on sale of securities, net 22,305 7,374 54,790 12,937
Other income 5,380 44,721 27,990 54,942
TOTAL NON-INTEREST INCOME 71,851 84,675 204,472 159,401
NON-INTEREST EXPENSE        
Salaries and employee benefits 61,144 52,065 186,712 164,560
Occupancy expense, net 9,647 8,342 28,374 22,736
Furniture and equipment expense 6,231 4,898 18,098 12,462
Other real estate and foreclosure expense 602 1,125 1,201 2,353
Deposit insurance 2,244 0 7,557 4,550
Merger related costs 902 2,556 3,800 11,548
Other operating expenses 38,179 37,879 119,618 100,808
TOTAL NON-INTEREST EXPENSE 118,949 106,865 365,360 319,017
INCOME BEFORE INCOME TAXES 83,531 105,101 255,856 236,734
Provision for income taxes 17,633 23,275 53,920 51,289
NET INCOME 65,898 81,826 201,936 185,445
Preferred stock dividends 13 0 39 326
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 65,885 $ 81,826 $ 201,897 $ 185,119
BASIC EARNINGS PER SHARE (in dollars per share) $ 0.60 $ 0.85 $ 1.83 $ 1.95
DILUTED EARNINGS PER SHARE (in dollars per share) $ 0.60 $ 0.84 $ 1.83 $ 1.94
Trust income        
NON-INTEREST INCOME        
Non-interest income $ 6,744 $ 6,108 $ 21,148 $ 17,610
Service charges on deposit accounts        
NON-INTEREST INCOME        
Non-interest income 10,385 10,825 32,283 31,450
Other service charges and fees        
NON-INTEREST INCOME        
Non-interest income 1,764 1,308 4,841 3,909
Mortgage lending income        
NON-INTEREST INCOME        
Non-interest income 13,971 4,509 31,476 10,988
SBA lending income        
NON-INTEREST INCOME        
Non-interest income 304 956 845 2,348
Debit and credit card fees        
NON-INTEREST INCOME        
Non-interest income $ 8,850 $ 7,059 $ 24,760 $ 20,369