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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
INTEREST INCOME:        
Interest and fees on loans $ 105,733 $ 82,906 $ 288,171 $ 217,898
Interest on securities:        
Taxable 14,433 10,394 38,280 27,246
Nontaxable 3,490 5,086 10,653 15,297
Interest on federal funds sold 0 34 0 37
Interest on interest bearing deposits in other financial institutions 1,238 558 2,413 1,112
TOTAL INTEREST INCOME 124,894 98,978 339,517 261,590
INTEREST EXPENSE:        
Interest on deposits 10,092 5,073 23,841 12,966
Interest on short-term borrowings 464 271 1,279 498
Interest on other borrowings (includes $242 and $308 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the three months ended September 30, 2018 and 2017, respectively, and $469 and $1,005 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the nine months ended September 30, 2018 and 2017, respectively) 3,660 3,790 10,726 10,674
TOTAL INTEREST EXPENSE 14,216 9,134 35,846 24,138
NET INTEREST INCOME 110,678 89,844 303,671 237,452
Provision for loan losses 5,238 5,705 14,332 10,235
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 105,440 84,139 289,339 227,217
NONINTEREST INCOME:        
Revenue from contract with customers 18,505 14,960 51,735 43,735
Loan servicing income 1,670 1,161 5,231 4,236
Securities gains/(losses), net (includes $145 of net security losses and $1,679 of net security gains reclassified from accumulated other comprehensive income for the three months ended September 30, 2018 and 2017, respectively, and $1,037 and $5,553 of net security gains reclassified from accumulated other comprehensive income for the nine months ended September 30, 2018 and 2017, respectively) (145) 1,679 1,037 5,553
Unrealized gain on equity securities, net 54 0 97 0
Net gains on sale of loans held for sale 7,410 4,997 18,261 17,961
Valuation allowance on commercial servicing rights 230 5 12 29
Income on bank owned life insurance 892 766 2,206 2,039
Other noninterest income 1,149 1,409 3,536 2,941
TOTAL NONINTEREST INCOME 29,765 24,977 82,115 76,494
NONINTEREST EXPENSES:        
Salaries and employee benefits 49,921 45,225 149,389 128,118
Occupancy 6,348 6,223 18,706 16,352
Furniture and equipment 3,470 2,826 9,403 7,913
Professional fees 11,681 8,450 30,088 24,342
FDIC insurance assessments 1,119 894 2,792 2,610
Advertising 2,754 1,358 6,839 5,141
Core deposit intangibles and customer relationship intangibles amortization 2,626 1,863 6,763 4,252
Other real estate and loan collection expenses 784 581 2,464 1,774
Loss on sales/valuations of assets, net 912 1,342 2,243 1,642
Restructuring expenses 0 0 2,564 0
Other noninterest expenses 12,924 9,997 33,816 27,653
TOTAL NONINTEREST EXPENSES 92,539 78,759 265,067 219,797
INCOME BEFORE INCOME TAXES 42,666 30,357 106,387 83,914
Income taxes (includes $(26) and $511 of income tax expense/(benefit) reclassified from accumulated other comprehensive income for the three months ended September 30, 2018 and 2017, respectively, and $174 and $1,696 of income tax expense/(benefit) reclassified from accumulated other comprehensive income for the nine months ended September 30, 2018 and 2017, respectively) 8,956 8,725 21,530 22,314
NET INCOME 33,710 21,632 84,857 61,600
Preferred dividends (13) (13) (39) (45)
Interest expense on convertible preferred debt 0 3 0 12
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 33,697 $ 21,622 $ 84,818 $ 61,567
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 0.98 $ 0.73 $ 2.61 $ 2.23
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 0.97 0.72 2.59 2.21
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.14 $ 0.11 $ 0.40 $ 0.33
Service charges and fees        
NONINTEREST INCOME:        
Revenue from contract with customers $ 12,895 $ 10,138 $ 35,046 $ 29,291
Trust fees        
NONINTEREST INCOME:        
Revenue from contract with customers 4,499 3,872 13,794 11,482
Brokerage and insurance commissions        
NONINTEREST INCOME:        
Revenue from contract with customers $ 1,111 $ 950 $ 2,895 $ 2,962