XML 15 R4.htm IDEA: XBRL DOCUMENT v3.19.1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
INTEREST INCOME:    
Interest and fees on loans $ 100,456 $ 85,651
Interest on securities:    
Taxable 15,876 11,577
Nontaxable 3,093 3,579
Interest on federal funds sold 4 0
Interest on interest bearing deposits in other financial institutions 1,292 407
TOTAL INTEREST INCOME 120,721 101,214
INTEREST EXPENSE:    
Interest on deposits 13,213 5,766
Interest on short-term borrowings 889 268
Interest on other borrowings (includes $165 and $197 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the three months ended March 31, 2019 and 2018, respectively) 3,664 3,596
TOTAL INTEREST EXPENSE 17,766 9,630
NET INTEREST INCOME 102,955 91,584
Provision for loan losses 1,635 4,263
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 101,320 87,321
NONINTEREST INCOME:    
Revenue from contract with customers 18,002 15,666
Loan servicing income 1,729 1,754
Securities gains, net (includes $1,575 and $1,441 of net security gains reclassified from accumulated other comprehensive income for the three months ended March 31, 2019 and 2018, respectively) 1,575 1,441
Unrealized gain/(loss) on equity securities, net 258 (28)
Net gains on sale of loans held for sale 3,176 4,051
Servicing Rights Impairment (Recovery) (589) (2)
Income on bank owned life insurance 899 614
Other noninterest income 1,667 1,220
TOTAL NONINTEREST INCOME 26,717 24,716
NONINTEREST EXPENSES:    
Salaries and employee benefits 50,285 48,710
Occupancy 6,607 6,043
Furniture and equipment 2,692 2,749
Professional fees 11,379 9,448
Advertising 2,325 1,940
Core deposit intangibles and customer relationship intangibles amortization 2,842 1,863
Other real estate and loan collection expenses 701 732
Gain on sales/valuations of assets, net (3,004) (197)
Restructuring expenses 3,227 2,564
Other noninterest expenses 11,176 9,794
TOTAL NONINTEREST EXPENSES 88,230 83,646
INCOME BEFORE INCOME TAXES 39,807 28,391
Income taxes (includes $358 and $261 of income tax expense reclassified from accumulated other comprehensive income for the three months ended March 31, 2019 and 2018, respectively) 8,310 5,123
NET INCOME 31,497 23,268
Preferred dividends 0 (13)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 31,497 $ 23,255
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 0.91 $ 0.76
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 0.91 0.76
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.16 $ 0.13
Service charges and fees    
NONINTEREST INCOME:    
Revenue from contract with customers $ 12,794 $ 10,079
Trust fees    
NONINTEREST INCOME:    
Revenue from contract with customers 4,474 4,680
Brokerage and insurance commissions    
NONINTEREST INCOME:    
Revenue from contract with customers $ 734 $ 907