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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
INTEREST INCOME:        
Interest and fees on loans $ 106,027 $ 96,787 $ 206,483 $ 182,438
Interest on securities:        
Taxable 16,123 12,270 31,999 23,847
Nontaxable 2,554 3,584 5,647 7,163
Interest on federal funds sold 0 0 4 0
Interest on interest bearing deposits in other financial institutions 2,299 768 3,591 1,175
TOTAL INTEREST INCOME 127,003 113,409 247,724 214,623
INTEREST EXPENSE:        
Interest on deposits 16,138 7,983 29,351 13,749
Interest on short-term borrowings 338 547 1,227 815
Interest on other borrowings (includes $100 and $30 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the three months ended June 30, 2019 and 2018, respectively, and $265 and $227 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the six months ended June 30, 2019 and 2018, respectively) 3,819 3,470 7,483 7,066
TOTAL INTEREST EXPENSE 20,295 12,000 38,061 21,630
NET INTEREST INCOME 106,708 101,409 209,663 192,993
Provision for loan losses 4,918 4,831 6,553 9,094
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 101,790 96,578 203,110 183,899
NONINTEREST INCOME:        
Revenue from contract with customers 20,482 17,564 38,484 33,230
Loan servicing income 1,338 1,807 3,067 3,561
Securities gains/(losses), net (includes $3,580 of net security gains and $259 of net security losses reclassified from accumulated other comprehensive income for the three months ended June 30, 2019 and 2018, respectively and $5,155 and $1,182 of net security gains reclassified from accumulated other comprehensive income for the six months ended June 30, 2019 and 2018, respectively) 3,580 (259) 5,155 1,182
Unrealized gain on equity securities, net 112 71 370 43
Net gains on sale of loans held for sale 4,343 6,800 7,519 10,851
Valuation allowance on servicing rights (364) (216) (953) (218)
Income on bank owned life insurance 888 700 1,787 1,314
Other noninterest income 1,682 1,167 3,349 2,387
TOTAL NONINTEREST INCOME 32,061 27,634 58,778 52,350
NONINTEREST EXPENSES:        
Salaries and employee benefits 49,995 50,758 100,280 99,468
Occupancy 6,436 6,315 13,043 12,358
Furniture and equipment 3,220 3,184 5,912 5,933
Professional fees 14,968 10,632 26,347 20,080
Advertising 2,661 2,145 4,986 4,085
Core deposit intangibles and customer relationship intangibles amortization 3,313 2,274 6,155 4,137
Other real estate and loan collection expenses 162 948 863 1,680
(Gain)/loss on sales/valuations of assets, net (18,286) 1,528 (21,290) 1,331
Restructuring expenses 0 0 3,227 2,564
Other noninterest expenses 12,629 11,098 23,805 20,892
TOTAL NONINTEREST EXPENSES 75,098 88,882 163,328 172,528
INCOME BEFORE INCOME TAXES 58,753 35,330 98,560 63,721
Income taxes (includes $880 and $(61) of income tax expense/(benefit) reclassified from accumulated other comprehensive income for the three months ended June 30, 2019 and 2018, respectively and $1,238 and $201 of income tax expense reclassified from accumulated other comprehensive income for the six months ended June 30, 2019 and 2018, respectively) 13,584 7,451 21,894 12,574
NET INCOME 45,169 27,879 76,666 51,147
Preferred dividends 0 (13) 0 (26)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 45,169 $ 27,866 $ 76,666 $ 51,121
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.26 $ 0.85 $ 2.18 $ 1.62
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.26 0.85 2.17 1.61
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.16 $ 0.13 $ 0.32 $ 0.26
Service charges and fees        
NONINTEREST INCOME:        
Revenue from contract with customers $ 14,629 $ 12,072 $ 27,423 $ 22,151
Trust fees        
NONINTEREST INCOME:        
Revenue from contract with customers 4,825 4,615 9,299 9,295
Brokerage and insurance commissions        
NONINTEREST INCOME:        
Revenue from contract with customers $ 1,028 $ 877 $ 1,762 $ 1,784