XML 42 R4.htm IDEA: XBRL DOCUMENT v3.19.3
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
INTEREST INCOME:        
Interest and fees on loans $ 110,566 $ 105,733 $ 317,049 $ 288,171
Interest on securities:        
Taxable 18,567 14,433 50,566 38,280
Nontaxable 2,119 3,490 7,766 10,653
Interest on federal funds sold 0 0 4 0
Interest on interest bearing deposits in other financial institutions 2,151 1,238 5,742 2,413
TOTAL INTEREST INCOME 133,403 124,894 381,127 339,517
INTEREST EXPENSE:        
Interest on deposits 17,982 10,092 47,333 23,841
Interest on short-term borrowings 250 464 1,477 1,279
Interest on other borrowings (includes $24 and $242 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the three months ended September 30, 2019 and 2018, respectively, and $276 and $469 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the nine months ended September 30, 2019 and 2018, respectively) 3,850 3,660 11,333 10,726
TOTAL INTEREST EXPENSE 22,082 14,216 60,143 35,846
NET INTEREST INCOME 111,321 110,678 320,984 303,671
Provision for loan losses 5,201 5,238 11,754 14,332
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 106,120 105,440 309,230 289,339
NONINTEREST INCOME:        
Revenue from contract with customers 18,287 18,505 56,771 51,735
Loan servicing income 821 1,670 3,888 5,231
Securities gains/(losses), net (includes $2,013 of net security gains and $(145) of net security losses reclassified from accumulated other comprehensive income for the three months ended September 30, 2019 and 2018, respectively and $7,168 and $1,037 of net security gains reclassified from accumulated other comprehensive income for the nine months ended September 30, 2019 and 2018, respectively) 2,013 (145) 7,168 1,037
Unrealized gain on equity securities, net 144 54 514 97
Net gains on sale of loans held for sale 4,673 7,410 12,192 18,261
Valuation allowance on servicing rights (626) 230 (1,579) 12
Income on bank owned life insurance 881 892 2,668 2,206
Other noninterest income 3,207 1,149 6,556 3,536
TOTAL NONINTEREST INCOME 29,400 29,765 88,178 82,115
NONINTEREST EXPENSES:        
Salaries and employee benefits 50,027 49,921 150,307 149,389
Occupancy 6,594 6,348 19,637 18,706
Furniture and equipment 2,858 3,470 8,770 9,403
Professional fees 12,131 12,800 38,478 32,880
Advertising 2,737 2,754 7,723 6,839
Core deposit intangibles and customer relationship intangibles amortization 2,899 2,626 9,054 6,763
Other real estate and loan collection expenses (89) 784 774 2,464
(Gain)/loss on sales/valuations of assets, net 356 912 (20,934) 2,243
Restructuring expenses 0 0 3,227 2,564
Other noninterest expenses 15,454 12,924 39,259 33,816
TOTAL NONINTEREST EXPENSES 92,967 92,539 256,295 265,067
INCOME BEFORE INCOME TAXES 42,553 42,666 141,113 106,387
Income taxes (includes $502 and $(26) of income tax expense/(benefit) reclassified from accumulated other comprehensive income for the three months ended September 30, 2019 and 2018, respectively and $1,740 and $174 of income tax expense reclassified from accumulated other comprehensive income for the nine months ended September 30, 2019 and 2018, respectively) 7,941 8,956 29,835 21,530
NET INCOME 34,612 33,710 111,278 84,857
Preferred dividends 0 (13) 0 (39)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 34,612 $ 33,697 $ 111,278 $ 84,818
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 0.94 $ 0.98 $ 3.12 $ 2.61
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 0.94 0.97 3.11 2.59
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.18 $ 0.14 $ 0.50 $ 0.40
Service charges and fees        
NONINTEREST INCOME:        
Revenue from contract with customers $ 12,366 $ 12,895 $ 39,789 $ 35,046
Trust fees        
NONINTEREST INCOME:        
Revenue from contract with customers 4,959 4,499 14,258 13,794
Brokerage and insurance commissions        
NONINTEREST INCOME:        
Revenue from contract with customers $ 962 $ 1,111 $ 2,724 $ 2,895