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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
INTEREST INCOME:        
Interest and fees on loans $ 107,005 $ 106,027 $ 213,419 $ 206,483
Interest on securities:        
Taxable 23,362 16,123 45,093 31,999
Nontaxable 3,344 2,554 5,527 5,647
Interest on federal funds sold 0 0 0 4
Interest on interest bearing deposits in other financial institutions 54 2,299 775 3,591
TOTAL INTEREST INCOME 133,765 127,003 264,814 247,724
INTEREST EXPENSE:        
Interest on deposits 6,134 16,138 20,716 29,351
Interest on short-term borrowings 61 338 357 1,227
Interest on other borrowings (includes $(417) and $100 of interest expense/(benefit) related to derivatives reclassified from accumulated other comprehensive income/(loss) for the three months ended June 30, 2020 and 2019, respectively, and $(600) and $265 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the six months ended June 30, 2020 and 2019, respectively) 3,424 3,819 7,084 7,483
TOTAL INTEREST EXPENSE 9,619 20,295 28,157 38,061
NET INTEREST INCOME 124,146 106,708 236,657 209,663
Provision for credit losses 26,796 4,918 48,316 6,553
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 97,350 101,790 188,341 203,110
NONINTEREST INCOME:        
Revenue from contract with customers 16,544 20,482 34,320 38,484
Loan servicing income 379 1,338 1,342 3,067
Securities gains, net includes $2,006 and $3,580 of net security gains reclassified from accumulated other comprehensive income/(loss) for the three months ended June 30, 2020 and 2019, respectively and $3,664 and $5,155 of net security gains reclassified from accumulated other comprehensive income for the six months ended June 30, 2020 and 2019, respectively) 2,006 3,580 3,664 5,155
Unrealized gain on equity securities, net 680 112 449 370
Net gains on sale of loans held for sale 7,857 4,343 12,517 7,519
Valuation allowance on servicing rights 9 (364) (1,556) (953)
Income on bank owned life insurance 1,167 888 1,665 1,787
Other noninterest income 1,995 1,682 4,053 3,349
TOTAL NONINTEREST INCOME 30,637 32,061 56,454 58,778
NONINTEREST EXPENSES:        
Salaries and employee benefits 50,118 49,895 100,075 100,180
Occupancy 6,502 6,426 12,973 13,033
Furniture and equipment 2,993 3,136 6,101 5,828
Professional fees 13,676 14,344 26,149 25,366
Advertising 995 2,609 3,200 4,929
Core deposit intangibles and customer relationship intangibles amortization 2,696 3,313 5,677 6,155
Other real estate and loan collection expenses 203 162 537 863
(Gain)/loss on sales/valuations of assets, net 701 (18,286) 717 (21,290)
Acquisition, integration and restructuring costs 673 929 2,049 4,543
Partnership investment in tax credit projects 791 1,465 975 1,940
Other noninterest expenses 11,091 11,105 22,845 21,781
TOTAL NONINTEREST EXPENSES 90,439 75,098 181,298 163,328
INCOME BEFORE INCOME TAXES 37,548 58,753 63,497 98,560
Income taxes (includes $614 and $880 of income tax expense reclassified from accumulated other comprehensive income/(loss) for the three months ended June 30, 2020 and 2019, respectively and $1,080 and $1,238 of income tax expense reclassified from accumulated other comprehensive income for the six months ended June 30, 2020 and 2019, respectively) 7,417 13,584 13,326 21,894
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 30,131 $ 45,169 $ 50,171 $ 76,666
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 0.82 $ 1.26 $ 1.36 $ 2.18
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 0.82 1.26 1.36 2.17
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.20 $ 0.16 $ 0.40 $ 0.32
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Unrealized Investment Gain (Loss)        
NONINTEREST INCOME:        
Securities gains, net includes $2,006 and $3,580 of net security gains reclassified from accumulated other comprehensive income/(loss) for the three months ended June 30, 2020 and 2019, respectively and $3,664 and $5,155 of net security gains reclassified from accumulated other comprehensive income for the six months ended June 30, 2020 and 2019, respectively) $ 2,006 $ 3,580 $ 3,664 $ 5,155
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss)        
NONINTEREST EXPENSES:        
Income taxes (includes $614 and $880 of income tax expense reclassified from accumulated other comprehensive income/(loss) for the three months ended June 30, 2020 and 2019, respectively and $1,080 and $1,238 of income tax expense reclassified from accumulated other comprehensive income for the six months ended June 30, 2020 and 2019, respectively) 614 880 1,080 1,238
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Derivatives        
INTEREST EXPENSE:        
Interest on other borrowings (includes $(417) and $100 of interest expense/(benefit) related to derivatives reclassified from accumulated other comprehensive income/(loss) for the three months ended June 30, 2020 and 2019, respectively, and $(600) and $265 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the six months ended June 30, 2020 and 2019, respectively) (417) 100 (600) 265
Service charges and fees        
NONINTEREST INCOME:        
Revenue from contract with customers 10,972 14,629 22,993 27,423
Trust fees        
NONINTEREST INCOME:        
Revenue from contract with customers 4,977 4,825 9,999 9,299
Brokerage and insurance commissions        
NONINTEREST INCOME:        
Revenue from contract with customers $ 595 $ 1,028 $ 1,328 $ 1,762