XML 42 R4.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
INTEREST INCOME:      
Interest and fees on loans $ 424,941 $ 424,615 $ 393,871
Interest on securities:      
Taxable 98,263 73,147 54,131
Nontaxable 12,484 9,868 14,120
Interest on federal funds sold 0 4 0
Interest on interest bearing deposits in other financial institutions 924 6,695 3,698
TOTAL INTEREST INCOME 536,612 514,329 465,820
INTEREST EXPENSE:      
Interest on deposits 30,287 63,734 35,667
Interest on short-term borrowings 610 1,748 1,696
Interest on other borrowings (includes $(1,820), $170, and $179 of interest expense (benefit) related to derivatives reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019, and 2018, respectively) 13,986 15,118 14,503
TOTAL INTEREST EXPENSE 44,883 80,600 51,866
NET INTEREST INCOME 491,729 433,729 413,954
Provision for credit losses 67,066 16,657 24,013
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 424,663 417,072 389,941
NONINTEREST INCOME:      
Revenue from contract with customers 71,085 75,342 71,612
Loan servicing income 2,977 4,843 7,292
Securities gains, net (includes $7,592, $7,659, and $1,085 of net security gains reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019, and 2018, respectively) 7,793 7,659 1,085
Unrealized gain on equity securities, net 640 525 212
Net gains on sale of loans held for sale 28,515 15,555 21,450
Valuation allowance on servicing rights (1,778) (911) (46)
Income on bank owned life insurance 3,554 3,785 2,793
Other noninterest income 7,505 9,410 4,762
TOTAL NONINTEREST INCOME 120,291 116,208 109,160
NONINTEREST EXPENSES:      
Salaries and employee benefits 202,668 200,341 195,362
Occupancy 26,554 25,429 25,328
Furniture and equipment 12,514 12,013 11,927
Professional fees 54,068 47,697 41,414
Advertising 5,235 9,825 9,516
Core deposit intangibles and customer relationship intangibles amortization 10,670 11,972 9,355
Other real estate and loan collection expenses 1,340 1,035 3,038
(Gain) loss on sales/valuations of assets, net 5,101 (19,422) 1,845
Acquisition, integration and restructuring costs 5,381 6,580 7,564
Partnership investment in tax credit projects 3,801 8,030 4,233
Other noninterest expenses 43,631 45,661 44,306
TOTAL NONINTEREST EXPENSES 370,963 349,161 353,888
INCOME BEFORE INCOME TAXES 173,991 184,119 145,213
Income taxes (includes $2,376, $1,890, and $165 of income tax expense reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019, and 2018, respectively) 36,053 34,990 28,215
NET INCOME 137,938 149,129 116,998
Preferred dividends (4,451) 0 (39)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 133,487 $ 149,129 $ 116,959
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 3.58 $ 4.14 $ 3.54
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 3.57 4.14 3.52
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.80 $ 0.68 $ 0.59
Service charges and fees      
NONINTEREST INCOME:      
Revenue from contract with customers $ 47,467 $ 52,157 $ 48,706
Trust fees      
NONINTEREST INCOME:      
Revenue from contract with customers 20,862 19,399 18,393
Brokerage and insurance commissions      
NONINTEREST INCOME:      
Revenue from contract with customers $ 2,756 $ 3,786 $ 4,513