XML 43 R4.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
INTEREST INCOME:        
Interest and fees on loans $ 111,915 $ 107,005 $ 224,354 $ 213,419
Interest on securities:        
Taxable 31,546 23,362 61,989 45,093
Nontaxable 4,561 3,344 9,064 5,527
Interest on federal funds sold 0 0 1 0
Interest on interest bearing deposits in other financial institutions 60 54 126 775
TOTAL INTEREST INCOME 148,082 133,765 295,534 264,814
INTEREST EXPENSE:        
Interest on deposits 3,790 6,134 8,185 20,716
Interest on short-term borrowings 98 61 250 357
Interest on other borrowings (includes $(461) and $(423) of interest expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2021 and 2020, respectively, and $(1,058) and $(613) of interest expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2021 and 2020, respectively) 2,976 3,424 6,276 7,084
TOTAL INTEREST EXPENSE 6,864 9,619 14,711 28,157
NET INTEREST INCOME 141,218 124,146 280,823 236,657
Provision (benefit) for credit losses (7,080) 26,796 (7,728) 48,316
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 148,298 97,350 288,551 188,341
NONINTEREST INCOME:        
Revenue from contract with customers 22,036 16,544 42,337 34,320
Loan servicing income 873 379 1,711 1,342
Securities gains, net (includes $2,842 and $2,006 of net security gains reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2021 and 2020, respectively, and $2,812 and $3,664 of net security gains reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2021 and 2020, respectively) 2,842 2,006 2,812 3,664
Unrealized gain (loss) on equity securities, net 83 680 (27) 449
Net gains on sale of loans held for sale 4,753 7,857 11,173 12,517
Valuation adjustment on servicing rights (526) 9 391 (1,556)
Income on bank owned life insurance 937 1,167 1,766 1,665
Other noninterest income 2,166 1,995 3,318 4,053
TOTAL NONINTEREST INCOME 33,164 30,637 63,481 56,454
NONINTEREST EXPENSES:        
Salaries and employee benefits 57,332 50,118 116,394 100,075
Occupancy 7,399 6,502 15,317 12,973
Furniture and equipment 3,501 2,993 6,594 6,101
Professional fees 16,237 13,676 29,727 26,149
Advertising 1,649 995 3,118 3,200
Core deposit and customer relationship intangibles amortization 2,415 2,696 4,931 5,677
Other real estate and loan collection expenses 414 203 549 537
Loss on sales/valuations of assets, net 183 701 377 717
Acquisition, integration and restructuring costs 210 673 3,138 2,049
Partnership investment in tax credit projects 1,345 791 1,380 975
Other noninterest expenses 12,691 11,091 24,274 22,845
TOTAL NONINTEREST EXPENSES 103,376 90,439 205,799 181,298
INCOME BEFORE INCOME TAXES 78,086 37,548 146,233 63,497
Income taxes (includes $834 and $614 of income tax expense reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2021 and 2020, respectively, and $977 and $1,080 of income tax expense reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2021 and 2020, respectively) 16,481 7,417 31,814 13,326
NET INCOME 61,605 30,131 114,419 50,171
Preferred dividends (2,012) 0 (4,025) 0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 59,593 $ 30,131 $ 110,394 $ 50,171
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.41 $ 0.82 $ 2.62 $ 1.36
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.41 0.82 2.61 1.36
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.22 $ 0.20 $ 0.44 $ 0.40
Service charges and fees        
NONINTEREST INCOME:        
Revenue from contract with customers $ 15,132 $ 10,972 $ 28,803 $ 22,993
Trust fees        
NONINTEREST INCOME:        
Revenue from contract with customers 6,039 4,977 11,816 9,999
Brokerage and insurance commissions        
NONINTEREST INCOME:        
Revenue from contract with customers $ 865 $ 595 $ 1,718 $ 1,328