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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
INTEREST INCOME:        
Interest and fees on loans $ 112,062 $ 102,657 $ 336,416 $ 316,076
Interest on securities:        
Taxable 32,384 25,016 94,373 70,109
Nontaxable 4,609 3,222 13,673 8,749
Interest on federal funds sold 0 0 1 0
Interest on interest bearing deposits in other financial institutions 132 72 258 847
TOTAL INTEREST INCOME 149,187 130,967 444,721 395,781
INTEREST EXPENSE:        
Interest on deposits 3,444 4,962 11,629 25,678
Interest on short-term borrowings 98 78 348 435
Interest on other borrowings (includes $543 and $595 of interest benefit related to derivatives reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2021 and 2020, respectively, and $1,601 and $1,195 of interest benefit related to derivatives reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2021 and 2020, respectively) 3,102 3,430 9,378 10,514
TOTAL INTEREST EXPENSE 6,644 8,470 21,355 36,627
NET INTEREST INCOME 142,543 122,497 423,366 359,154
Provision (benefit) for credit losses (4,534) 1,678 (12,262) 49,994
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 147,077 120,819 435,628 309,160
NONINTEREST INCOME:        
Revenue from contract with customers 22,638 17,755 64,975 52,075
Loan servicing income 784 638 2,495 1,980
Securities gains, net (includes $1,535 and $1,099 of net security gains reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2021 and 2020, respectively, and $4,347 and $4,763 of net security gains reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2021 and 2020, respectively) 1,535 1,300 4,347 4,964
Unrealized gain on equity securities, net 112 155 85 604
Net gains on sale of loans held for sale 5,281 8,894 16,454 21,411
Valuation adjustment on servicing rights 195 (120) 586 (1,676)
Income on bank owned life insurance 940 868 2,706 2,533
Other noninterest income 1,239 1,726 4,557 5,779
TOTAL NONINTEREST INCOME 32,724 31,216 96,205 87,670
NONINTEREST EXPENSES:        
Salaries and employee benefits 60,689 50,978 177,083 151,053
Occupancy 7,366 6,732 22,683 19,705
Furniture and equipment 3,365 2,500 9,959 8,601
Professional fees 17,242 12,802 46,969 38,951
Advertising 1,921 928 5,039 4,128
Core deposit and customer relationship intangibles amortization 2,295 2,492 7,226 8,169
Other real estate and loan collection expenses 78 335 627 872
(Gain)/loss on sales/valuations of assets, net (3) 1,763 374 2,480
Acquisition, integration and restructuring costs 204 1,146 3,342 3,195
Partnership investment in tax credit projects 2,374 927 3,754 1,902
Other noninterest expenses 15,096 9,793 39,370 32,638
TOTAL NONINTEREST EXPENSES 110,627 90,396 316,426 271,694
INCOME BEFORE INCOME TAXES 69,174 61,639 215,407 125,136
Income taxes (includes $524 and $429 of income tax expense reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2021 and 2020, respectively, and $1,501 and $1,509 of income tax expense reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2021 and 2020, respectively) 13,250 13,681 45,064 27,007
NET INCOME 55,924 47,958 170,343 98,129
Preferred dividends (2,013) (2,437) (6,038) (2,437)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 53,911 $ 45,521 $ 164,305 $ 95,692
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.27 $ 1.23 $ 3.89 $ 2.59
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.27 1.23 3.88 2.59
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.25 $ 0.20 $ 0.69 $ 0.60
Service charges and fees        
NONINTEREST INCOME:        
Revenue from contract with customers $ 15,551 $ 11,749 $ 44,354 $ 34,742
Trust fees        
NONINTEREST INCOME:        
Revenue from contract with customers 6,221 5,357 18,037 15,356
Brokerage and insurance commissions        
NONINTEREST INCOME:        
Revenue from contract with customers $ 866 $ 649 $ 2,584 $ 1,977