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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest and Dividend Income        
Loans, including fees $ 179,266 $ 165,569 $ 348,242 $ 329,560
Mortgage loans held for sale, including fees 1,248 1,850 2,219 3,251
Investment securities:        
Taxable interest 20,246 12,994 38,110 26,542
Tax-exempt interest 2,060 1,670 4,124 3,334
Amortization of FDIC loss share receivable 0 (4,163) 0 (8,549)
Other 1,755 774 4,413 1,492
Total interest and dividend income 204,575 178,694 397,108 355,630
Deposits:        
NOW and MMDA 12,207 7,310 23,306 14,668
Savings 329 297 649 519
Time deposits 4,576 4,309 9,214 8,663
Short-term borrowings 227 662 504 1,147
Long-term debt 3,593 3,363 6,974 6,477
Total interest expense 20,932 15,941 40,647 31,474
Net interest income 183,643 162,753 356,461 324,156
Provision for loan losses 12,050 11,866 18,204 26,771
Net interest income after provision for loan losses 171,593 150,887 338,257 297,385
Non-interest Income        
Mortgage income 19,730 25,991 33,845 45,931
Service charges on deposit accounts 11,410 10,940 22,563 21,891
Title revenue 6,190 6,135 10,931 10,880
Broker commissions 2,744 3,712 5,482 7,535
ATM/debit card fee income 3,800 3,650 7,385 7,153
Credit card and merchant-related income 3,519 2,732 6,746 5,387
Income from bank owned life insurance 1,241 1,411 2,552 2,613
Gain on sale of available for sale securities 59 1,789 59 1,985
Other non-interest income 7,273 8,557 13,749 17,387
Total non-interest income 55,966 64,917 103,312 120,762
Non-interest Expense        
Salaries and employee benefits 86,317 85,105 168,170 165,847
Net occupancy and equipment 16,292 16,813 32,313 33,720
Communication and delivery 2,956 3,281 6,000 6,340
Marketing and business development 3,238 3,142 6,662 6,644
Data processing 7,306 6,101 14,247 12,019
Professional services 11,219 4,939 16,553 8,719
Credit and other loan related expense 3,780 2,931 8,306 5,602
Insurance 4,486 4,449 9,016 8,633
Travel and entertainment 2,753 1,938 5,237 4,321
Other non-interest expense 9,161 10,805 22,022 25,111
Total non-interest expense 147,508 139,504 288,526 276,956
Income before income tax expense 80,051 76,300 153,043 141,191
Income tax expense 28,033 25,490 50,552 47,612
Net Income 52,018 50,810 102,491 93,579
Preferred stock dividends (949) (854) (4,548) (3,430)
Net Income Available to Common Shareholders 51,069 49,956 97,943 90,149
Earnings allocated to unvested restricted stock (361) (540) (707) (1,003)
Earnings allocated to common shareholders $ 50,708 $ 49,416 $ 97,236 $ 89,146
Earnings per common share - Basic (in usd per share) $ 1.00 $ 1.21 $ 2.01 $ 2.19
Earnings per common share - Diluted (in usd per share) 0.99 1.21 1.99 2.18
Cash dividends declared per common share (in usd per share) $ 0.36 $ 0.34 $ 0.72 $ 0.68
Comprehensive Income        
Net income $ 52,018 $ 50,810 $ 102,491 $ 93,579
Unrealized gains (losses) on securities:        
Unrealized holding gains (losses) arising during the period (net of tax effects of $4,537, $5,313, $6,958, and $19,015, respectively) 8,426 9,867 12,922 35,314
Reclassification adjustment for gains included in net income (net of tax effects of $21, $626, $21, and $695, respectively) (38) (1,163) (38) (1,290)
Unrealized gains (losses) on securities, net of tax 8,388 8,704 12,884 34,024
Fair value of derivative instruments designated as cash flow hedges:        
Change in fair value of derivative instruments designated as cash flow hedges during the period (net of tax effects of $426, $1,252, $338, and $3,475, respectively) (790) (2,328) (627) (6,455)
Reclassification adjustment for gains included in net income (net of tax effects of $55, $0, $80, and $0, respectively) (103) 0 (148) 0
Fair value of derivative instruments designated as cash flow hedges, net of tax (893) (2,328) (775) (6,455)
Other comprehensive income (loss), net of tax 7,495 6,376 12,109 27,569
Comprehensive income $ 59,513 $ 57,186 $ 114,600 $ 121,148