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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income        
Loans and leases, including fees $ 296,686 $ 270,476 $ 581,565 $ 508,545
Mortgage loans held for sale, including fees 1,588 836 2,642 1,990
Taxable securities 31,662 26,617 65,578 51,945
Tax-exempt securities 2,141 2,708 4,350 5,474
Other 3,890 3,186 7,916 6,412
Total interest and dividend income 335,967 303,823 662,051 574,366
Interest Expense        
Deposits 65,866 36,159 126,101 64,403
Short-term borrowings 5,197 3,327 10,913 5,851
Long-term debt 9,565 8,224 19,214 15,110
Total interest expense 80,628 47,710 156,228 85,364
Net interest income 255,339 256,113 505,823 489,002
Provision for credit losses 10,755 7,696 24,518 15,907
Net interest income after provision for credit losses 244,584 248,417 481,305 473,095
Non-interest income        
Income from bank owned life insurance 1,750 1,261 3,547 2,543
Securities (losses) gains, net (1,014) 3 (1,014) (56)
Other non-interest income 4,250 4,299 8,301 7,387
Total non-interest income 58,825 53,940 111,334 98,506
Non-interest expense        
Salaries and employee benefits 103,375 107,445 201,671 212,031
Net occupancy and equipment 18,999 19,931 37,563 39,978
Communication and delivery 3,597 4,213 7,297 8,115
Marketing and business development 3,370 4,895 7,488 9,647
Computer services expense 9,383 9,309 18,540 21,702
Professional services 6,244 7,160 10,694 14,551
Credit and other loan related expense 4,141 5,089 7,000 9,482
Insurance 4,265 6,946 8,451 14,051
Travel and entertainment 2,738 2,797 5,168 6,034
Amortization of acquisition intangibles 4,786 6,111 9,795 11,213
Impairment of long-lived assets and other losses 496 15,700 1,560 24,457
Other non-interest expense 8,224 7,180 13,144 13,586
Total non-interest expense 169,618 196,776 328,371 384,847
Income before income tax expense 133,791 105,581 264,268 186,754
Income tax expense 32,193 30,457 62,539 48,009
Net income 101,598 75,124 201,729 138,745
Less: Preferred stock dividends 949 949 4,547 4,547
Net income available to common shareholders 100,649 74,175 197,182 134,198
Less: Earnings allocated to unvested restricted stock 999 767 1,931 1,409
Earnings allocated to common shareholders $ 99,650 $ 73,408 $ 195,251 $ 132,789
Earnings per common share - Basic (in usd per share) $ 1.87 $ 1.31 $ 3.63 $ 2.42
Earnings per common share - Diluted (in usd per share) 1.86 1.30 3.61 2.41
Cash dividends declared per common share (in usd per share) $ 0.43 $ 0.38 $ 0.86 $ 0.76
Comprehensive income        
Net income $ 101,598 $ 75,124 $ 201,729 $ 138,745
Unrealized gains (losses) on securities:        
Unrealized holding gains (losses) arising during the period (net of tax effects of $14,836, $4,449, $25,511, and $18,672, respectively) 45,108 (16,734) 86,516 (70,240)
Less: Reclassification adjustment for gains (losses) included in net income (net of tax effects of $251, $1, $251, and $12, respectively) (763) 2 (763) (44)
Unrealized gains (losses) on securities, net of tax 45,871 (16,736) 87,279 (70,196)
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 $1,461, $371, $990, and $1,048, respectively) 4,441 1,395 2,256 3,944
Less: Reclassification adjustment for gains (losses) included in net income (net of tax effects of $26, $11, $100, and $42, respectively) (78) (40) (305) (156)
Fair value of derivative instruments designated as cash flow hedges, net of tax 4,519 1,435 2,561 4,100
Other comprehensive income (loss), net of tax 50,390 (15,301) 89,840 (66,096)
Comprehensive income 151,988 59,823 291,569 72,649
Mortgage income        
Non-interest income        
Non-interest income 18,444 13,721 30,293 23,316
Service charges on deposit accounts        
Non-interest income        
Non-interest income 12,847 12,950 25,657 25,858
Title revenue        
Non-interest income        
Non-interest income 6,895 6,846 12,120 11,873
Broker commissions        
Non-interest income        
Non-interest income 2,044 2,396 3,997 4,617
ATM and debit card fee income        
Non-interest income        
Non-interest income 3,032 2,925 5,614 5,558
Credit card and merchant-related income        
Non-interest income        
Non-interest income 3,226 3,326 6,637 6,233
Trust department income        
Non-interest income        
Non-interest income 4,388 4,243 8,555 7,669
Commission income        
Non-interest income        
Non-interest income $ 2,963 $ 1,970 $ 7,627 $ 3,508