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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income        
Loans $ 85,933 $ 69,715 $ 264,224 $ 209,633
Mortgage-backed securities 3,212 3,761 10,649 11,748
Debt securities, equity investments and other 3,817 3,411 12,173 10,338
Total interest income 92,962 76,887 287,046 231,719
Interest expense        
Deposits 11,370 9,817 37,611 28,218
Borrowed funds 4,804 3,678 14,335 10,884
Total interest expense 16,174 13,495 51,946 39,102
Net interest income 76,788 63,392 235,100 192,617
Credit loss expense 35,714 305 55,332 1,281
Net interest income after credit loss expense 41,074 63,087 179,768 191,336
Other income        
Bankcard services revenue 3,097 2,658 8,319 7,622
Net gain on sales of loans 1,001 0 1,930 15
Net (loss) gain on equity investments (3,576) 89 (3,273) 330
Net gain (loss) from other real estate operations 214 (108) 12 (235)
Income from bank owned life insurance 1,530 1,431 4,626 4,045
Commercial loan swap income 1,425 2,138 7,964 3,223
Other 266 99 310 520
Total other income 8,179 11,543 33,306 30,934
Operating expenses        
Compensation and employee benefits 29,012 21,276 86,832 67,394
Occupancy 5,270 4,159 15,814 13,088
Equipment 1,906 2,062 5,831 5,944
Marketing 963 562 2,485 2,629
Federal deposit insurance and regulatory assessments 1,212 297 3,012 1,931
Data processing 4,517 3,398 12,843 10,736
Check card processing 1,385 1,639 3,951 4,399
Professional fees 3,354 2,580 8,339 5,697
Other operating expense 3,644 3,902 12,708 11,153
Amortization of core deposit intangible 1,538 1,009 4,660 3,029
Branch consolidation expense 830 1,696 4,287 8,782
Merger related expenses 3,156 777 14,753 6,761
Total operating expenses 56,787 43,357 175,515 141,543
(Loss) income before (benefit) provision for income taxes (7,534) 31,273 37,559 80,727
(Benefit) provision for income taxes (2,608) 6,302 7,314 15,603
Net (loss) income (4,926) 24,971 30,245 65,124
Dividends on preferred shares 1,093 0 1,093 0
Net (loss) income available to common stockholders $ (6,019) $ 24,971 $ 29,152 $ 65,124
Basic (loss) earnings per share (in dollars per share) $ (0.10) $ 0.50 $ 0.49 $ 1.30
Diluted (loss) earnings per share (in dollars per share) $ (0.10) $ 0.49 $ 0.49 $ 1.28
Average basic shares outstanding (in shares) 59,935 50,491 59,901 50,242
Average diluted shares outstanding (in shares) 59,935 50,966 60,076 50,830
Trust and asset management revenue        
Other income        
Other income $ 490 $ 557 $ 1,560 $ 1,624
Fees and service charges        
Other income        
Other income $ 3,732 $ 4,679 $ 11,858 $ 13,790