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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
INTEREST INCOME          
Loans $ 122,974 $ 121,860 $ 119,271 $ 366,310 $ 289,069
Investment securities and other interest-earning assets 9,630 10,554 9,605 29,951 23,333
Total interest income 132,604 132,414 128,876 396,261 312,402
INTEREST EXPENSE          
Deposits 15,878 15,991 11,942 45,153 25,612
FHLB advances and other borrowings 1,214 3,083 2,494 9,099 6,642
Subordinated debentures 3,177 2,699 1,727 7,627 4,983
Total interest expense 20,269 21,773 16,163 61,879 37,237
Net interest income before provision for credit losses 112,335 110,641 112,713 334,382 275,165
Provision for credit losses 1,562 334 1,981 3,422 5,995
Net interest income after provision for credit losses 110,773 110,307 110,732 330,960 269,170
NONINTEREST INCOME          
Loan servicing fees 546 409 400 1,353 1,037
Earnings on bank-owned life insurance 861 851 1,270 2,622 2,498
Net gain from sales of loans 2,313 902 2,029 4,944 8,830
Net gain from sales of investment securities 4,261 212 1,063 4,900 1,399
Other income 1,228 1,001 530 3,689 2,697
Total noninterest income 11,430 6,324 8,240 25,435 24,057
NONINTEREST EXPENSE          
Compensation and benefits 35,543 33,847 37,901 102,778 96,048
Premises and occupancy 7,593 7,517 7,214 22,645 17,040
Data processing 3,094 3,036 4,095 9,060 9,544
Other real estate owned operations, net 64 62 0 129 3
FDIC insurance premiums (10) 740 1,060 1,530 2,252
Legal, audit and professional expense 3,058 3,545 3,280 9,601 6,935
Marketing expense 1,767 1,425 1,569 4,689 4,451
Office, telecommunications and postage expense 1,200 1,311 1,538 3,721 3,733
Loan expense 1,137 1,005 1,139 3,015 2,324
Deposit expense 3,478 3,668 2,833 10,729 6,811
Merger-related expense (4) 5 13,978 656 15,857
Core deposit intangible (“CDI”) amortization 4,281 4,281 4,693 12,998 8,963
Other expense 4,135 3,494 3,482 11,298 8,705
Total noninterest expense 65,336 63,936 82,782 192,849 182,666
Net income before income taxes 56,867 52,695 36,190 163,546 110,561
Income tax 15,492 14,168 7,798 44,926 26,864
Net income $ 41,375 $ 38,527 $ 28,392 $ 118,620 $ 83,697
EARNINGS PER SHARE          
Basic (in dollars per share) $ 0.69 $ 0.62 $ 0.46 $ 1.93 $ 1.63
Diluted (in dollars per share) $ 0.69 $ 0.62 $ 0.46 $ 1.92 $ 1.61
WEIGHTED AVERAGE SHARES OUTSTANDING          
Basic (in shares) 59,293,218 61,308,046 61,727,030 60,853,081 51,282,533
Diluted (in shares) 59,670,855 61,661,773 62,361,804 61,201,858 51,965,647
Service charges on deposit accounts          
NONINTEREST INCOME          
Noninterest income $ 1,440 $ 1,441 $ 1,570 $ 4,211 $ 3,777
Other service fee income          
NONINTEREST INCOME          
Noninterest income 360 363 317 1,079 632
Debit card interchange fee income          
NONINTEREST INCOME          
Noninterest income $ 421 $ 1,145 $ 1,061 $ 2,637 $ 3,187