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Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Loans including fees:        
Taxable $ 124,737 $ 148,253 $ 253,464 $ 287,225
Nontaxable 3,453 3,986 7,078 8,209
Investment securities:        
Taxable 25,398 29,241 52,754 57,278
Nontaxable 8,352 7,249 16,294 14,657
Money market and other interest-earning investments 34 334 383 612
Total interest income 161,974 189,063 329,973 367,981
Interest Expense        
Deposits 6,798 18,519 19,096 34,963
Federal funds purchased and interbank borrowings 44 1,817 1,284 3,735
Securities sold under agreements to repurchase 185 671 569 1,333
Federal Home Loan Bank advances 6,844 10,039 14,612 19,970
Other borrowings 2,432 2,787 4,970 5,702
Total interest expense 16,303 33,833 40,531 65,703
Net interest income 145,671 155,230 289,442 302,278
Provision for loan losses [1] 22,545 1,003 39,495 2,046
Net interest income after provision for loan losses 123,126 154,227 249,947 300,232
Noninterest Income        
Wealth management fees 9,424 9,909 18,308 18,444
Service charges on deposit accounts 7,582 11,515 17,659 22,341
Debit card and ATM fees 4,832 5,419 9,830 10,922
Mortgage banking revenue 17,313 7,135 28,432 12,146
Investment product fees 4,845 5,591 10,719 10,862
Capital markets income 6,179 3,150 10,507 5,667
Company-owned life insurance 2,968 2,711 6,048 5,899
Debt securities gains (losses), net 511 1,165 5,685 1,062
Other income 4,807 4,619 8,775 10,287
Total noninterest income 58,461 51,214 115,963 97,630
Noninterest Expense        
Salaries and employee benefits 66,556 71,566 145,729 142,749
Occupancy 13,245 14,559 28,378 29,137
Equipment 3,853 4,517 9,158 8,991
Marketing 2,395 4,439 5,492 8,162
Data processing 9,629 10,207 19,096 19,548
Communication 2,296 2,849 5,094 5,903
Professional fees 3,545 4,921 7,838 7,831
FDIC assessment 2,014 1,454 3,623 3,541
Amortization of intangibles 3,612 4,325 7,388 8,797
Amortization of tax credit investments 287 568 5,802 828
Other expense 12,689 8,713 41,267 15,672
Total noninterest expense 120,121 128,118 278,865 251,159
Income before income taxes 61,466 77,323 87,045 146,703
Income tax expense 9,761 14,359 12,700 27,463
Net income $ 51,705 $ 62,964 $ 74,345 $ 119,240
Net income per common share - basic (in dollars per share) $ 0.32 $ 0.37 $ 0.45 $ 0.69
Net income per common share - diluted (in dollars per share) $ 0.32 $ 0.36 $ 0.45 $ 0.68
Weighted average number of common shares outstanding - basic (in shares) 164,732 172,985 166,240 173,855
Weighted average number of common shares outstanding - diluted (in shares) 165,302 173,675 166,848 174,531
Dividends per common share (in dollars per share) $ 0.14 $ 0.13 $ 0.28 $ 0.26
[1] Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.