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Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Loans including fees:        
Taxable $ 124,261 $ 145,417 $ 377,725 $ 432,642
Nontaxable 3,312 3,905 10,390 12,114
Investment securities:        
Taxable 23,839 28,884 76,593 86,162
Nontaxable 8,615 7,119 24,909 21,776
Money market and other interest-earning investments 59 528 442 1,140
Total interest income 160,086 185,853 490,059 553,834
Interest Expense        
Deposits 5,297 18,707 24,393 53,670
Federal funds purchased and interbank borrowings 12 1,484 1,296 5,219
Securities sold under agreements to repurchase 160 715 729 2,048
Federal Home Loan Bank advances 6,709 9,123 21,321 29,093
Other borrowings 2,335 2,728 7,305 8,430
Total interest expense 14,513 32,757 55,044 98,460
Net interest income 145,573 153,096 435,015 455,374
Provision for loan losses [1] 0 1,437 39,495 3,483
Net interest income after provision for loan losses 145,573 151,659 395,520 451,891
Noninterest Income        
Wealth management fees 9,239 9,160 27,547 27,604
Service charges on deposit accounts 8,698 11,860 26,357 34,201
Debit card and ATM fees 5,276 5,370 15,106 16,292
Mortgage banking revenue 18,110 8,850 46,542 20,996
Investment product fees 5,351 5,244 16,070 16,106
Capital markets income 5,428 4,560 15,935 10,227
Company-owned life insurance 2,830 2,703 8,878 8,602
Debt securities gains (losses), net 4,921 424 10,606 1,486
Other income 4,906 5,790 13,681 16,077
Total noninterest income 64,759 53,961 180,722 151,591
Noninterest Expense        
Salaries and employee benefits 69,860 71,729 215,589 214,478
Occupancy 13,930 11,934 42,308 41,071
Equipment 3,754 3,954 12,912 12,945
Marketing 2,140 4,105 7,632 12,267
Data processing 9,628 8,961 28,724 28,509
Communication 2,241 2,349 7,335 8,252
Professional fees 3,083 5,037 10,921 12,868
FDIC assessment 1,319 960 4,942 4,501
Amortization of intangibles 3,459 4,168 10,847 12,965
Amortization of tax credit investments 3,115 1,211 8,917 2,039
Other expense 7,705 8,177 48,972 23,849
Total noninterest expense 120,234 122,585 399,099 373,744
Income before income taxes 90,098 83,035 177,143 229,738
Income tax expense 12,154 13,254 24,854 40,717
Net income $ 77,944 $ 69,781 $ 152,289 $ 189,021
Net income per common share - basic (in dollars per share) $ 0.47 $ 0.41 $ 0.92 $ 1.10
Net income per common share - diluted (in dollars per share) $ 0.47 $ 0.41 $ 0.92 $ 1.09
Weighted average number of common shares outstanding - basic (in shares) 164,773 170,746 165,748 172,807
Weighted average number of common shares outstanding - diluted (in shares) 165,419 171,551 166,370 173,527
Dividends per common share (in dollars per share) $ 0.14 $ 0.13 $ 0.42 $ 0.39
[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.