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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Loans receivable:        
Taxable $ 96,850 $ 88,479 $ 280,155 $ 251,409
Tax exempt 4,500 3,761 12,897 10,989
Investment securities:        
Taxable 6,729 5,514 19,822 16,044
Tax exempt 8,335 6,493 22,660 18,865
Deposits with financial institutions 1,363 270 3,022 1,034
Federal Home Loan Bank stock 355 283 1,028 950
Total Interest Income 118,132 104,800 339,584 299,291
INTEREST EXPENSE        
Deposits 24,830 13,685 67,511 34,852
Federal funds purchased 15 229 225 670
Securities sold under repurchase agreements 385 174 1,057 519
Federal Home Loan Bank advances 1,894 2,137 5,400 6,141
Subordinated debentures and term loans 2,076 2,089 6,315 6,136
Total Interest Expense 29,200 18,314 80,508 48,318
NET INTEREST INCOME 88,932 86,486 259,076 250,973
Provision for loan losses 600 1,400 2,300 5,563
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 88,332 85,086 256,776 245,410
OTHER INCOME        
Increase in cash surrender value of life insurance 1,144 961 3,060 2,946
Gains on life insurance benefits 0 0 19 198
Net gains and fees on sales of loans 2,227 1,841 5,258 5,262
Net realized gains on sales of available for sale securities 393 1,285 3,376 4,016
Other income 524 335 1,918 1,520
Total Other Income 22,116 19,527 62,443 57,279
OTHER EXPENSES        
Salaries and employee benefits 38,942 32,936 104,679 97,354
Net occupancy 4,777 4,586 14,273 13,604
Equipment 4,030 3,483 11,789 10,707
Marketing 1,332 1,216 5,158 3,574
Outside data processing fees 4,435 3,422 12,048 9,848
Printing and office supplies 312 334 961 992
Intangible asset amortization 1,356 1,650 4,404 5,094
FDIC assessments (668) 856 717 2,286
Other real estate owned and foreclosure expenses 294 455 2,362 1,219
Professional and other outside services 8,251 1,844 12,511 5,174
Other expenses 4,293 4,240 12,660 12,361
Total Other Expenses 67,354 55,022 181,562 162,213
INCOME BEFORE INCOME TAX 43,094 49,591 137,657 140,476
Income tax expense 6,337 8,478 21,027 23,050
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 36,757 $ 41,113 $ 116,630 $ 117,426
Per Share Data:        
Basic Net Income Available to Common Stockholders (in dollars per share) $ 0.71 $ 0.83 $ 2.33 $ 2.38
Diluted Net Income Available to Common Stockholders (in dollars per share) 0.71 0.83 2.32 2.37
Cash Dividends Paid (in dollars per share) $ 0.26 $ 0.22 $ 0.74 $ 0.62
Average Diluted Shares Outstanding (in shares) 51,569,557 49,492,019 50,227,380 49,458,185
Service charges on deposit accounts        
OTHER INCOME        
Other income $ 6,107 $ 5,619 $ 16,639 $ 15,434
Fiduciary and wealth management fees        
OTHER INCOME        
Other income 4,429 3,673 12,178 11,064
Card payment fees        
OTHER INCOME        
Other income 5,158 4,586 14,813 13,642
Other customer fees        
OTHER INCOME        
Other income 450 452 1,230 1,349
Derivative hedge fees        
OTHER INCOME        
Other income $ 1,684 $ 775 $ 3,952 $ 1,848