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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income        
Interest and fees on loans $ 74,755 $ 66,796 $ 223,488 $ 190,646
Interest and dividends on investment securities:        
Taxable 1,305 1,916 5,083 7,431
Tax-exempt 688 897 2,148 3,105
Dividends 426 502 1,268 1,369
Interest on federal funds sold and other short-term investments 47 278 625 925
Total interest income 77,221 70,389 232,612 203,476
Interest expense        
Deposits 11,947 17,351 42,756 49,298
Borrowings 4,725 4,632 13,236 15,290
Total interest expense 16,672 21,983 55,992 64,588
Net interest income 60,549 48,406 176,620 138,888
Provision for loan losses 5,000 2,000 36,000 7,600
Net interest income after provision for loan losses 55,549 46,406 140,620 131,288
Noninterest income        
Income on bank owned life insurance 1,598 915 3,693 2,570
Net gains on sale of loans held-for-sale 614 278 1,244 343
Deposit, loan and other income 1,278 1,116 5,777 2,816
Net (losses) gains on equity securities (7) 79 215 340
Net (losses) gains on sales of securities available-for-sale (279) 29 (280)
Total noninterest income 3,483 2,109 10,958 5,789
Noninterest expenses        
Salaries and employee benefits 15,144 12,420 44,266 36,168
Occupancy and equipment 3,566 2,480 10,193 7,332
FDIC insurance 1,105 (364) 3,054 1,216
Professional and consulting 1,926 1,499 5,173 4,078
Marketing and advertising 214 473 944 1,080
Data processing 1,470 1,058 4,529 3,352
Merger and restructuring expenses 191 14,640 8,084
Loss on extinguishment of debt 1,047
Amortization of core deposit intangibles 627 340 1,931 1,068
Increase in value of acquisition price 2,333
Other components of net periodic pension (income) expense (30) 29 (89) 86
Other expenses 2,456 2,253 7,625 6,520
Total noninterest expenses 26,478 20,379 94,599 70,031
Income before income tax expense 32,554 28,136 56,979 67,046
Income tax expense 7,768 6,440 11,331 14,434
Net income $ 24,786 $ 21,696 $ 45,648 $ 52,612
Earnings per common share:        
Basic $ 0.62 $ 0.61 $ 1.15 $ 1.49
Diluted $ 0.62 $ 0.61 $ 1.15 $ 1.48