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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income        
Interest and fees on loans $ 75,092 $ 74,755 $ 216,655 $ 223,488
Interest and dividends on investment securities:        
Taxable 1,065 1,305 3,148 5,083
Tax-exempt 511 688 1,885 2,148
Dividends 245 426 764 1,268
Interest on federal funds sold and other short-term investments 113 47 246 625
Total interest income 77,026 77,221 222,698 232,612
Interest expense        
Deposits 5,478 11,947 19,487 42,756
Borrowings 3,303 4,725 10,794 13,236
Total interest expense 8,781 16,672 30,281 55,992
Net interest income 68,245 60,549 192,417 176,620
Provision for (reversal of) credit losses 1,100 5,000 (6,315) 36,000
Net interest income after provision for credit losses 67,145 55,549 198,732 140,620
Noninterest income        
Deposit, loan and other income 1,702 1,278 5,092 5,777
Income on bank owned life insurance 1,278 1,598 3,527 3,693
Net gains on sale of loans held-for-sale 1,114 614 2,668 1,244
Gain on sale of branches 674
Net (losses) gains on equity securities (78) (7) (242) 215
Net gains on sales/redemption of investment securities 195 29
Total noninterest income 4,016 3,483 11,914 10,958
Noninterest expenses        
Salaries and employee benefits 16,807 15,144 47,790 44,266
Occupancy and equipment 2,656 3,566 8,876 10,193
FDIC insurance 525 1,105 2,040 3,054
Professional and consulting 2,217 1,926 6,290 5,173
Marketing and advertising 345 214 864 944
Data processing 1,541 1,470 4,680 4,529
Merger and restructuring expenses 14,640
Amortization of core deposit intangibles 483 627 1,498 1,931
Increase in value of acquisition price 2,333
Other components of net periodic pension expense (67) (30) (201) (89)
Other expenses 3,676 2,456 9,090 7,625
Total noninterest expenses 28,183 26,478 80,927 94,599
Income before income tax expense 42,978 32,554 129,719 56,979
Income tax expense 10,881 7,768 32,404 11,331
Net income $ 32,097 $ 24,786 $ 97,315 $ 45,648
Earnings per common share:        
Basic $ 0.81 $ 0.62 $ 2.45 $ 1.15
Diluted $ 0.80 $ 0.62 $ 2.43 $ 1.15