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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 $ 79,646 $ 79,931 $ 236,931 $ 227,701
Interest and dividends on taxable investments 14,881 15,862 45,633 49,376
Interest and dividends on nontaxable investments 2,963 2,854 9,113 8,603
Total interest income 97,490 98,647 291,677 285,680
Interest expense:        
Interest on deposits 3,655 5,859 13,373 14,526
Interest on borrowings 292 347 1,280 1,397
Interest on subordinated notes payable 184 161 553 161
Interest on subordinated debt held by unconsolidated subsidiary trusts 394 1,004 1,501 3,161
Total interest expense 4,525 7,371 16,707 19,245
Net interest income 92,965 91,276 274,970 266,435
Provision for credit losses 1,945 1,751 17,313 5,573
Net interest income after provision for credit losses 91,020 89,525 257,657 260,862
Noninterest revenues:        
Deposit service fees 14,260 16,920 42,722 48,780
Mortgage banking 3,908 (138) 6,199 276
Other banking services 924 1,083 2,574 3,352
Employee benefit services 25,159 24,329 74,593 72,170
Insurance services 8,531 8,527 24,772 24,718
Wealth management services 6,889 6,363 20,389 19,290
Gain on sale of investment securities, net 0 0 0 4,882
Unrealized (loss) gain on equity securities (12) 10 (30) 28
Total noninterest revenues 59,659 57,094 171,219 173,496
Noninterest expenses:        
Salaries and employee benefits 57,280 56,061 170,252 163,448
Occupancy and equipment 10,134 9,801 30,627 29,708
Data processing and communications 12,096 10,675 33,342 30,475
Amortization of intangible assets 3,581 3,960 10,772 11,994
Legal and professional fees 2,365 2,595 8,577 7,999
Business development and marketing 3,145 2,604 7,162 8,532
Litigation accrual 2,950 0 2,950 0
Acquisition expenses 796 6,061 4,537 7,789
Other expenses 4,619 5,172 13,313 16,812
Total noninterest expenses 96,966 96,929 281,532 276,757
Income before income taxes 53,713 49,690 147,344 157,601
Income taxes 10,904 10,472 29,153 31,422
Net income $ 42,809 $ 39,218 $ 118,191 $ 126,179
Basic earnings per share (in dollars per share) $ 0.80 $ 0.76 $ 2.23 $ 2.44
Diluted earnings per share (in dollars per share) $ 0.79 $ 0.75 $ 2.22 $ 2.41