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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Interest and fees on loans $ 78,720 $ 74,067 $ 157,285 $ 147,770
Interest and dividends on taxable investments 15,423 17,427 30,752 33,514
Interest and dividends on nontaxable investments 3,049 2,858 6,150 5,749
Total interest income 97,192 94,352 194,187 187,033
Interest expense:        
Interest on deposits 4,173 4,560 9,718 8,667
Interest on borrowings 430 429 988 1,050
Interest on subordinated notes payable 184 0 369 0
Interest on subordinated debt held by unconsolidated subsidiary trusts 454 1,063 1,107 2,157
Total interest expense 5,241 6,052 12,182 11,874
Net interest income 91,951 88,300 182,005 175,159
Provision for credit losses 9,774 1,400 15,368 3,822
Net interest income after provision for credit losses 82,177 86,900 166,637 171,337
Noninterest revenues:        
Deposit service fees 12,179 15,996 28,462 31,860
Mortgage banking 1,375 213 2,291 414
Other banking services 755 934 1,650 2,269
Employee benefit services 24,068 23,787 49,434 47,841
Insurance services 8,183 8,329 16,241 16,191
Wealth management services 6,366 6,578 13,500 12,927
Gain on sale of investment securities, net 0 4,882 0 4,882
Unrealized gain (loss) on equity securities 12 (13) (18) 18
Total noninterest revenues 52,938 60,706 111,560 116,402
Noninterest expenses:        
Salaries and employee benefits 54,721 54,008 112,972 107,387
Occupancy and equipment 9,754 9,619 20,493 19,907
Data processing and communications 10,833 10,401 21,246 19,800
Amortization of intangible assets 3,524 3,904 7,191 8,034
Legal and professional fees 3,061 2,684 6,212 5,404
Business development and marketing 1,504 3,140 4,017 5,928
Acquisition expenses 3,372 1,194 3,741 1,728
Other expenses 4,134 6,226 8,694 11,640
Total noninterest expenses 90,903 91,176 184,566 179,828
Income before income taxes 44,212 56,430 93,631 107,911
Income taxes 8,964 11,415 18,249 20,950
Net income $ 35,248 $ 45,015 $ 75,382 $ 86,961
Basic earnings per share (in dollars per share) $ 0.67 $ 0.87 $ 1.44 $ 1.68
Diluted earnings per share (in dollars per share) $ 0.66 $ 0.86 $ 1.43 $ 1.66