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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest income        
Loans and leases $ 303,233 $ 261,086 $ 594,155 $ 513,068
Investment securities and dividend income 40,209 37,179 79,821 72,199
Overnight investments 7,279 5,612 13,669 11,211
Total interest income 350,721 303,877 687,645 596,478
Interest expense        
Deposits 19,158 4,521 32,084 8,277
Short-term borrowings 515 373 974 777
Federal Home Loan Bank borrowings 1,586 852 2,871 3,236
Subordinated debentures 1,952 1,653 3,624 3,094
Long-term obligations 162 259 272 438
Total interest expense 23,373 7,658 39,825 15,822
Net interest income 327,348 296,219 647,820 580,656
Provision (credit) for loan and lease losses 5,198 8,438 16,948 16,043
Net interest income after provision for loan and lease losses 322,150 287,781 630,872 564,613
Noninterest income        
Debt and Equity Securities, Gain (Loss) 5,719 0 5,719 0
Marketable equity securities gains, net 3,144 4,440 14,472 5,411
Gain on extinguishment of debt 0 0 0 25,814
Other 5,034 6,001 8,953 13,165
Total noninterest income 106,875 100,927 210,538 223,611
Noninterest expense        
Salaries and wages 136,526 129,841 268,947 259,044
Employee benefits 30,197 29,715 62,732 61,806
Occupancy expense 26,886 26,100 54,647 54,054
Equipment expense 28,489 25,167 55,229 50,141
FDIC insurance expense 2,757 5,492 5,417 11,225
Collection and foreclosure-related expenses 3,659 3,974 6,681 8,120
Merger-related expenses 4,084 2,412 5,803 3,010
Processing fees paid to third parties 6,641 7,890 13,730 16,086
Other 34,158 35,402 67,868 70,570
Total noninterest expense 273,397 265,993 541,054 534,056
Income before income taxes 155,628 122,715 300,356 254,168
Income taxes 36,269 29,424 69,638 60,646
Net income $ 119,359 $ 93,291 $ 230,718 $ 193,522
Average shares outstanding (in shares) 11,286,520 12,010,405 11,402,122 12,010,405
Net income per share $ 10.56 $ 7.77 $ 20.23 $ 16.11
Cardholder services, net        
Noninterest income        
Revenue from contract with customers $ 18,479 $ 14,925 $ 35,112 $ 29,707
Merchant services, net        
Noninterest income        
Revenue from contract with customers 6,455 6,478 12,290 12,655
Service charges on deposit accounts        
Noninterest income        
Revenue from contract with customers 25,790 25,952 50,855 52,495
Wealth management services        
Noninterest income        
Revenue from contract with customers 24,573 25,515 49,574 49,084
Other service charges and fees        
Noninterest income        
Revenue from contract with customers 8,164 7,756 15,586 15,236
Mortgage income        
Noninterest income        
Revenue from contract with customers 5,038 4,703 8,696 8,940
Insurance commissions        
Noninterest income        
Revenue from contract with customers 2,854 2,940 6,145 6,716
ATM income        
Noninterest income        
Revenue from contract with customers 1,625 2,217 $ 3,136 4,388
Retained Earnings        
Noninterest expense        
Net income $ 119,359 $ 93,291   $ 193,522