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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income        
Loans and leases $ 326,099 $ 303,233 $ 651,647 $ 594,155
Investment securities interest and dividend income 36,605 40,209 76,098 79,821
Overnight investments 553 7,279 5,071 13,669
Total interest income 363,257 350,721 732,816 687,645
Interest expense        
Deposits 17,916 19,158 42,110 32,084
Securities sold under customer repurchase agreements 399 515 841 974
Federal Home Loan Bank borrowings 2,472 1,586 5,456 2,871
Subordinated debt 4,677 1,952 7,432 3,624
Interest Expense, Other 399 162 1,183 272
Total interest expense 25,863 23,373 57,022 39,825
Net interest income 337,394 327,348 675,794 647,820
Provision (credit) for loan and lease losses 20,552 5,198 48,907 16,948
Net interest income after provision for loan and lease losses 316,842 322,150 626,887 630,872
Noninterest income        
Mortgage income 9,811 5,038 15,035 8,696
Insurance commissions 64,570 3,144 13,162 14,472
Realized gains on investment securities available for sale, net 13,752 5,719 33,547 5,719
Other 2,697 5,034 3,322 8,953
Total noninterest income 165,402 106,875 229,413 210,538
Noninterest expense        
Salaries and wages 146,633 136,526 291,888 268,947
Employee benefits 30,364 30,197 68,875 62,732
Occupancy expense 29,556 26,886 57,036 54,647
Equipment expense 28,774 28,489 56,624 55,229
Processing fees paid to third parties 10,186 6,641 20,558 13,730
FDIC insurance expense 3,731 2,757 7,197 5,417
Collection and foreclosure-related expenses 3,949 3,659 8,003 6,681
Merger-related expenses 4,369 4,084 8,601 5,803
Other 34,117 34,158 72,868 67,868
Total noninterest expense 291,679 273,397 591,650 541,054
Income before income taxes 190,565 155,628 264,650 300,356
Income taxes 36,779 36,269 53,695 69,638
Net income 153,786 119,359 210,955 230,718
Less: Preferred stock dividends 4,790 0 4,790 0
Net income available to common shareholders $ 148,996 $ 119,359 $ 206,165 $ 230,718
Average shares outstanding (in shares) 10,105,520 11,286,520 10,289,320 11,402,112
Net income per share $ 14.74 $ 10.56 $ 20.04 $ 20.23
Wealth management services        
Noninterest income        
Revenue from contract with customers $ 17,587 $ 18,479 $ 35,747 $ 35,112
Cardholder services, net        
Noninterest income        
Revenue from contract with customers 5,363 6,455 11,251 12,290
Other service charges and fees        
Noninterest income        
Revenue from contract with customers 17,522 25,790 43,935 50,855
Merchant services, net        
Noninterest income        
Revenue from contract with customers 22,371 24,573 48,783 49,574
ATM income        
Noninterest income        
Revenue from contract with customers 7,145 8,164 14,937 15,586
Realized gains on investment securities available for sale, net        
Noninterest income        
Revenue from contract with customers 3,189 2,854 6,877 6,145
Gain on extinguishment of debt        
Noninterest income        
Revenue from contract with customers $ 1,395 $ 1,625 $ 2,817 $ 3,136