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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest Income      
Loans $ 448,041 $ 428,197 $ 324,229
Taxable securities 69,864 55,969 38,659
Tax-exempt securities 10,735 12,201 11,045
Deposits in banks 1,312 702 813
Total interest income 529,952 497,069 374,746
Interest Expense      
Deposits 22,146 12,105 4,800
FHLB advances 11,861 3,750 1,078
Subordinated debentures 1,871 1,871 304
Other borrowings 669 504 575
Total interest expense 36,547 18,230 6,757
Net Interest Income 493,405 478,839 367,989
Provision for loan and lease losses 3,493 14,769 8,631
Net interest income after provision for loan and lease losses 489,912 464,070 359,358
Noninterest Income      
Deposit account and treasury management fees 35,695 36,072 30,381
Card revenue 15,198 19,719 25,627
Financial services and trust revenue 12,799 12,135 11,478
Loan revenue 13,465 11,866 12,399
Merchant processing revenue 0 0 4,283
Bank owned life insurance 6,294 6,007 5,380
Investment securities gains (losses), net 2,132 (89) (11)
Gain on sale of merchant card services portfolio 0 0 14,000
Change in FDIC loss sharing asset 0 0 (447)
Other 11,598 2,546 6,552
Total noninterest income 97,181 88,256 109,642
Noninterest Expense      
Compensation and employee benefits 212,867 200,199 169,674
Occupancy 35,176 36,576 32,407
Data processing 19,164 20,235 18,205
Legal and professional fees 21,645 18,044 15,151
Amortization of intangibles 10,479 12,236 6,333
Business and Occupation taxes [1] 5,846 5,664 4,326
Advertising and promotion 4,925 5,584 4,466
Regulatory premiums 1,920 3,710 3,183
Merchant processing 0 0 2,196
Net cost (benefit) of operation of OREO (692) 1,218 468
Other [1] 34,152 37,024 34,608
Total noninterest expense 345,482 340,490 291,017
Income before income taxes 241,611 211,836 177,983
Income tax provision 47,160 38,954 65,155
Net Income $ 194,451 $ 172,882 $ 112,828
Per Common Share      
Basic earnings per common share $ 2.68 [2] $ 2.36 [2] $ 1.86
Diluted earnings per common share $ 2.68 [2] $ 2.36 [2] $ 1.86
Weighted average number of common shares outstanding 71,999 72,385 59,882
Weighted average number of diluted common shares outstanding 72,032 72,390 59,888
[1] Beginning January 1, 2019, B&O taxes are reported separately from other taxes, licenses and fees, which are now reported under “other noninterest expense.” Prior periods have been reclassified to conform to current period presentation.
[2] Due to averaging of shares, quarterly EPS may not add up to the totals reported for the full year.