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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Loans $ 77,457,000 $ 65,078,000 $ 219,734,000 $ 194,765,000
Interest bearing balances due from banks and federal funds sold 650,000 263,000 986,000 511,000
Investment securities 9,218,000 7,774,000 28,659,000 24,779,000
Mortgage loans held for sale 159,000 299,000 430,000 872,000
Assets held in trading accounts   4,000   13,000
TOTAL INTEREST INCOME 87,484,000 73,418,000 249,809,000 220,940,000
INTEREST EXPENSE        
Deposits 6,030,000 3,732,000 15,050,000 11,162,000
Federal funds purchased and securities sold under agreements to repurchase 83,000 59,000 250,000 183,000
Other borrowings 1,875,000 1,048,000 4,628,000 3,114,000
Subordinated debentures 677,000 516,000 1,870,000 1,603,000
TOTAL INTEREST EXPENSE 8,665,000 5,355,000 21,798,000 16,062,000
NET INTEREST INCOME 78,819,000 68,063,000 228,011,000 204,878,000
Provision for loan losses 5,462,000 8,294,000 16,792,000 15,733,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 73,357,000 59,769,000 211,219,000 189,145,000
NON-INTEREST INCOME        
Trust income 4,225,000 3,873,000 12,550,000 11,160,000
Service charges on deposit accounts 8,907,000 8,771,000 25,492,000 23,748,000
Other service charges and fees 2,433,000 3,261,000 7,145,000 8,846,000
Mortgage and SBA lending income 3,219,000 4,339,000 9,603,000 11,903,000
Investment banking income 680,000 1,131,000 2,007,000 2,999,000
Debit and credit card fees 8,864,000 7,825,000 25,457,000 22,713,000
Bank owned life insurance income 725,000 606,000 2,402,000 2,429,000
Gain on sale of securities 3,000 315,000 2,302,000 4,403,000
Other income 7,276,000 6,755,000 15,178,000 15,066,000
TOTAL NON-INTEREST INCOME 36,332,000 36,876,000 102,136,000 103,267,000
NON-INTEREST EXPENSE        
Salaries and employee benefits 35,285,000 31,784,000 105,026,000 99,660,000
Occupancy expense, net 4,928,000 4,690,000 14,459,000 14,151,000
Furniture and equipment expense 4,840,000 4,272,000 13,833,000 12,296,000
Other real estate and foreclosure expense 1,071,000 1,849,000 2,177,000 3,782,000
Deposit insurance 1,020,000 1,136,000 2,480,000 3,380,000
Merger related costs 752,000 1,524,000 7,879,000 1,989,000
Other operating expenses 18,263,000 17,179,000 58,035,000 53,102,000
TOTAL NON-INTEREST EXPENSE 66,159,000 62,434,000 203,889,000 188,360,000
INCOME BEFORE INCOME TAXES 43,530,000 34,211,000 109,466,000 104,052,000
Provision for income taxes 14,678,000 10,782,000 35,429,000 34,209,000
NET INCOME 28,852,000 23,429,000 74,037,000 69,843,000
Preferred stock dividends       24,000
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 28,852,000 $ 23,429,000 $ 74,037,000 $ 69,819,000
BASIC EARNINGS PER SHARE (in dollars per share) $ 0.90 $ 0.77 $ 2.33 $ 2.29
DILUTED EARNINGS PER SHARE (in dollars per share) [1] $ 0.89 $ 0.76 $ 2.31 $ 2.28
[1] Stock options to purchase 3,305 and 61,395 shares for the three and nine months ended September 30, 2016 were not included in the diluted EPS calculation because the exercise price of those options exceeded the average market price for each period. There were no stock options excluded from the earnings per share calculation due to the related exercise price exceeding the average market price for the three and nine months ended September 30, 2017.