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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and dividend income:        
Loans/leases, including fees $ 44,768 $ 50,406 $ 130,542 $ 143,488
Securities:        
Taxable 1,938 1,682 5,714 5,026
Nontaxable 3,842 3,443 10,865 10,461
Interest-bearing deposits at financial institutions 92 951 587 3,042
Restricted investment securities 249 293 795 891
Federal funds sold 1 42 19 191
Total interest and dividend income 50,890 56,817 148,522 163,099
Interest expense:        
Deposits 4,484 13,394 19,457 39,697
Short-term borrowings 11 97 81 275
Federal Home Loan Bank advances 211 1,023 1,007 2,685
Other borrowings       512
Subordinated notes 1,031 1,003 3,019 2,561
Junior subordinated debentures 572 581 1,715 1,729
Total interest expense 6,309 16,098 25,279 47,459
Net interest income 44,581 40,719 123,243 115,640
Provision for loan/lease losses 20,342 2,012 48,624 6,087
Net interest income after provision for loan/lease losses 24,239 38,707 74,619 109,553
Noninterest income:        
Revenue 88,849 76,723 230,303 212,063
Gains on sales of residential real estate loans, net 1,370 890 3,218 1,748
Gains on sales of government guaranteed portions of loans, net   519   589
Swap fee income 26,688 9,797 53,419 20,886
Securities gains (losses), net 1,802 (3) 1,867 (56)
Earnings on bank-owned life insurance 502 489 1,443 1,441
Other 1,482 1,204 3,345 3,562
Total noninterest income 37,959 19,906 81,781 48,964
Noninterest expense:        
Salaries and employee benefits 25,999 24,215 65,822 67,843
Occupancy and equipment expense 3,807 3,860 11,587 11,087
Professional and data processing fees 3,758 4,030 10,773 9,811
Post-acquisition compensation, transition and integration costs   884 189 1,727
Disposition costs 192   626  
FDIC insurance, other insurance and regulatory fees 1,301 542 2,892 2,432
Loan/lease expense 403 221 970 748
Net cost of (income from) and gains/losses on operations of other real estate 16 2,078 (303) 3,557
Advertising and marketing 750 1,056 1,984 2,878
Bank service charges 488 502 1,493 1,494
Losses on liability extinguishment 1,874 148 2,450 148
Correspondent banking expense 205 209 633 619
Intangibles amortization 531 560 1,628 1,706
Goodwill impairment     500  
Loss on sale of subsidiary 305   305  
Other 1,209 1,640 3,842 4,891
Total noninterest expenses 40,838 39,945 105,391 108,941
Net income before income taxes 21,360 18,668 51,009 49,576
Federal and state income tax expense 4,016 3,573 8,698 8,059
Net income $ 17,344 $ 15,095 $ 42,311 $ 41,517
Basic earnings per common share (in dollars per share) $ 1.10 $ 0.96 $ 2.68 $ 2.64
Diluted earnings per common share (in dollars per share) $ 1.09 $ 0.94 $ 2.65 $ 2.60
Weighted average common shares outstanding (in shares) 15,767,152 15,739,430 15,770,335 15,715,788
Weighted average common and common equivalent shares outstanding (in shares) 15,923,578 15,976,742 15,945,832 15,946,020
Cash dividends declared per common share (in dollars per share) $ 0.06 $ 0.06 $ 0.18 $ 0.18
Trust department fees        
Noninterest income:        
Revenue $ 2,280 $ 2,340 $ 6,819 $ 7,194
Investment advisory and management fees        
Noninterest income:        
Revenue 1,266 1,782 4,392 5,406
Deposit service fees        
Noninterest income:        
Revenue 1,403 1,813 4,166 5,025
Debit card fees        
Noninterest income:        
Revenue 946 886 2,479 2,591
Correspondent banking fees        
Noninterest income:        
Revenue $ 220 $ 189 $ 633 $ 578