XML 20 R4.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest and dividend income:      
Loans/leases, including fees $ 173,967 $ 190,324 $ 160,160
Securities:      
Taxable 7,787 6,607 6,353
Nontaxable 14,900 13,858 13,668
Interest-bearing deposits at financial institutions 669 3,910 1,267
Restricted investment securities 1,031 1,174 1,093
Federal funds sold 19 203 338
Total interest and dividend income 198,373 216,076 182,879
Interest expense:      
Deposits 23,269 50,875 30,675
Short-term borrowings 84 363 271
Federal Home Loan Bank advances 1,087 2,894 4,193
Other borrowings   513 3,207
Subordinated notes 4,697 3,564 139
Junior subordinated debentures 2,286 2,308 1,999
Total interest expense 31,423 60,517 40,484
Net interest income 166,950 155,559 142,395
Provision for loan/lease losses 55,704 7,066 12,658
Net interest income after provision for loan/lease losses 111,246 148,493 129,737
Noninterest income:      
Revenue 312,171 294,844 224,420
Gains on sales of residential real estate loans, net 4,680 2,571 901
Gains on sales of government guaranteed portions of loans, net 224 748 405
Swap fee income 74,821 28,295 10,787
Securities gains (losses), net 2,484 (30)  
Earnings on bank-owned life insurance 1,904 1,973 1,632
Gain on sale of assets and liabilities of subsidiary (158) 12,286  
Other 4,814 5,429 3,848
Total noninterest income 113,798 78,768 41,541
Noninterest expense:      
Salaries and employee benefits 96,268 92,063 68,994
Occupancy and equipment expense 16,504 15,106 12,884
Professional and data processing fees 14,644 13,381 11,452
Acquisition costs     1,795
Post-acquisition compensation, transition and integration costs 214 3,582 2,086
Disposition costs 690 3,325  
FDIC insurance, other insurance and regulatory fees 4,164 2,955 3,594
Loan/lease expense 1,435 1,097 1,544
Net cost of (income from) and gains/losses on operations of other real estate (307) 3,789 2,489
Advertising and marketing 3,260 4,548 3,552
Bank service charges 2,016 2,009 1,838
Losses on liability extinguishment 3,907 436  
Correspondent banking expense 838 836 821
Intangibles amortization 2,149 2,266 1,692
Goodwill impairment 500 3,000  
Loss (gain) on sale of subsidiary/certain assets and liabilities of subsidiary 158 (12,286)  
Other 5,315 6,841 6,402
Total noninterest expense 151,755 155,234 119,143
Net income before income taxes 73,289 72,027 52,135
Federal and state income tax expense 12,707 14,619 9,015
Net income $ 60,582 $ 57,408 $ 43,120
Basic earnings per common share (in dollars per share) $ 3.84 $ 3.65 $ 2.92
Diluted earnings per common share (in dollars per share) $ 3.80 $ 3.60 $ 2.86
Weighted average common shares outstanding (in shares) [1] 15,771,650 15,730,016 14,768,687
Weighted average common and common equivalent shares outstanding (in shares) [2] 15,952,637 15,967,775 15,064,730
Cash dividends declared per common share (in dollars per share) $ 0.24 $ 0.24 $ 0.24
Trust department fees      
Noninterest income:      
Revenue $ 9,207 $ 9,559 $ 8,707
Investment advisory and management fees      
Noninterest income:      
Revenue 5,318 6,995 4,726
Deposit service fees      
Noninterest income:      
Revenue 6,041 6,812 6,420
Debit card fees      
Noninterest income:      
Revenue 3,402 3,357 3,263
Correspondent banking fees      
Noninterest income:      
Revenue $ 903 $ 773 $ 852
[1] The increase in weighted average common shares outstanding from 2018 to 2019 was primarily due to the common stock
[2] Excludes anti-dilutive shares of 104,636, 80,437 and 91,954 at December 31, 2020, 2019 and 2018, respectively.