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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
INTEREST INCOME:        
Interest and fees on loans and leases $ 58,328 $ 49,311 $ 167,201 $ 143,796
Interest on securities:        
Taxable 5,858 7,547 19,729 22,755
Nontaxable 3,077 3,249 8,867 10,079
Interest on federal funds sold 1 1 3 1
Interest on interest bearing deposits in other financial institutions 4 6 11 20
TOTAL INTEREST INCOME 67,268 60,114 195,811 176,651
INTEREST EXPENSE:        
Interest on deposits 3,767 4,655 11,758 14,010
Interest on short-term borrowings 228 227 638 655
Interest on other borrowings (includes $557 and $577 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the three months ended September 30, 2015 and 2014, respectively, and $1,680 and $1,671 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the nine months ended September 30, 2015 and 2014, respectively) 3,549 3,741 12,117 11,084
TOTAL INTEREST EXPENSE 7,544 8,623 24,513 25,749
NET INTEREST INCOME 59,724 51,491 171,298 150,902
Provision for loan and lease losses 3,181 2,553 10,526 11,635
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 56,543 48,938 160,772 139,267
NONINTEREST INCOME:        
Service charges and fees 6,350 4,857 17,654 15,007
Loan servicing income 1,368 1,319 3,572 4,223
Trust fees 3,507 3,194 11,051 9,747
Brokerage and insurance commissions 869 1,044 2,872 3,325
Securities gains, net (includes $1,807 and $825 of net security gains reclassified from accumulated other comprehensive income for the three months ended September 30, 2015 and 2014, respectively, and $9,270 and $2,460 of net security gains reclassified from accumulated other comprehensive income for nine months ended September 30, 2015 and 2014, respectively) 1,767 825 9,230 2,460
Gain (loss) on trading account securities 0 0 0 (38)
Net gains on sale of loans held for sale 9,823 8,384 38,164 23,559
Income on bank owned life insurance 372 371 1,355 1,073
Other noninterest income 924 612 2,406 1,635
TOTAL NONINTEREST INCOME 24,980 20,606 86,304 60,991
NONINTEREST EXPENSES:        
Salaries and employee benefits 37,033 33,546 110,522 98,428
Occupancy 4,307 3,807 12,594 11,841
Furniture and equipment 2,121 2,033 6,403 6,008
Professional fees 5,251 4,429 16,544 13,169
FDIC insurance assessments 1,018 888 2,873 2,848
Advertising 1,327 1,383 3,841 4,082
Intangible assets amortization 734 521 2,080 1,736
Other real estate and loan collection expenses 496 215 1,714 1,785
Loss on sales/valuations of assets, net 721 447 2,583 1,989
Other noninterest expenses 8,988 7,386 25,938 19,966
TOTAL NONINTEREST EXPENSES 61,996 54,655 185,092 161,852
INCOME BEFORE INCOME TAXES 19,527 14,889 61,984 38,406
Income taxes (includes $451 and $93 of income tax expense reclassified from accumulated other comprehensive income for the three months ended September 30, 2015 and 2014, respectively, and $2,816 and $296 of income tax expense reclassified from accumulated other comprehensive income for the nine months ended September 30, 2015 and 2014, respectively) 4,945 2,916 16,533 8,769
NET INCOME 14,582 11,973 45,451 29,637
Preferred dividends and discount (205) (205) (613) (613)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 14,377 $ 11,768 $ 44,838 $ 29,024
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 0.70 $ 0.64 $ 2.19 $ 1.57
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 0.69 0.63 2.16 1.55
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.10 $ 0.10 $ 0.30 $ 0.30