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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
INTEREST INCOME:        
Interest and fees on loans $ 82,906 $ 70,046 $ 217,898 $ 208,280
Interest on securities:        
Taxable 10,394 7,917 27,246 24,604
Nontaxable 5,086 3,717 15,297 10,793
Interest on federal funds sold 34 1 37 12
Interest on interest bearing deposits in other financial institutions 558 6 1,112 13
TOTAL INTEREST INCOME 98,978 81,687 261,590 243,702
INTEREST EXPENSE:        
Interest on deposits 5,073 4,001 12,966 12,195
Interest on short-term borrowings 271 235 498 1,083
Interest on other borrowings (includes $308 and $492 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the three months ended September 30, 2017 and 2016, respectively, and $1,005 and $1,463 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the nine months ended September 30, 2017 and 2016, respectively) 3,790 3,770 10,674 10,918
TOTAL INTEREST EXPENSE 9,134 8,006 24,138 24,196
NET INTEREST INCOME 89,844 73,681 237,452 219,506
Provision for loan losses 5,705 5,328 10,235 9,513
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 84,139 68,353 227,217 209,993
NONINTEREST INCOME:        
Service charges and fees 10,138 8,278 29,291 23,462
Loan servicing income 1,161 873 4,236 3,433
Trust fees 3,872 3,689 11,482 11,127
Brokerage and insurance commissions 950 1,006 2,962 2,914
Securities gains, net (includes $1,679 and $1,586 of net security gains reclassified from accumulated other comprehensive income for the three months ended September 30, 2017 and 2016, respectively, $5,553 and $9,964 of net security gains reclassified from accumulated other comprehensive income for the nine months ended September 30, 2017 and 2016, respectively) 1,679 1,584 5,553 9,732
Net gains on sale of loans held for sale 4,997 11,459 17,961 33,794
Valuation allowance on commercial servicing rights 5 5 29 (41)
Income on bank owned life insurance 766 620 2,039 1,733
Other noninterest income 1,409 1,028 2,941 2,992
TOTAL NONINTEREST INCOME 24,977 28,542 76,494 89,146
NONINTEREST EXPENSES:        
Salaries and employee benefits 45,225 40,733 128,118 124,432
Occupancy 6,223 5,099 16,352 15,322
Furniture and equipment 2,826 2,746 7,913 7,301
Professional fees 8,450 5,985 24,342 20,481
FDIC insurance assessments 894 1,180 2,610 3,468
Advertising 1,358 1,339 5,141 4,174
Core deposit intangibles and customer relationship intangibles amortization 1,863 1,291 4,252 4,483
Other real estate and loan collection expenses 581 640 1,774 1,871
Loss on sales/valuations of assets, net 1,342 794 1,642 1,064
Other noninterest expenses 9,997 8,620 27,653 27,160
TOTAL NONINTEREST EXPENSES 78,759 68,427 219,797 209,756
INCOME BEFORE INCOME TAXES 30,357 28,468 83,914 89,383
Income taxes (includes $511 and $408 of income tax expense reclassified from accumulated other comprehensive income for the three months ended September 30, 2017 and 2016, respectively, $1,696 and $3,171 of income tax expense reclassified from accumulated other comprehensive income for the nine months ended September 30, 2017 and 2016, respectively) 8,725 8,260 22,314 28,196
NET INCOME 21,632 20,208 61,600 61,187
Preferred dividends (13) (53) (45) (273)
Interest expense on convertible preferred debt 3 17 12 48
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 21,622 $ 20,172 $ 61,567 $ 60,962
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 0.73 $ 0.82 $ 2.23 $ 2.51
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 0.72 0.81 2.21 2.48
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.11 $ 0.10 $ 0.33 $ 0.30