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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
INTEREST INCOME:        
Interest and fees on loans $ 102,657 $ 110,566 $ 316,076 $ 317,049
Interest on securities:        
Taxable 25,016 18,567 70,109 50,566
Nontaxable 3,222 2,119 8,749 7,766
Interest on federal funds sold 0 0 0 4
Interest on interest bearing deposits in other financial institutions 72 2,151 847 5,742
TOTAL INTEREST INCOME 130,967 133,403 395,781 381,127
INTEREST EXPENSE:        
Interest on deposits 4,962 17,982 25,678 47,333
Interest on short-term borrowings 78 250 435 1,477
Interest on other borrowings (includes $(595) and $24 of interest expense/(benefit) related to derivatives reclassified from accumulated other comprehensive income for the three months ended September 30, 2020 and 2019, respectively, and $(1,195) and $276 of interest expense/(benefit) related to derivatives reclassified from accumulated other comprehensive income for the nine months ended September 30, 2020 and 2019, respectively) 3,430 3,850 10,514 11,333
TOTAL INTEREST EXPENSE 8,470 22,082 36,627 60,143
NET INTEREST INCOME 122,497 111,321 359,154 320,984
Provision for credit losses 1,678 5,201 49,994 11,754
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 120,819 106,120 309,160 309,230
NONINTEREST INCOME:        
Revenue from contract with customers 17,755 18,287 52,075 56,771
Loan servicing income 638 821 1,980 3,888
Securities gains, net (includes $1,099 and $2,013 of net security gains reclassified from accumulated other comprehensive income for the three months ended September 30, 2020 and 2019, respectively and $4,763 and $7,168 of net security gains reclassified from accumulated other comprehensive income for the nine months ended September 30, 2020 and 2019, respectively) 1,300 2,013 4,964 7,168
Unrealized gain on equity securities, net 155 144 604 514
Net gains on sale of loans held for sale 8,894 4,673 21,411 12,192
Valuation allowance on servicing rights (120) (626) (1,676) (1,579)
Income on bank owned life insurance 868 881 2,533 2,668
Other noninterest income 1,726 3,207 5,779 6,556
TOTAL NONINTEREST INCOME 31,216 29,400 87,670 88,178
NONINTEREST EXPENSES:        
Salaries and employee benefits 50,978 49,927 151,053 150,107
Occupancy 6,732 6,594 19,705 19,627
Furniture and equipment 2,500 2,862 8,601 8,690
Professional fees 12,802 11,276 38,951 36,642
Advertising 928 2,622 4,128 7,551
Core deposit intangibles and customer relationship intangibles amortization 2,492 2,899 8,169 9,054
Other real estate and loan collection expenses 335 (89) 872 774
(Gain)/loss on sales/valuations of assets, net 1,763 356 2,480 (20,934)
Acquisition, integration and restructuring costs 1,146 1,500 3,195 6,043
Partnership investment in tax credit projects 927 3,052 1,902 4,992
Other noninterest expenses 9,793 11,968 32,638 33,749
TOTAL NONINTEREST EXPENSES 90,396 92,967 271,694 256,295
INCOME BEFORE INCOME TAXES 61,639 42,553 125,136 141,113
Income taxes (includes $429 and $502 of income tax expense reclassified from accumulated other comprehensive income for the three months ended September 30, 2020 and 2019, respectively and $1,509 and $1,740 of income tax expense reclassified from accumulated other comprehensive income for the nine months ended September 30, 2020 and 2019, respectively) 13,681 7,941 27,007 29,835
NET INCOME 47,958 34,612 98,129 111,278
Preferred dividends (2,437) 0 (2,437) 0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 45,521 $ 34,612 $ 95,692 $ 111,278
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.23 $ 0.94 $ 2.59 $ 3.12
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.23 0.94 2.59 3.11
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.20 $ 0.18 $ 0.60 $ 0.50
Service charges and fees        
NONINTEREST INCOME:        
Revenue from contract with customers $ 11,749 $ 12,366 $ 34,742 $ 39,789
Trust fees        
NONINTEREST INCOME:        
Revenue from contract with customers 5,357 4,959 15,356 14,258
Brokerage and insurance commissions        
NONINTEREST INCOME:        
Revenue from contract with customers $ 649 $ 962 $ 1,977 $ 2,724