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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
INTEREST INCOME:    
Interest and fees on loans $ 112,439 $ 106,414
Interest on securities:    
Taxable 30,443 21,731
Nontaxable 4,503 2,183
Interest on federal funds sold 1 0
Interest on interest bearing deposits in other financial institutions 66 721
TOTAL INTEREST INCOME 147,452 131,049
INTEREST EXPENSE:    
Interest on deposits 4,395 14,582
Interest on short-term borrowings 152 296
Interest on other borrowings (includes $(591) and $(183) of interest benefit related to derivatives reclassified from accumulated other comprehensive income for the three months ended March 31, 2021 and 2020, respectively) 3,300 3,660
TOTAL INTEREST EXPENSE 7,847 18,538
NET INTEREST INCOME 139,605 112,511
Provision (benefit) for credit losses (648) 21,520
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 140,253 90,991
NONINTEREST INCOME:    
Revenue from contract with customers 20,301 17,776
Loan servicing income 838 963
Securities gains (losses), net (includes $(30) and $1,658 of net security gains (losses) reclassified from accumulated other comprehensive income for the three months ended March 31, 2021 and 2020, respectively) (30) 1,658
Unrealized loss on equity securities, net (110) (231)
Net gains on sale of loans held for sale 6,420 4,660
Valuation adjustment on servicing rights 917 (1,565)
Income on bank owned life insurance 829 498
Other noninterest income 1,152 2,058
TOTAL NONINTEREST INCOME 30,317 25,817
NONINTEREST EXPENSES:    
Salaries and employee benefits 59,062 49,957
Occupancy 7,918 6,471
Furniture and equipment 3,093 3,108
Professional fees 13,490 12,473
Advertising 1,469 2,205
Core deposit intangibles and customer relationship intangibles amortization 2,516 2,981
Other real estate and loan collection expenses 135 334
Loss on sales/valuations of assets, net 194 16
Acquisition, integration and restructuring costs 2,928 1,376
Partnership investment in tax credit projects 35 184
Other noninterest expenses 11,583 11,754
TOTAL NONINTEREST EXPENSES 102,423 90,859
INCOME BEFORE INCOME TAXES 68,147 25,949
Income taxes (includes $143 and $466 of income tax expense reclassified from accumulated other comprehensive income for the three months ended March 31, 2021 and 2020, respectively) 15,333 5,909
NET INCOME 52,814 20,040
Preferred dividends (2,013) 0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 50,801 $ 20,040
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 1.20 $ 0.54
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) 1.20 0.54
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.22 $ 0.20
Service charges and fees    
NONINTEREST INCOME:    
Revenue from contract with customers $ 13,671 $ 12,021
Trust fees    
NONINTEREST INCOME:    
Revenue from contract with customers 5,777 5,022
Brokerage and insurance commissions    
NONINTEREST INCOME:    
Revenue from contract with customers $ 853 $ 733