Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and dividend income:        
Interest and fees on loans $ 138,402 $ 156,651 $ 432,763 $ 459,603
Interest on deposits in other banks 137 1,030 1,154 2,047
Interest and dividends on securities:        
Taxable 10,275 12,625 33,170 39,059
Nontaxable 8,600 8,039 24,520 24,413
Total interest and dividend income 157,414 178,345 491,607 525,122
Interest expense:        
Interest on deposits 15,568 30,849 63,943 84,088
Interest on short-term borrowings 72 2,200 1,598 14,313
Interest on long-term borrowings 4,393 8,695 16,372 23,978
Total interest expense 20,033 41,744 81,913 122,379
Net interest income 137,381 136,601 409,694 402,743
Provision for credit losses 6,558 9,100 100,954 18,192
Net interest income after provision for credit losses 130,823 127,501 308,740 384,551
Noninterest income:        
Mortgage banking income 8,897 3,374 16,744 7,614
Gains on securities transactions 18 7,104 12,293 7,306
Bank owned life insurance income 3,421 2,062 7,498 6,191
Loan-related interest rate swap fees 3,170 5,480 12,602 10,656
Other operating income 3,215 12,708 4,116 15,045
Total noninterest income 34,407 48,106 99,245 103,621
Noninterest expenses:        
Salaries and benefits 49,000 49,718 149,013 148,116
Occupancy expenses 7,441 7,493 21,798 22,427
Furniture and equipment expenses 3,895 3,719 11,042 10,656
Printing, postage, and supplies 904 1,268 3,194 3,763
Technology and data processing 6,564 5,787 19,187 17,203
Professional services 2,914 2,681 9,211 8,269
Marketing and advertising expense 2,631 2,600 7,413 7,891
FDIC assessment premiums and other insurance 1,811 381 7,578 5,620
Other taxes 4,124 3,971 12,364 11,779
Loan-related expenses 2,314 2,566 7,512 7,250
OREO and credit-related expenses 413 1,005 1,512 3,162
Amortization of intangible assets 4,053 4,764 12,676 13,919
Training and other personnel costs 746 1,618 3,192 4,240
Merger-related costs 0 2,435 0 26,928
Rebranding expense 0 1,133 0 5,553
Loss on debt extinguishment 0 16,397 10,306 16,397
Other expenses 6,412 4,151 15,683 10,849
Total noninterest expenses 93,222 111,687 291,681 324,022
Income from continuing operations before income taxes 72,008 63,920 116,304 164,150
Income tax expense 11,008 10,724 17,506 26,330
Income from continuing operations 61,000 53,196 98,798 137,820
Discontinued operations:        
Income (loss) from operations of discontinued mortgage segment 0 56 0 (173)
Income tax expense (benefit) 0 14 0 (45)
Income (loss) on discontinued operations 0 42 0 (128)
Net income 61,000 53,238 98,798 137,692
Dividends on preferred stock 2,691   2,691  
Net Income available to common shareholders $ 58,309 $ 53,238 $ 96,107 $ 137,692
Basic earnings per common share (in dollars per share) $ 0.74 $ 0.65 $ 1.22 $ 1.72
Diluted earnings per common share (in dollars per share) 0.74 0.65 1.22 1.72
Dividends declared per common share (in dollars per share) $ 0.25 $ 0.25 $ 0.75 $ 0.71
Weighted average shares outstanding, basic (in shares) 78,714,353 81,769,193 78,904,792 80,120,725
Diluted weighted average number of common shares outstanding (in shares) 78,725,346 81,832,868 78,921,108 80,183,113
Service charges on deposit accounts        
Noninterest income:        
Noninterest income $ 6,041 $ 7,675 $ 18,549 $ 22,331
Other service charges, commissions and fees        
Noninterest income:        
Noninterest income 1,621 1,513 4,600 4,879
Interchange fees        
Noninterest income:        
Noninterest income 1,979 2,108 5,300 12,765
Fiduciary and asset management fees        
Noninterest income:        
Noninterest income $ 6,045 $ 6,082 $ 17,543 $ 16,834