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 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest and dividend income:        
Interest and fees on loans $ 130,570 $ 143,234 $ 258,576 $ 294,361
Interest on deposits in other banks 86 155 163 1,017
Interest and dividends on securities:        
Taxable 10,519 11,267 20,872 22,895
Nontaxable 9,677 8,211 18,914 15,920
Total interest and dividend income 150,852 162,867 298,525 334,193
Interest expense:        
Interest on deposits 7,238 19,861 16,366 48,375
Interest on short-term borrowings 21 186 69 1,526
Interest on long-term borrowings 3,045 5,515 6,644 11,979
Total interest expense 10,304 25,562 23,079 61,880
Net interest income 140,548 137,305 275,446 272,313
Provision for credit losses (27,414) 34,200 (41,037) 94,396
Net interest income after provision for credit losses 167,962 103,105 316,483 177,917
Noninterest income:        
Service charges on deposit accounts 6,607 4,930 12,116 12,508
Other service charges, commissions and fees 1,735 1,354 3,436 2,978
Interchange fees 2,203 1,697 4,050 3,321
Fiduciary and asset management fees 6,819 5,515 13,294 11,499
Mortgage banking income 4,619 5,826 12,874 7,847
Gains on securities transactions 0 10,339 78 12,275
Bank owned life insurance income 3,209 2,027 5,475 4,076
Loan-related interest rate swap fees 1,321 5,484 3,075 9,432
Other operating income 1,953 (1,240) 5,053 902
Total noninterest income 28,466 35,932 59,451 64,838
Noninterest expenses:        
Salaries and benefits 50,766 49,896 103,426 100,013
Occupancy expenses 7,140 7,224 14,454 14,357
Furniture and equipment expenses 3,911 3,406 7,880 7,147
Technology and data processing 7,219 6,454 14,123 12,623
Professional services 4,408 2,989 9,369 6,297
Marketing and advertising expense 2,738 2,043 4,782 4,782
FDIC assessment premiums and other insurance 2,319 2,907 4,626 5,768
Other taxes 4,435 4,120 8,871 8,240
Loan-related expenses 1,909 2,501 3,786 5,198
Amortization of intangible assets 3,568 4,223 7,298 8,624
Losses on debt extinguishment 0 10,306 14,695 10,306
Other expenses 3,558 6,745 10,598 15,104
Total noninterest expenses 91,971 102,814 203,908 198,459
Income from continuing operations before income taxes 104,457 36,223 172,026 44,296
Income tax expense 19,073 5,514 30,453 6,498
Net income 85,384 30,709 141,573 37,798
Dividends on preferred stock 2,967 0 5,934 0
Net Income available to common shareholders $ 82,417 $ 30,709 $ 135,639 $ 37,798
Basic earnings per common share (in dollars per share) $ 1.05 $ 0.39 $ 1.72 $ 0.48
Diluted earnings per common share (in dollars per share) 1.05 0.39 1.72 0.48
Dividends declared per common share (in dollars per share) $ 0.28 $ 0.25 $ 0.53 $ 0.50
Weighted average shares outstanding, basic (in shares) 78,819,697 78,711,765 78,841,462 79,001,058
Diluted weighted average number of common shares outstanding (in shares) 78,843,724 78,722,690 78,863,859 79,020,036