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, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest and dividend income:        
Interest and fees on loans $ 124,999 $ 138,402 $ 383,575 $ 432,763
Interest on deposits in other banks 291 137 454 1,154
Interest and dividends on securities:        
Taxable 11,230 10,275 32,102 33,170
Nontaxable 9,859 8,600 28,773 24,520
Total interest and dividend income 146,379 157,414 444,904 491,607
Interest expense:        
Interest on deposits 5,837 15,568 22,203 63,943
Interest on short-term borrowings 22 72 91 1,598
Interest on long-term borrowings 3,032 4,393 9,676 16,372
Total interest expense 8,891 20,033 31,970 81,913
Net interest income 137,488 137,381 412,934 409,694
Provision for credit losses (18,850) 6,558 (59,888) 100,954
Net interest income after provision for credit losses 156,338 130,823 472,822 308,740
Noninterest income:        
Service charges on deposit accounts 7,198 6,041 19,314 18,549
Other service charges, commissions and fees 1,534 1,621 4,970 4,600
Interchange fees 2,203 1,979 6,252 5,300
Fiduciary and asset management fees 7,029 6,045 20,323 17,543
Mortgage banking income 4,818 8,897 17,692 16,744
Gains on securities transactions 9 18 87 12,293
Bank owned life insurance income 2,727 3,421 8,202 7,498
Loan-related interest rate swap fees 1,102 3,170 4,176 12,602
Other operating income 3,318 3,215 8,372 4,116
Total noninterest income 29,938 34,407 89,388 99,245
Noninterest expenses:        
Salaries and benefits 53,534 49,000 156,959 149,013
Occupancy expenses 7,251 7,441 21,705 21,798
Furniture and equipment expenses 4,040 3,895 11,919 11,042
Technology and data processing 7,534 6,564 21,657 19,187
Professional services 3,792 2,914 13,161 9,211
Marketing and advertising expense 2,548 2,631 7,330 7,413
FDIC assessment premiums and other insurance 2,172 1,811 6,798 7,578
Other taxes 4,432 4,124 13,303 12,364
Loan-related expenses 1,503 2,314 5,289 7,512
Amortization of intangible assets 3,381 4,053 10,679 12,676
Losses on debt extinguishment 0 0 14,695 10,306
Other expenses 5,156 8,475 15,756 23,581
Total noninterest expenses 95,343 93,222 299,251 291,681
Income from continuing operations before income taxes 90,933 72,008 262,959 116,304
Income tax expense 16,368 11,008 46,821 17,506
Net income 74,565 61,000 216,138 98,798
Dividends on preferred stock 2,967 2,691 8,901 2,691
Net Income available to common shareholders $ 71,598 $ 58,309 $ 207,237 $ 96,107
Basic earnings per common share (in dollars per share) $ 0.94 $ 0.74 $ 2.66 $ 1.22
Diluted earnings per common share (in dollars per share) 0.94 0.74 2.66 1.22
Dividends declared per common share (in dollars per share) $ 0.28 $ 0.25 $ 0.81 $ 0.75
Weighted average shares outstanding, basic (in shares) 76,309,355 78,714,353 77,988,151 78,904,792
Diluted weighted average number of common shares outstanding (in shares) 76,322,736 78,725,346 78,007,543 78,921,108