Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest and dividend income:      
Interest and fees on loans $ 508,770 $ 574,871 $ 612,115
Interest on deposits in other banks 855 1,270 3,733
Interest and dividends on securities:      
Taxable 43,859 43,585 51,437
Nontaxable 38,875 33,728 32,047
Total interest and dividend income 592,359 653,454 699,332
Interest expense:      
Interest on deposits 27,117 75,943 114,972
Interest on short-term borrowings 108 1,691 15,479
Interest on long-term borrowings 13,874 20,522 31,009
Total interest expense 41,099 98,156 161,460
Net interest income 551,260 555,298 537,872
Provision for credit losses (60,888) 87,141 21,092
Net interest income after provision for credit losses 612,148 468,157 516,780
Noninterest income:      
Service charges on deposit accounts 27,122 25,251 30,202
Other service charges, commissions and fees 6,595 6,292 6,423
Interchange fees 8,279 7,184 14,619
Fiduciary and asset management fees 27,562 23,650 23,365
Mortgage banking income 21,022 25,857 10,303
Gains on securities transactions 87 12,294 7,675
Bank owned life insurance income 11,488 9,554 8,311
Loan-related interest rate swap fees 5,620 15,306 14,126
Other operating income 18,031 6,098 17,791
Total noninterest income 125,806 131,486 132,815
Noninterest expenses:      
Salaries and benefits 214,929 206,662 195,349
Occupancy expenses 28,718 28,841 29,793
Furniture and equipment expenses 15,950 14,923 14,216
Technology and data processing 30,200 25,929 23,686
Professional services 17,841 13,007 11,905
Marketing and advertising expense 9,875 9,886 11,566
FDIC assessment premiums and other insurance 9,482 9,971 6,874
Other taxes 17,740 16,483 15,749
Loan-related expenses 7,004 9,515 10,043
Amortization of intangible assets 13,904 16,574 18,521
Merger-related costs 0 0 27,824
Rebranding expense 0 0 6,455
Losses on debt extinguishment 14,695 31,116 16,397
Other expenses 38,857 30,442 29,962
Total noninterest expenses 419,195 413,349 418,340
Income from continuing operations before income taxes 318,759 186,294 231,255
Income tax expense 54,842 28,066 37,557
Income from continuing operations 263,917 158,228 193,698
Discontinued operations:      
Loss from operations of discontinued mortgage segment 0 0 (230)
Income tax benefit 0 0 (60)
Loss on discontinued operations 0 0 (170)
Net income 263,917 158,228 193,528
Dividends on preferred stock 11,868 5,658 0
Net Income available to common shareholders $ 252,049 $ 152,570 $ 193,528
Basic earnings per common share $ 3.26 $ 1.93 $ 2.41
Diluted earnings per common share 3.26 1.93 2.41
Dividends declared per common share $ 1.09 $ 1.00 $ 0.96
Basic weighted average number of common shares outstanding 77,399,902 78,858,726 80,200,950
Diluted weighted average number of common shares outstanding 77,417,801 78,875,668 80,263,557