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, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and dividend income:        
Interest and fees on loans $ 143,234 $ 158,838 $ 294,361 $ 302,952
Interest on deposits in other banks 155 544 1,017 1,017
Interest and dividends on securities:        
Taxable 11,267 13,353 22,895 26,434
Nontaxable 8,211 8,390 15,920 16,374
Total interest and dividend income 162,867 181,125 334,193 346,777
Interest expense:        
Interest on deposits 19,861 28,809 48,375 53,239
Interest on short-term borrowings 186 5,563 1,526 12,114
Interest on long-term borrowings 5,515 8,159 11,979 15,283
Total interest expense 25,562 42,531 61,880 80,636
Net interest income 137,305 138,594 272,313 266,141
Provision for credit losses 34,200 5,300 94,396 9,092
Net interest income after provision for credit losses 103,105 133,294 177,917 257,049
Noninterest income:        
Mortgage banking income 5,826 2,785 7,847 4,240
Gains on securities transactions 10,339 51 12,275 202
Bank owned life insurance income 2,027 2,075 4,076 4,129
Loan-related interest rate swap fees 5,484 3,716 9,432 5,176
Other operating income (1,240) 1,440 902 2,337
Total noninterest income 35,932 30,578 64,838 55,515
Noninterest expenses:        
Salaries and benefits 49,896 50,390 100,013 98,398
Occupancy expenses 7,224 7,534 14,357 14,935
Furniture and equipment expenses 3,406 3,542 7,147 6,938
Printing, postage, and supplies 999 1,252 2,289 2,494
Technology and data processing 6,454 5,739 12,623 11,415
Professional services 2,989 2,630 6,297 5,587
Marketing and advertising expense 2,043 2,908 4,782 5,291
FDIC assessment premiums and other insurance 2,907 2,601 5,768 5,239
Other taxes 4,120 4,044 8,240 7,808
Loan-related expenses 2,501 2,396 5,198 4,685
OREO and credit-related expenses 411 1,473 1,099 2,157
Amortization of intangible assets 4,223 4,937 8,624 9,154
Training and other personnel costs 876 1,477 2,446 2,621
Merger-related costs 0 6,371 0 24,493
Rebranding expense 0 4,012 0 4,420
Loss on debt extinguishment 10,306   10,306 0
Other expenses 4,459 4,302 9,270 6,700
Total noninterest expenses 102,814 105,608 198,459 212,335
Income from continuing operations before income taxes 36,223 58,264 44,296 100,229
Income tax expense 5,514 9,356 6,498 15,606
Income from continuing operations 30,709 48,908 37,798 84,623
Discontinued operations:        
Income (loss) from operations of discontinued mortgage segment 0 (114) 0 (229)
Income tax expense (benefit) 0 (29) 0 (59)
Income (loss) on discontinued operations 0 (85) 0 (170)
Net income 30,709 48,823 37,798 84,453
Net Income available to common shareholders $ 30,709 $ 48,823 $ 37,798 $ 84,453
Basic earnings per common share (in dollars per share) $ 0.39 $ 0.59 $ 0.48 $ 1.06
Diluted earnings per common share (in dollars per share) 0.39 0.59 0.48 1.06
Dividends declared per common share (in dollars per share) $ 0.25 $ 0.23 $ 0.50 $ 0.46
Weighted average shares outstanding, basic (in shares) 78,711,765 82,062,585 79,001,058 79,282,830
Diluted weighted average number of common shares outstanding (in shares) 78,722,690 82,125,194 79,020,036 79,344,573
Service charges on deposit accounts        
Noninterest income:        
Noninterest income $ 4,930 $ 7,499 $ 12,508 $ 14,656
Other service charges, commissions and fees        
Noninterest income:        
Noninterest income 1,354 1,702 2,978 3,367
Interchange fees        
Noninterest income:        
Noninterest income 1,697 5,612 3,321 10,656
Fiduciary and asset management fees        
Noninterest income:        
Noninterest income $ 5,515 $ 5,698 $ 11,499 $ 10,752