Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.20.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest and fees on loans $ 354,308 $ 305,370 $ 246,682
Taxable securities 17,008 12,654 9,117
Nontaxable securities 1,429 2,406 2,948
Federal funds sold 6,038 3,103 1,693
Other interest and dividends 12,020 3,094 2,316
Total interest income 390,803 326,627 262,756
Deposits 90,958 55,502 28,831
Borrowed funds 12,200 8,446 6,502
Total interest expense 103,158 63,948 35,333
Net interest income 287,645 262,679 227,423
Provision for loan losses 22,638 21,402 23,225
Net interest income after provision for loan losses 265,007 241,277 204,198
Securities gains 27 190 0
Increase in cash surrender value life insurance 3,746 3,130 3,131
Other operating income 1,743 1,239 1,099
Total noninterest income 23,982 19,440 17,361
Salaries and employee benefits 57,783 51,849 47,604
Equipment and occupancy expense 9,272 8,423 8,018
Professional services 4,235 3,646 3,217
FDIC and other regulatory assessments 2,975 3,869 3,918
Other real estate owned expense 415 790 323
Other operating expenses 27,448 23,298 21,129
Total noninterest expenses 102,128 91,875 84,209
Income before income taxes 186,861 168,842 137,350
Provision for income taxes 37,618 31,902 44,258
Net income 149,243 136,940 93,092
Dividends on preferred stock 63 63 62
Net income available to common stockholders $ 149,180 $ 136,877 $ 93,030
Basic earnings per common share (in dollars per share) $ 2.79 $ 2.57 $ 1.76
Diluted earnings per common share (in dollars per share) $ 2.76 $ 2.53 $ 1.72
Deposit Account [Member]      
Noninterest income $ 7,029 $ 6,547 $ 5,702
Mortgage Banking [Member]      
Noninterest income 4,361 2,784 3,835
Credit Card [Member]      
Noninterest income $ 7,076 $ 5,550 $ 3,594