Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.20.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and fees on loans $ 89,383 $ 88,610 $ 178,768 $ 174,134
Taxable securities 5,092 4,193 10,246 7,939
Nontaxable securities 211 393 444 839
Federal funds sold 34 1,998 311 3,217
Other interest and dividends 360 2,593 2,078 5,357
Total interest income 95,080 97,787 191,847 191,486
Deposits 10,756 24,240 27,501 46,385
Borrowed funds 1,090 3,462 3,472 6,238
Total interest expense 11,846 27,702 30,973 52,623
Net interest income 83,234 70,085 160,874 138,863
Provision for loan losses 10,283 4,884 23,867 9,769
Net interest income after provision for loan losses 72,951 65,201 137,007 129,094
Securities losses 0 (6) 0 (6)
Increase in cash surrender value life insurance 1,464 778 2,917 1,540
Other operating income 241 392 710 721
Total noninterest income 7,033 5,778 13,707 10,722
Salaries and employee benefits 15,792 14,339 31,450 28,604
Equipment and occupancy expense 2,434 2,287 4,834 4,546
Third party processing and other services 3,513 2,724 6,858 5,135
Professional services 1,091 1,191 2,039 2,185
FDIC and other regulatory assessments 595 1,081 1,927 2,100
OREO expense 1,303 212 1,904 234
Other operating expenses 4,088 4,188 7,724 8,546
Total noninterest expenses 28,816 26,022 56,736 51,350
Income before income taxes 51,168 44,957 93,978 88,466
Provision for income taxes 10,720 9,324 18,752 17,823
Net income 40,448 35,633 75,226 70,643
Preferred stock dividends 31 31 31 31
Net income available to common stockholders $ 40,417 $ 35,602 $ 75,195 $ 70,612
Basic earnings per common share (in dollars per share) $ 0.75 $ 0.67 $ 1.40 $ 1.32
Diluted earnings per common share (in dollars per share) $ 0.75 $ 0.66 $ 1.39 $ 1.31
Deposit Account [Member]        
Noninterest income $ 1,823 $ 1,786 $ 3,739 $ 3,488
Mortgage Banking [Member]        
Noninterest income 2,107 1,087 3,178 1,662
Credit Card [Member]        
Noninterest income $ 1,398 $ 1,741 $ 3,163 $ 3,317