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ServisFirst Bancshares, Inc. Announces Results for Third Quarter of 2019

BIRMINGHAM, Ala., Oct. 21, 2019 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (SFBS), today announced earnings and operating results for the three and nine months ended September 30, 2019.

Third Quarter 2019 Highlights:

  • Deposits increased 17%, annualized, on a linked quarter basis and 19% year-over-year, respectively
  • Loans increased 10% year-over-year
  • Diluted EPS was $0.69 for the third quarter of 2019 compared to $0.64 for the third quarter of 2018
  • Efficiency ratio of 33.44% through the first nine months of 2019
FINANCIAL SUMMARY (UNAUDITED)                                      
(in Thousands except share and per share amounts)                                      
                                           
        Period Ending
September 30,
2019
  Period Ending
June 30, 2019
  % Change
From Period
Ending June
30, 2019 to
Period Ending
September 30,
2019
  Period Ending
September 30,
2018
  % Change
From Period
Ending
September 30,
2018 to Period
Ending
September 30,
2019
 
QUARTERLY OPERATING RESULTS                                      
Net Income   $ 37,563     $ 35,633     5 %   $ 34,560     9 %  
Net Income Available to Common Stockholders   $ 37,563     $ 35,602     6 %   $ 34,560     9 %  
Diluted Earnings Per Share   $ 0.69     $ 0.66     5 %   $ 0.64     8 %  
Return on Average Assets     1.67 %     1.69 %           1.87 %        
Return on Average Common Stockholders' Equity     18.69 %     18.72 %           20.42 %        
Average Diluted Shares Outstanding     54,096,368       54,089,107             54,191,222          
                                           
Net income - adjusted for FDIC assessment credit*   $ 36,315     $ 35,633     2 %   $ 34,560     5 %  
Net Income Available to Common Stockholders - adjusted                                      
  for FDIC assessment credit*   $ 36,315     $ 35,602     2 %   $ 34,560     5 %  
Diluted Earnings Per Share - adjusted for FDIC assessment                                      
  credit*   $ 0.67     $ 0.66     2 %   $ 0.64     5 %  
Return on Average Assets - adjusted for FDIC assessment                                      
  credit*     1.62 %     1.69 %           1.87 %        
Return on Average Common Stockholders' Equity -                                      
  adjusted for FDIC assessment credit*     18.07 %     18.72 %           20.42 %        
                                           
YEAR-TO-DATE OPERATING RESULTS                                      
Net Income   $ 108,206                   $ 100,703     7 %  
Net Income Available to Common Stockholders   $ 108,175                   $ 100,672     7 %  
Diluted Earnings Per Share   $ 2.00                   $ 1.86     8 %  
Return on Average Assets     1.70 %                   1.90 %        
Return on Average Common Stockholders' Equity     18.93 %                   20.88 %        
Average Diluted Shares Outstanding     54,087,410                     54,190,244          
                                           
Net income - adjusted for FDIC assessment credit*   $ 106,958                   $ 100,703     6 %  
Net Income Available to Common Stockholders - adjusted                                      
  for FDIC assessment credit*   $ 106,927                   $ 100,672     6 %  
Diluted Earnings Per Share - adjusted for FDIC assessment                                      
  credit*   $ 1.98                   $ 1.86     6 %  
Return on Average Assets - adjusted for FDIC assessment                                      
  credit*     1.68 %                   1.90 %        
Return on Average Common Stockholders' Equity -                                      
  adjusted for FDIC assessment credit*     18.71 %                   20.88 %        
                                           
BALANCE SHEET                                      
Total Assets   $ 9,005,112     $ 8,740,237     3 %   $ 7,517,833     20 %  
Loans     7,022,069       6,967,886     1 %     6,363,531     10 %  
Non-interest-bearing Demand Deposits     1,678,672       1,576,959     6 %     1,504,447     12 %  
Total Deposits     7,724,158       7,404,794     4 %     6,505,351     19 %  
Stockholders' Equity     810,537       778,957     4 %     681,510     19 %  
                                           
* The adjustment for the FDIC assessment credit included in the comparative periods presented in this press release are more fully described in "Detailed Financials" and in "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below.  

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $37.6 million for the quarter ended September 30, 2019, compared to net income and net income available to common stockholders of $34.6 million for the same quarter in 2018. Basic and diluted earnings per common share were $0.70 and $0.69, respectively, for the third quarter of 2019, compared to $0.65 and $0.64, respectively, for the third quarter of 2018.

Annualized return on average assets was 1.67% and annualized return on average common stockholders’ equity was 18.69% for the third quarter of 2019, compared to 1.87% and 20.42%, respectively, for the third quarter of 2018.

Net interest income was $73.0 million for the third quarter of 2019, compared to $70.1 million for the second quarter of 2019 and $66.9 million for the third quarter of 2018. The net interest margin in the third quarter of 2019 was 3.36% compared to 3.44% in the second quarter of 2019 and 3.77% in the third quarter of 2018. Linked quarter decreases in average rates paid on deposits in excess of decreases in loan yields drove a favorable rate change and increases in average balances in loans and equity drove favorable volume change. Increases in average balances in interest-bearing deposits in excess of increases in average balances in loans drove an unfavorable mix change as this excess was invested in lower yielding interest-bearing balances with other banks.

Average loans for the third quarter of 2019 were $6.96 billion, an increase of $172.2 million, or 10% annualized, over average loans of $6.79 billion for the second quarter of 2019, and an increase of $727.9 million, or 12%, over average loans of $6.23 billion for the third quarter of 2018.

Average total deposits for the third quarter of 2019 were $7.58 billion, an increase of $399.0 million, or 22% annualized, over average total deposits of $7.18 billion for the second quarter of 2019, and an increase of $1.25 billion, or 20%, over average total deposits of $6.33 billion for the third quarter of 2018.

Non-performing assets to total assets were 0.52% for the third quarter of 2019, an increase of 9 basis points compared to 0.43% for the second quarter of 2019 and an increase of 25 basis points compared to 0.27% for the third quarter of 2018.  Net charge-offs to average loans were 0.49%, a 27 basis point increase compared to 0.22% for the second quarter of 2019 and an increase of 24 basis points compared to 0.25% for the third quarter of 2018. We recorded a $7.0 million provision for loan losses in the third quarter of 2019 compared to $4.9 million in the second quarter of 2019 and $6.6 million in the third quarter of 2018. We recognized a $7.4 million close-out payment resulting from the termination of a state-operated loan guarantee program during the third quarter of 2019. The allowance for loan loss as a percentage of total loans was 1.10% at September 30, 2019, an increase of eight basis points compared to 1.02% at June 30, 2019 and an increase of five basis points compared to 1.05% as of September 30, 2018. In management’s opinion, the allowance is adequate and was determined by consistent application of ServisFirst Bank’s methodology for calculating its allowance for loan losses.

Non-interest income for the third quarter of 2019 increased $1.1 million, or 23%, to $6.2 million from $5.1 million in the third quarter of 2018. Deposit service charges increased $140,000 in the third quarter of 2019, or 9%, compared to the third quarter of 2018. The number of transaction deposit accounts increased approximately 11% from September 30, 2018 to September 30, 2019. Mortgage banking revenue increased $544,000, or 69%, from the third quarter of 2018 to the third quarter of 2019. Mortgage loan originations increased approximately 64% during the third quarter of 2019 when compared to the same quarter in 2018. Credit card revenue increased $454,000, or 32%, to $1.9 million during the third quarter of 2019, compared to $1.4 million during the third quarter of 2018. The number of accounts increased approximately 35% and the aggregate amount of sales on all accounts increased 41% during the third quarter of 2019. Other income for the third quarter of 2019 increased $159,000, or 54%, to $453,000 from $294,000 in the third quarter of 2018.

Non-interest expense for the third quarter of 2019 increased $2.5 million, or 11%, to $25.2 million from $22.6 million in the third quarter of 2018, and decreased $861,000, or 3%, on a linked quarter basis. During the third quarter of 2019 we recognized a credit in the amount of $1.7 million to our FDIC and other regulatory assessments expense as a result of the Federal Deposit Insurance Corporation’s (“FDIC”) Small Bank Assessment Credit. This credit is discussed further below in “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.” Salary and benefit expense for the third quarter of 2019 increased $2.4 million, or 19%, to $15.5 million from $13.1 million in the third quarter of 2018, and increased $1.2 million, or 8%, on a linked quarter basis. The number of FTE employees increased from 456 at September 30, 2018 to 506 at September 30, 2019, or 11%. Equipment and occupancy expense increased $194,000, or 9%, to $2.4 million in the third quarter of 2019, from $2.2 million in the third quarter of 2018, and increased $100,000 on a linked-quarter basis. Professional services expense increased $34,000, or 4%, to $887,000 in the third quarter of 2019, from $853,000 in the third quarter of 2018, and decreased $304,000, or 26%, from $1.2 million on a linked-quarter basis. FDIC and other regulatory assessments decreased $971,000 to a credit amount of $296,000 in the third quarter of 2019, from $675,000 in the third quarter of 2018. As mentioned above, we recognized an assessment credit during the third quarter of 2019. Expenses associated with other real estate owned decreased $211,000, or 73%, to $78,000 in the third quarter of 2019, from $289,000 in the third quarter of 2018. We had one write-down of a commercial warehouse building in 2018. Other operating expenses for the third quarter of 2019 increased $1.1 million, or 19%, to $6.6 million from $5.5 million in the third quarter of 2018, and decreased $306,000, or 4%, on a linked-quarter basis. Increases in data processing and Federal Reserve Bank service charges contributed to this increase in other operating expenses for the year-over-year comparison. Decreases in business development expenses contributed to the decrease in the linked-quarter comparison. The efficiency ratio was 31.76% during the third quarter of 2019 compared to 31.45% during the third quarter of 2018 and compared to 34.30% during the second quarter of 2019.

Income tax expense increased $1.4 million, or 17%, to $9.5 million in the third quarter of 2019, compared to $8.1 million in the third quarter of 2018. Our effective tax rate was 20.20% for the third quarter of 2019 compared to 19.03% for the third quarter of 2018. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the third quarters of 2019 and 2018 of $231,000 and $539,000, respectively.

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

During the third quarter of 2019 we recorded a $1.7 million credit to our FDIC and other regulatory assessments expense as a result of the FDIC’s Small Bank Assessment Credit. Financial measures included in this press release that are presented adjusted for this credit are net income, net income available to common stockholders, diluted earnings per share, return on average assets and return on average common stockholders’ equity. Each of these five financial measures excludes the impact of this item, net of tax, attributable to the FDIC Small Bank Assessment Credit and are all considered non-GAAP financial measures. This press release also contains certain non-GAAP financial measures, including tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill and core deposit intangibles associated with our acquisition of Metro Bancshares, Inc. in January 2015. We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation tables provide a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release.  Dollars are in thousands, except share and per share data.

      Three Months
Ended
September 30,
2019
  Nine Months
Ended
September 30,
2019
             
Net income - GAAP   $ 37,563       $ 108,206                              
  Adjustments:                                          
  FDIC Small Bank Assessment Credit     1,669         1,669                              
  Tax on adjustment     421         421                              
Adjusted net income - non-GAAP   $ 36,315       $ 106,958                              
                                             
Net income available to common stockholders - GAAP   $ 37,563       $ 108,175                              
  Adjustments:                                          
  FDIC Small Bank Assessment Credit     1,669         1,669                              
  Tax on adjustment     421         421                              
Adjusted net income available to common stockholders -                                          
  non-GAAP   $ 36,315       $ 106,927                              
                                             
Diluted earnings per share - GAAP   $ 0.69       $ 2.00                              
  Adjustments:                                          
  FDIC Small Bank Assessment Credit     (0.03 )       (0.03 )                            
  Tax on adjustment     0.01         0.01                              
Adjusted diluted earnings per share - non-GAAP     0.67         1.98                              
                                             
Return on average assets - GAAP     1.67 %     1.70 %                          
Net income - GAAP   $ 37,563       $ 108,206                              
  Adjustments:                                          
  FDIC Small Bank Assessment Credit     1,669         1,669                              
  Tax on adjustment     421         421                              
Adjusted net income - non-GAAP   $ 36,315       $ 106,958                              
Average assets - GAAP   $ 8,919,405       $ 8,505,310                              
Adjusted return on average assets - non-GAAP     1.62 %     1.68 %                          
                                             
Return on average common stockholders' equity - GAAP     18.69 %     18.93 %                          
Net income - GAAP   $ 37,563       $ 108,206                              
  Adjustments:                                          
  FDIC Small Bank Assessment Credit     1,669         1,669                              
  Tax on adjustment     421         421                              
Adjusted net income - non-GAAP   $ 36,315       $ 106,958                              
Average common stockholders' equity - GAAP   $ 797,294       $ 764,070                              
Adjusted return on average common stockholders' equity -                                          
  non-GAAP     18.07 %     18.71 %                          
                                             
      At September
30, 2019
  At June 30,
2019
  At March 31,
2019
  At December
31, 2018
  At September
30, 2018
 
Book value per share - GAAP   $ 15.13       $ 14.55       $ 13.94     $ 13.40     $ 12.81    
Total common stockholders' equity - GAAP     810,537         778,957         745,586       715,203       681,510    
  Adjustments:                                          
  Adjusted for goodwill and core deposit intangible asset     14,246         14,314         14,381       14,449       14,517    
Tangible common stockholders' equity - non-GAAP   $ 796,291       $ 764,643       $ 731,205     $ 700,754     $ 666,993    
Tangible book value per share - non-GAAP   $ 14.86       $ 14.29       $ 13.67     $ 13.13     $ 12.54    
                                             
Stockholders' equity to total assets - GAAP     9.00 %     8.91 %     8.97 %     8.93 %     9.07 %  
Total assets - GAAP   $ 9,005,112       $ 8,740,237       $ 8,310,836     $ 8,007,382     $ 7,517,833    
  Adjustments:                                          
  Adjusted for goodwill and core deposit intangible asset     14,246         14,314         14,381       14,449       14,517    
Total tangible assets - non-GAAP   $ 8,990,866       $ 8,725,923       $ 8,296,455     $ 7,992,933     $ 7,503,316    
Tangible common equity to total tangible assets - non-GAAP     8.86 %     8.76 %     8.81 %     8.77 %     8.89 %  

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Birmingham, Huntsville, Montgomery, Mobile and Dothan, Alabama, Pensacola, Sarasota and Tampa Bay, Florida, Atlanta, Georgia, Charleston, South Carolina and Nashville, Tennessee.

ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.

Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The words "believe," "expect," "anticipate," "project," “plan,” “intend,” “will,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. ServisFirst Bancshares, Inc. cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to ServisFirst Bancshares, Inc., are necessarily estimates reflecting the judgment of ServisFirst Bancshares, Inc.’s senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including: general economic conditions, especially in the credit markets and in the Southeast; the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, economic stimulus initiatives; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; and increased competition from both banks and non-bank financial institutions. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K and our other SEC filings. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained herein. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. ServisFirst Bancshares, Inc. assumes no obligation to update or revise any forward-looking statements that are made from time to time.

More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.

Contact: ServisFirst Bank
Davis Mange (205) 949-3420
dmange@servisfirstbank.com

SELECTED FINANCIAL HIGHLIGHTS (Unaudited)                                          
(In thousands except share and per share data)                                          
    3rd Quarter 2019   2nd Quarter 2019   1st Quarter 2019   4th Quarter 2018   3rd Quarter 2018  
CONSOLIDATED STATEMENT OF INCOME                                          
Interest income   $ 101,130     $ 97,787     $ 93,699     $ 90,164     $ 84,058    
Interest expense     28,125       27,702       24,921       21,306       17,195    
Net interest income     73,005       70,085       68,778       68,858       66,863    
Provision for loan losses     6,985       4,884       4,885       6,518       6,624    
Net interest income after provision for loan losses     66,020       65,201       63,893       62,340       60,239    
Non-interest income     6,210       5,778       4,942       5,019       5,065    
Non-interest expense     25,161       26,022       25,326       22,701       22,624    
Income before income tax     47,069       44,957       43,509       44,658       42,680    
Provision for income tax     9,506       9,324       8,499       8,421       8,120    
Net income     37,563       35,633       35,010       36,237       34,560    
Preferred stock dividends     -       31       -       32       -    
Net income available to common stockholders   $ 37,563     $ 35,602     $ 35,010     $ 36,205     $ 34,560    
Earnings per share - basic   $ 0.70     $ 0.66     $ 0.65     $ 0.68     $ 0.65    
Earnings per share - diluted   $ 0.69     $ 0.66     $ 0.65     $ 0.67     $ 0.64    
Average diluted shares outstanding     54,096,353       54,089,107       54,076,538       54,109,450       54,191,222    
                                           
CONSOLIDATED BALANCE SHEET DATA                                          
Total assets   $ 9,005,112     $ 8,740,237     $ 8,310,836     $ 8,007,382     $ 7,517,833    
Loans     7,022,069       6,967,886       6,659,908       6,533,499       6,363,531    
Debt securities     688,271       658,221       631,946       590,184       578,271    
Non-interest-bearing demand deposits     1,678,672       1,576,959       1,572,703       1,557,341       1,504,447    
Total deposits     7,724,158       7,404,794       7,083,666       6,915,708       6,505,351    
Borrowings     64,693       64,684       64,675       64,666       64,657    
Stockholders' equity   $ 810,537     $ 778,957     $ 745,586     $ 715,203     $ 681,510    
                                           
Shares outstanding     53,579,013       53,526,882       53,495,208       53,375,195       53,197,807    
Book value per share   $ 15.13     $ 14.55     $ 13.94     $ 13.40     $ 12.81    
Tangible book value per share (1)   $ 14.86     $ 14.29     $ 13.67     $ 13.13     $ 12.54    
                                           
SELECTED FINANCIAL RATIOS (Annualized)                                          
Net interest margin     3.36 %     3.44 %     3.56 %     3.63 %     3.77 %  
Return on average assets     1.67 %     1.69 %     1.75 %     1.85 %     1.87 %  
Return on average common stockholders' equity     18.69 %     18.72 %     19.42 %     21.13 %     20.42 %  
Efficiency ratio     31.76 %     34.30 %     34.35 %     30.73 %     31.45 %  
Non-interest expense to average earning assets     1.16 %     1.28 %     1.31 %     1.20 %     1.27 %  
                                           
CAPITAL RATIOS (2)                                          
Common equity tier 1 capital to risk-weighted assets     10.39 %     10.18 %     10.30 %     10.12 %     10.08 %  
Tier 1 capital to risk-weighted assets     10.39 %     10.19 %     10.30 %     10.13 %     10.09 %  
Total capital to risk-weighted assets     12.27 %     12.02 %     12.21 %     12.05 %     12.05 %  
Tier 1 capital to average assets     8.88 %     9.00 %     9.03 %     9.07 %     9.28 %  
Tangible common equity to total tangible assets (1)     8.86 %     8.76 %     8.81 %     8.77 %     8.89 %  
                                           
(1) See "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" for a discussion of these Non-GAAP financial measures.  
(2) Regulatory capital ratios for most recent period are preliminary.  


CONSOLIDATED BALANCE SHEETS (UNAUDITED)                    
(Dollars in thousands)                    
        September 30,
2019
  September 30,
2018
  % Change  
ASSETS                    
Cash and due from banks   $ 108,804     $ 77,692     40 %  
Interest-bearing balances due from depository institutions     463,625       59,096     685 %  
Federal funds sold     474,298       229,033     107 %  
  Cash and cash equivalents     1,046,727       365,821     186 %  
Available for sale debt securities, at fair value     688,021       578,021     19 %  
Held to maturity debt securities (fair value of $250 at September 30, 2019 and 2018)     250       250     - %  
Mortgage loans held for sale     8,691       5,277     65 %  
Loans     7,022,069       6,363,531     10 %  
Less allowance for loan losses     (77,192 )     (66,879 )   15 %  
  Loans, net     6,944,877       6,296,652     10 %  
Premises and equipment, net     56,570       57,882     (2 ) %  
Goodwill and other identifiable intangible assets     14,246       14,517     (2 ) %  
Other assets     245,730       198,524     24 %  
  Total assets   $ 9,005,112     $ 7,517,833     20 %  
LIABILITIES AND STOCKHOLDERS' EQUITY                    
Liabilities:                    
Deposits:                    
  Non-interest-bearing   $ 1,678,672     $ 1,504,447     12 %  
  Interest-bearing     6,045,486       5,000,904     21 %  
    Total deposits     7,724,158       6,505,351     19 %  
Federal funds purchased     370,231       246,094     50 %  
Other borrowings     64,693       64,657     - %  
Other liabilities     35,493       20,221     76 %  
  Total liabilities     8,194,575       6,836,323     20 %  
Stockholders' equity:                    
  Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at                    
    September 30, 2019 and September 30, 2018     -       -          
  Common stock, par value $0.001 per share; 100,000,000 shares authorized; 53,579,113 shares                    
    issued and outstanding at September 30, 2019, and 53,197,807 shares issued and outstanding                    
    at September 30, 2018     54       53     2 %  
  Additional paid-in capital     219,234       218,062     1 %  
  Retained earnings     584,968       472,681     24 %  
  Accumulated other comprehensive income (loss)     5,779       (9,788 )   NM    
    Total stockholders' equity attributable to ServisFirst Bancshares, Inc.     810,035       681,008     19 %  
  Noncontrolling interest     502       502     - %  
    Total stockholders' equity     810,537       681,510     19 %  
  Total liabilities and stockholders' equity   $ 9,005,112     $ 7,517,833     20 %  


...
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)                    
(In thousands except per share data)                          
        Three Months Ended September 30,   Nine Months Ended September 30,  
        2019     2018   2019   2018  
Interest income:                          
  Interest and fees on loans   $ 90,767     $ 78,991   $ 264,901   $ 222,285  
  Taxable securities     4,367       3,276     12,306     9,148  
  Nontaxable securities     316       583     1,155     1,862  
  Federal funds sold     1,768       892     4,985     2,137  
  Other interest and dividends     3,912       316     9,269     1,031  
  Total interest income     101,130       84,058     292,616     236,463  
Interest expense:                          
  Deposits     24,787       15,210     71,172     36,545  
  Borrowed funds     3,338       1,985     9,576     6,097  
  Total interest expense     28,125       17,195     80,748     42,642  
  Net interest income     73,005       66,863     211,868     193,821  
Provision for loan losses     6,985       6,624     16,754     14,884  
  Net interest income after provision for loan losses     66,020       60,239     195,114     178,937  
Non-interest income:                          
  Service charges on deposit accounts     1,735       1,595     5,223     4,833  
  Mortgage banking     1,333       789     2,995     2,096  
  Credit card income     1,868       1,414     5,185     4,030  
  Securities gains     34       186     28     190  
  Increase in cash surrender value life insurance     787       787     2,327     2,350  
  Other operating income     453       294     1,172     922  
  Total non-interest income     6,210       5,065