Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.3.0.814
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest and dividend income:        
Interest and fees on loans $ 36,466 $ 30,912 $ 110,415 $ 85,764
Interest on securities 2,884 3,158 9,737 8,166
Dividends on FRB and FHLB stock 607 463 2,205 1,275
Interest on deposits in other banks 68 29 156 67
Total interest and dividend income 40,025 34,562 122,513 95,272
Interest expense:        
Interest on deposits 3,881 3,278 11,463 9,653
Interest on FHLB advances 1 37 61 116
Interest on rescinded stock obligation 0 87 0 87
Interest on subordinated debentures 158 73 454 73
Total interest expense 4,040 3,475 11,978 9,929
Net interest income before provision for loan losses 35,985 31,087 110,535 85,343
(Negative provision) provision for loan losses (3,704) 48 (7,779) (7,463)
Net interest income after provision for loan losses 39,689 31,039 118,314 92,806
Noninterest income:        
Bargain purchase gain, net of deferred taxes 0 14,577 0 14,577
Service charges on deposit accounts 3,378 2,883 9,758 7,924
Trade finance and other service charges and fees 1,115 1,153 3,491 3,341
Gain on sales of Small Business Administration (SBA) loans 1,621 1,221 4,878 2,267
Net gain on sales of securities 2,048 67 6,144 1,852
Disposition gains on Purchased Credit Impaired (PCI) loans 4,334 0 8,027 0
Other operating income 1,065 1,710 3,246 3,353
Total noninterest income 13,561 21,611 35,544 33,314
Noninterest expense:        
Salaries and employee benefits 16,097 12,847 48,023 33,386
Occupancy and equipment 4,896 3,098 13,423 7,964
Data processing 1,418 1,476 4,885 3,746
Professional fees 1,940 1,386 5,982 2,786
Supplies and communications 880 628 2,638 1,725
Advertising and promotion 1,290 809 2,859 2,142
OREO expense 225 (741) 629 (735)
Other operating expenses 1,976 2,564 6,953 7,180
Merger and integration costs 0 3,415 1,747 3,572
Total noninterest expense 28,722 25,482 87,139 61,766
Income from continuing operations before income tax expense 24,528 27,168 66,719 64,354
Income tax expense 10,569 5,368 27,722 20,078
Income from continuing operations, net of taxes 13,959 21,800 38,997 44,276
Discontinued operations:        
Income from operations of discontinued subsidiaries 0 0 0 37
Income tax expense 0 0 0 481
Loss from discontinued operations, net of taxes 0 0 0 (444)
Net income $ 13,959 $ 21,800 $ 38,997 $ 43,832
Basic earnings per share:        
Income from continuing operations, net of taxes (in usd per share) $ 0.44 $ 0.69 $ 1.22 $ 1.39
Loss from discontinued operations, net of taxes (in usd per share) 0.00 0.00 0.00 (0.01)
Basic earnings per share (in usd per share) 0.44 0.69 1.22 1.38
Diluted earnings per share:        
Income from continuing operations, net of taxes (in usd per share) 0.44 0.68 1.22 1.39
Loss from discontinued operations, net of taxes (in usd per share) 0.00 0.00 0.00 (0.01)
Diluted earnings per share (in usd per share) $ 0.44 $ 0.68 $ 1.22 $ 1.38
Weighted-average shares outstanding:        
Basic (shares) 31,799,573 31,708,581 31,774,047 31,683,288
Diluted (shares) 31,909,808 32,001,419 31,855,024 31,967,876