Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.4.0.3
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Interest and dividend income:    
Interest and fees on loans $ 39,067 $ 37,034
Interest on securities 3,017 3,874
Dividends on FRB and FHLB stock 542 482
Interest on deposits in other banks 48 48
Total interest and dividend income 42,674 41,438
Interest expense:    
Interest on deposits 3,727 3,780
Interest on subordinated debentures 183 145
Interest on FHLB advances 195 56
Total interest expense 4,105 3,981
Net interest income before provision for loan losses 38,569 37,457
Negative provision for loan losses 1,525 1,673
Net interest income after provision for loan losses 40,094 39,130
Noninterest income:    
Service charges on deposit accounts 3,001 3,211
Trade finance and other service charges and fees 1,044 1,267
Gain on sales of Small Business Administration (SBA) loans 858 1,684
Net gain on sales of securities 0 2,184
Disposition gains on Purchased Credit Impaired (PCI) loans 659 1,222
Other operating income 1,399 1,282
Total noninterest income 6,961 10,850
Noninterest expense:    
Salaries and employee benefits 15,698 16,384
Occupancy and equipment 3,496 4,303
Data processing 1,436 2,132
Professional fees 1,464 2,341
Supplies and communications 736 830
Advertising and promotion 522 523
OREO expense 465 417
Merger and integration costs 0 1,611
Other operating expenses 2,251 2,851
Total noninterest expense 26,068 31,392
Income before income tax expense 20,987 18,588
Income tax expense 6,183 7,534
Net income $ 14,804 $ 11,054
Basic earnings per share (in usd per share) $ 0.46 $ 0.35
Diluted earnings per share (in usd per share) $ 0.46 $ 0.35
Weighted-average shares outstanding:    
Basic (shares) 31,846,371 31,747,299
Diluted (shares) 31,928,103 32,026,723