Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.5.0.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest and dividend income:        
Interest and fees on loans $ 41,150 $ 36,466 $ 120,862 $ 110,415
Interest on securities 2,701 2,884 8,604 9,737
Dividends on FRB and FHLB stock 419 607 1,540 2,205
Interest on deposits in other banks 55 68 152 156
Total interest and dividend income 44,325 40,025 131,158 122,513
Interest expense:        
Interest on deposits 4,358 3,881 11,769 11,463
Interest on subordinated debentures 206 158 584 454
Interest on FHLB advances 179 1 673 61
Total interest expense 4,743 4,040 13,026 11,978
Net interest income before provision for loan losses 39,582 35,985 118,132 110,535
Negative provision for loan losses (1,450) (3,704) (4,490) (7,779)
Net interest income after provision for loan losses 41,032 39,689 122,622 118,314
Noninterest income:        
Service charges on deposit accounts 2,883 3,378 8,782 9,758
Trade finance and other service charges and fees 992 1,115 3,099 3,491
Gain on sales of Small Business Administration (SBA) loans 1,616 1,621 4,247 4,878
Net gain on sales of securities 46 2,048 46 6,144
Disposition gains on Purchased Credit Impaired (PCI) loans 789 4,334 3,411 8,027
Other operating income 2,348 1,065 5,423 3,246
Total noninterest income 8,674 13,561 25,008 35,544
Noninterest expense:        
Salaries and employee benefits 15,950 16,097 47,710 48,023
Occupancy and equipment 3,917 4,896 11,351 13,423
Data processing 1,330 1,418 4,219 4,885
Professional fees 1,090 1,940 4,063 5,982
Supplies and communications 821 880 2,266 2,638
Advertising and promotion 1,153 1,290 2,769 2,859
OREO expense 73 225 721 629
Merger and integration costs 0 0 0 1,747
Other operating expenses 4,003 1,976 9,170 6,953
Total noninterest expense 28,337 28,722 82,269 87,139
Income before income tax expense 21,369 24,528 65,361 66,719
Income tax expense 8,248 10,569 23,288 27,722
Net income $ 13,121 $ 13,959 $ 42,073 $ 38,997
Basic earnings per share (in usd per share) $ 0.41 $ 0.44 $ 1.31 $ 1.22
Diluted earnings per share (in usd per share) $ 0.41 $ 0.44 $ 1.31 $ 1.22
Weighted-average shares outstanding:        
Basic (shares) 31,912,470 31,799,573 31,880,466 31,774,047
Diluted (shares) 32,088,233 31,909,808 32,031,295 31,855,024