Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.7.0.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Interest and dividend income:    
Interest and fees on loans and leases $ 45,378 $ 39,067
Interest on securities 2,520 3,017
Dividends on Federal Reserve Bank (FRB) and FHLB stock 374 542
Interest on deposits in other banks 77 48
Total interest and dividend income 48,349 42,674
Interest expense:    
Interest on deposits 5,154 3,727
Interest on FHLB advances 468 195
Interest on subordinated debentures 373 183
Total interest expense 5,995 4,105
Net interest income before provision for loan and lease losses 42,354 38,569
Loan and lease loss provision (income) (80) (1,525)
Net interest income after provision for loan and lease losses 42,434 40,094
Noninterest income:    
Service charges on deposit accounts 2,528 3,001
Trade finance and other service charges and fees 1,047 1,044
Gain on sales of Small Business Administration (SBA) loans 1,464 858
Disposition gains on Purchased Credit Impaired (PCI) loans 183 659
Net gain on sales of securities 269 0
Other operating income 1,726 1,399
Total noninterest income 7,217 6,961
Noninterest expense:    
Salaries and employee benefits 17,104 15,698
Occupancy and equipment 3,982 3,496
Data processing 1,631 1,436
Professional fees 1,148 1,464
Supplies and communications 635 736
Advertising and promotion 802 522
OREO expense (income) (101) 465
Merger and integration costs (income) (31) 0
Other operating expenses 2,070 2,251
Total noninterest expense 27,240 26,068
Income before income tax expense 22,411 20,987
Income tax expense 8,628 6,183
Net income $ 13,783 $ 14,804
Basic earnings per share (in usd per share) $ 0.43 $ 0.46
Diluted earnings per share (in usd per share) $ 0.43 $ 0.46
Weighted-average shares outstanding:    
Basic (shares) 32,001,766 31,846,371
Diluted (shares) 32,191,458 31,928,103