Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest and dividend income:        
Interest and fees on loans and leases $ 47,971 $ 40,645 $ 93,349 $ 79,712
Interest on securities 2,949 2,886 5,468 5,903
Dividends on Federal Reserve Bank (FRB) and FHLB stock 283 579 657 1,121
Interest on deposits in other banks 123 49 200 97
Total interest and dividend income 51,326 44,159 99,674 86,833
Interest expense:        
Interest on deposits 6,463 3,684 11,617 7,410
Interest on FHLB advances 49 299 517 494
Interest on subordinated debentures 1,636 196 2,009 379
Total interest expense 8,148 4,179 14,143 8,283
Net interest income before provision for loan and lease losses 43,178 39,980 85,531 78,550
Loan and lease loss provision (income) 422 (1,515) 342 (3,040)
Net interest income after provision for loan and lease losses 42,756 41,495 85,189 81,590
Noninterest income:        
Service charges on deposit accounts 2,461 2,898 4,989 5,899
Trade finance and other service charges and fees 1,269 1,064 2,316 2,109
Gain on sales of Small Business Administration (SBA) loans 2,668 1,774 4,132 2,632
Disposition gains on Purchased Credit Impaired (PCI) loans 540 1,963 723 2,622
Net gain on sales of securities 938 0 1,206 0
Other operating income 1,826 1,674 3,551 3,072
Total noninterest income 9,702 9,373 16,917 16,334
Noninterest expense:        
Salaries and employee benefits 16,623 16,061 33,727 31,759
Occupancy and equipment 3,878 3,938 7,861 7,434
Data processing 1,738 1,454 3,369 2,889
Professional fees 1,554 1,509 2,702 2,974
Supplies and communications 745 709 1,379 1,445
Advertising and promotion 1,015 1,094 1,817 1,616
OREO expense (income) 519 183 418 648
Merger and integration costs (income) (9) 0 (40) 0
Other operating expenses 2,881 2,915 4,948 5,167
Total noninterest expense 28,944 27,863 56,181 53,932
Income before income tax expense 23,514 23,005 45,925 43,992
Income tax expense 9,057 8,857 17,685 15,040
Net income $ 14,457 $ 14,148 $ 28,240 $ 28,952
Basic earnings per share (in usd per share) $ 0.45 $ 0.44 $ 0.88 $ 0.90
Diluted earnings per share (in usd per share) $ 0.45 $ 0.44 $ 0.87 $ 0.90
Weighted-average shares outstanding:        
Basic (shares) 32,078,038 31,882,489 32,040,113 31,864,427
Diluted (shares) 32,243,034 32,029,910 32,216,671 32,001,163