Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.2.0.727
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest and dividend income:        
Interest and fees on loans $ 36,915 $ 27,522 $ 73,949 $ 54,851
Taxable interest on securities 2,959 2,375 6,813 4,912
Tax-exempt interest on securities 20 20 40 96
Interest on interest-bearing deposits in other banks 40 18 88 38
Dividends on FRB stock 201 172 385 340
Dividends on FHLB stock 915 236 1,213 472
Total interest and dividend income 41,050 30,343 82,488 60,709
Interest expense:        
Interest on deposits 3,802 3,153 7,582 6,375
Interest on FHLB advances 4 30 60 78
Interest on subordinated debentures 151 0 296 0
Total interest expense 3,957 3,183 7,938 6,453
Net interest income before provision for loan losses 37,093 27,160 74,550 54,256
Negative provision for loan losses (2,495) (3,866) (4,480) (7,166)
Net interest income after provision for loan losses 39,588 31,026 79,030 61,422
Noninterest income:        
Service charges on deposit accounts 3,169 2,568 6,380 5,041
Trade finance and other service charges and fees 1,109 1,166 2,376 2,188
Gain on sales of Small Business Administration (SBA) loans 1,573 498 3,257 1,045
Net gain on sales of securities 1,912 364 4,096 1,785
Disposition gains on Purchased Credit Impaired (PCI) loans 2,470 0 3,693 0
Other operating income 900 892 2,181 1,643
Total noninterest income 11,133 5,488 21,983 11,702
Noninterest expense:        
Salaries and employee benefits 15,542 10,280 31,926 20,539
Occupancy and equipment 4,224 2,469 8,527 4,866
Merger and integration costs 136 72 1,747 157
Data processing 1,335 1,112 3,467 2,270
OREO expense (13) 0 404 5
Professional fees 1,701 652 4,042 1,400
Supplies and communications 928 595 1,758 1,097
Amortization of other intangible assets 1,046 753 1,569 1,333
Other operating expenses 2,219 2,206 5,382 4,270
Total noninterest expense 27,118 18,139 58,822 35,937
Income from continuing operations before provision for income taxes 23,603 18,375 42,191 37,187
Provision for income taxes 9,619 6,866 17,153 14,710
Income from continuing operations, net of taxes 13,984 11,509 25,038 22,477
Discontinued operations:        
(Loss) income from operations of discontinued subsidiaries 0 (1) 0 37
Income tax expense 0 466 0 481
Loss from discontinued operations, net of taxes 0 (467) 0 (444)
Net income $ 13,984 $ 11,042 $ 25,038 $ 22,033
Basic earnings per share:        
Income from continuing operations, net of taxes (in usd per share) $ 0.44 $ 0.36 $ 0.79 $ 0.71
Loss from discontinued operations, net of taxes (in usd per share) 0.00 (0.01) 0.00 (0.01)
Basic earnings per share (in usd per share) 0.44 0.35 0.79 0.70
Diluted earnings per share:        
Income from continuing operations, net of taxes (in usd per share) 0.44 0.36 0.79 0.70
Loss from discontinued operations, net of taxes (in usd per share) 0.00 (0.01) 0.00 (0.01)
Diluted earnings per share (in usd per share) $ 0.44 $ 0.35 $ 0.79 $ 0.69
Weighted-average shares outstanding:        
Basic (shares) 31,774,692 31,681,033 31,761,067 31,670,436
Diluted (shares) 31,908,719 31,974,253 31,874,484 31,950,313