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 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest and dividend income:        
Interest and fees on loans and leases $ 50,265 $ 41,150 $ 143,614 $ 120,862
Interest on securities 3,188 2,701 8,657 8,604
Dividends on Federal Reserve Bank (FRB) and FHLB stock 286 419 943 1,540
Interest on deposits in other banks 123 55 323 152
Total interest and dividend income 53,862 44,325 153,537 131,158
Interest expense:        
Interest on deposits 7,071 4,358 18,687 11,769
Interest on FHLB advances 198 179 714 673
Interest on subordinated debentures 1,667 206 3,677 584
Total interest expense 8,936 4,743 23,078 13,026
Net interest income before provision for loan and lease losses 44,926 39,582 130,459 118,132
Loan and lease loss provision (income) 269 (1,450) 611 (4,490)
Net interest income after provision for loan and lease losses 44,657 41,032 129,848 122,622
Noninterest income:        
Service charges on deposit accounts 2,678 2,883 7,667 8,782
Trade finance and other service charges and fees 1,133 992 3,449 3,099
Gain on sales of Small Business Administration (SBA) loans 2,546 1,616 6,678 4,247
Disposition gains on Purchased Credit Impaired (PCI) loans 979 789 1,702 3,411
Net gain on sales of securities 267 46 1,473 46
Other operating income 1,213 2,348 4,764 5,423
Total noninterest income 8,816 8,674 25,733 25,008
Noninterest expense:        
Salaries and employee benefits 16,947 15,950 50,674 47,710
Occupancy and equipment 3,883 3,917 11,743 11,351
Data processing 1,779 1,330 5,148 4,219
Professional fees 1,210 1,090 3,912 4,063
Supplies and communications 755 821 2,135 2,266
Advertising and promotion 1,147 1,153 2,964 2,769
OREO expense (income) (16) 73 402 721
Merger and integration costs (income) 0 0 (40) 0
Other operating expenses 2,955 4,003 7,905 9,170
Total noninterest expense 28,660 28,337 84,843 82,269
Income before income tax expense 24,813 21,369 70,738 65,361
Income tax expense 9,890 8,248 27,576 23,288
Net income $ 14,923 $ 13,121 $ 43,162 $ 42,073
Basic earnings per share (in usd per share) $ 0.46 $ 0.41 $ 1.34 $ 1.31
Diluted earnings per share (in usd per share) $ 0.46 $ 0.41 $ 1.33 $ 1.31
Weighted-average shares outstanding:        
Basic (shares) 32,095,286 31,912,470 32,058,705 31,880,466
Diluted (shares) 32,255,814 32,088,233 32,230,319 32,031,295