Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Interest and dividend income:      
Interest and fees on loans and leases $ 195,790 $ 164,642 $ 148,797
Interest on securities 11,850 11,154 12,422
Dividends on FRB and FHLB stock 1,232 2,467 2,786
Interest on deposits in other banks 449 208 221
Total interest and dividend income 209,321 178,471 164,226
Interest expense:      
Interest on deposits 26,089 16,570 15,410
Interest on borrowings 1,077 879 76
Interest on subordinated debentures 5,353 825 623
Total interest expense 32,519 18,274 16,109
Net interest income before provision for loan and lease losses 176,802 160,197 148,117
Loan and lease loss provision (income) 831 (4,339) (11,614)
Net interest income after provision for loan and lease losses 175,971 164,536 159,731
Noninterest income:      
Service charges on deposit accounts 10,396 11,380 12,900
Trade finance and other service charges and fees 4,495 4,232 4,623
Gain on sales of Small Business Administration (SBA) loans 8,734 6,034 8,749
Disposition gains on Purchased Credit Impaired (PCI) loans 1,792 4,970 10,167
Net gain on sales of securities 1,748 46 6,611
Other operating income 6,250 6,413 4,552
Total noninterest income 33,415 33,075 47,602
Noninterest expense:      
Salaries and employee benefits 67,944 63,956 62,864
Occupancy and equipment 15,740 14,992 17,371
Data processing 6,960 5,674 6,321
Professional fees 5,464 5,374 7,905
Supplies and communications 2,912 2,949 3,582
Advertising and promotion 3,952 3,910 4,201
Merger and integration costs (income) (40) 312 1,971
OREO expense 302 63 307
Other operating expenses 10,868 10,993 10,806
Total noninterest expense 114,102 108,223 115,328
Income from continuing operations before provision for income taxes 95,284 89,388 92,005
Provision for income taxes 40,624 32,899 38,182
Net income $ 54,660 $ 56,489 $ 53,823
Basic earnings per share:      
Basic earnings per share (in usd per share) $ 1.70 $ 1.76 $ 1.69
Diluted earnings per share:      
Diluted earnings per share (in usd per share) $ 1.69 $ 1.75 $ 1.68
Weighted-average shares outstanding:      
Basic (shares) 32,071,585 31,899,582 31,788,215
Diluted (shares) 32,249,918 32,048,704 31,876,820