Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.8.0.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Interest and dividend income:    
Interest and fees on loans and leases $ 51,574 $ 45,378
Interest on securities 3,105 2,520
Dividends on FHLB stock 289 374
Interest on deposits in other banks 114 77
Total interest and dividend income 55,082 48,349
Interest expense:    
Interest on deposits 7,785 5,154
Interest on borrowings 679 468
Interest on subordinated debentures 1,694 373
Total interest expense 10,158 5,995
Net interest income before provision for loan and lease losses 44,924 42,354
Loan and lease loss provision (income) 649 (80)
Net interest income after provision for loan and lease losses 44,275 42,434
Noninterest income:    
Service charges on deposit accounts 2,511 2,528
Trade finance and other service charges and fees 1,173 1,047
Gain on sales of Small Business Administration (SBA) loans 1,448 1,464
Disposition gains on Purchased Credit Impaired (PCI) loans 133 183
Net (loss) gain on sales of securities (428) 269
Other operating income 1,224 1,726
Total noninterest income 6,061 7,217
Noninterest expense:    
Salaries and employee benefits 18,702 17,104
Occupancy and equipment 4,072 3,982
Data processing 1,678 1,631
Professional fees 1,369 1,148
Supplies and communications 708 635
Advertising and promotion 876 802
Other operating expenses 2,352 1,938
Total noninterest expense 29,757 27,240
Income before income tax expense 20,579 22,411
Income tax expense 5,724 8,628
Net income $ 14,855 $ 13,783
Basic earnings per share (in usd per share) $ 0.46 $ 0.43
Diluted earnings per share (in usd per share) $ 0.46 $ 0.43
Weighted-average shares outstanding:    
Basic (shares) 32,145,214 32,001,766
Diluted (shares) 32,301,095 32,191,458