Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.10.0.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest and dividend income:        
Interest and fees on loans and leases $ 56,361 $ 50,265 $ 161,643 $ 143,614
Interest on securities 3,238 3,188 9,541 8,657
Dividends on FHLB stock 286 286 858 943
Interest on deposits in other banks 151 123 398 323
Total interest and dividend income 60,036 53,862 172,440 153,537
Interest expense:        
Interest on deposits 11,694 7,071 28,944 18,687
Interest on borrowings 1,264 198 2,959 714
Interest on subordinated debentures 1,749 1,667 5,170 3,677
Total interest expense 14,707 8,936 37,073 23,078
Net interest income before provision for loan and lease losses 45,329 44,926 135,367 130,459
Loan and lease loss provision 200 269 949 611
Net interest income after provision for loan and lease losses 45,129 44,657 134,418 129,848
Noninterest income:        
Service charges on deposit accounts 2,513 2,678 7,352 7,667
Trade finance and other service charges and fees 1,128 1,133 3,449 3,449
Gain on sales of Small Business Administration (SBA) loans 1,114 2,546 3,970 6,678
Disposition gains on Purchased Credit Impaired (PCI) loans 21 979 166 1,702
Net gain (loss) on sales of securities 19 267 (341) 1,473
Other operating income 1,420 1,213 3,624 4,764
Total noninterest income 6,215 8,816 18,220 25,733
Noninterest expense:        
Salaries and employee benefits 17,436 16,947 53,590 50,674
Occupancy and equipment 3,685 3,883 11,839 11,743
Data processing 1,745 1,779 4,976 5,148
Professional fees 1,626 1,210 4,210 3,912
Supplies and communications 805 755 2,206 2,135
Advertising and promotion 814 1,147 2,724 2,964
Merger and integration costs (income) 466 0 846 (40)
Other operating expenses 2,431 2,939 7,883 8,307
Total noninterest expense 29,008 28,660 88,274 84,843
Income before income tax expense 22,336 24,813 64,364 70,738
Income tax expense 6,255 9,890 17,880 27,576
Net income $ 16,081 $ 14,923 $ 46,484 $ 43,162
Basic earnings per share (in usd per share) $ 0.50 $ 0.46 $ 1.44 $ 1.34
Diluted earnings per share (in usd per share) $ 0.50 $ 0.46 $ 1.43 $ 1.33
Weighted-average shares outstanding:        
Basic (shares) 32,155,132 32,095,286 32,171,558 32,058,705
Diluted (shares) 32,275,277 32,255,814 32,306,041 32,230,319