Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

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Consolidated Statements of Income (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income:        
Interest and fees on loans and leases $ 56,872,000 $ 53,708,000 $ 115,206,000 $ 105,283,000
Interest on securities 3,770,000 3,198,000 7,226,000 6,302,000
Dividends on FHLB stock 283,000 283,000 572,000 572,000
Interest on deposits in other banks 557,000 133,000 892,000 247,000
Total interest and dividend income 61,482,000 57,322,000 123,896,000 112,404,000
Interest expense:        
Interest on deposits 16,728,000 9,465,000 32,410,000 17,250,000
Interest on borrowings 0 1,015,000 72,000 1,694,000
Interest on subordinated debentures 1,764,000 1,728,000 3,536,000 3,421,000
Total interest expense 18,492,000 12,208,000 36,018,000 22,365,000
Net interest income before provision for loan and lease losses 42,990,000 45,114,000 87,878,000 90,039,000
Loan and lease loss provision 16,699,000 100,000 17,816,000 749,000
Net interest income after provision for loan and lease losses 26,291,000 45,014,000 70,062,000 89,290,000
Noninterest income:        
Service charges on deposit accounts 2,486,000 2,328,000 4,844,000 4,839,000
Trade finance and other service charges and fees 1,204,000 1,149,000 2,328,000 2,322,000
Gain on sales of Small Business Administration (“SBA”) loans 1,060,000 1,408,000 1,986,000 2,856,000
Net gain (loss) on sales of securities 570,000 67,000 1,295,000 (361,000)
Other operating income 2,409,000 993,000 3,530,000 2,350,000
Total noninterest income 7,729,000 5,945,000 13,983,000 12,006,000
Noninterest expense:        
Salaries and employee benefits 16,881,000 17,453,000 32,619,000 36,155,000
Occupancy and equipment 3,468,000 4,082,000 7,989,000 8,154,000
Data processing 2,140,000 1,554,000 4,223,000 3,231,000
Professional fees 1,983,000 1,214,000 3,632,000 2,583,000
Supplies and communications 649,000 693,000 1,493,000 1,401,000
Advertising and promotion 945,000 1,034,000 1,705,000 1,911,000
Other operating expenses 4,078,000 3,480,000 7,549,000 5,833,000
Total noninterest expense 30,144,000 29,510,000 59,210,000 59,268,000
Income before income tax expense 3,876,000 21,449,000 24,835,000 42,028,000
Income tax expense 1,220,000 5,901,000 7,507,000 11,625,000
Net income $ 2,656,000 $ 15,548,000 $ 17,328,000 $ 30,403,000
Basic earnings per share (in usd per share) $ 0.09 $ 0.48 $ 0.56 $ 0.94
Diluted earnings per share (in usd per share) $ 0.09 $ 0.48 $ 0.56 $ 0.94
Weighted-average shares outstanding:        
Basic (shares) 30,685,301 32,189,096 30,688,698 32,167,111
Diluted (shares) 30,727,681 32,336,775 30,729,020 32,316,648