Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.19.3
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and dividend income:        
Interest and fees on loans and leases $ 57,929 $ 56,361 $ 173,135 $ 161,643
Interest on securities 3,769 3,238 10,996 9,541
Dividends on FHLB stock 286 286 858 858
Interest on deposits in other banks 193 151 1,085 398
Total interest and dividend income 62,177 60,036 186,074 172,440
Interest expense:        
Interest on deposits 15,995 11,694 48,406 28,944
Interest on borrowings 367 1,264 439 2,959
Interest on subordinated debentures 1,757 1,749 5,293 5,170
Total interest expense 18,119 14,707 54,138 37,073
Net interest income before provision for loan and lease losses 44,058 45,329 131,936 135,367
Loan and lease loss provision 1,602 200 19,418 949
Net interest income after provision for loan and lease losses 42,456 45,129 112,518 134,418
Noninterest income:        
Service charges on deposit accounts 2,518 2,513 7,362 7,352
Trade finance and other service charges and fees 1,191 1,128 3,519 3,449
Gain on sales of Small Business Administration (“SBA”) loans 1,767 1,114 3,752 3,970
Net gain (loss) on sales of securities 0 19 1,295 (341)
Other operating income 1,384 1,441 4,915 3,790
Total noninterest income 6,860 6,215 20,843 18,220
Noninterest expense:        
Salaries and employee benefits 17,530 17,436 50,149 53,590
Occupancy and equipment 4,528 3,685 12,517 11,839
Data processing 2,410 1,745 6,633 4,976
Professional fees 2,826 1,626 6,459 4,210
Supplies and communications 726 805 2,220 2,206
Advertising and promotion 927 814 2,632 2,724
Other operating expenses 3,660 2,897 11,207 8,729
Total noninterest expense 32,607 29,008 91,817 88,274
Income before income taxes 16,709 22,336 41,544 64,364
Income tax expense 4,333 6,255 11,840 17,880
Net income $ 12,376 $ 16,081 $ 29,704 $ 46,484
Basic earnings per share (in usd per share) $ 0.40 $ 0.50 $ 0.96 $ 1.44
Diluted earnings per share (in usd per share) $ 0.40 $ 0.50 $ 0.96 $ 1.43
Weighted-average shares outstanding:        
Basic (shares) 30,830,445 32,155,132 30,736,456 32,171,558
Diluted (shares) 30,859,119 32,275,277 30,769,160 32,306,041