Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.3.1.900
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Interest and Dividend Income:      
Interest and fees on loans $ 148,797 $ 122,222 $ 108,804
Interest on securities 12,422 12,638 8,717
Dividends on FRB and FHLB stock 2,786 1,767 1,404
Interest on deposits in other banks 221 107 209
Interest on federal funds sold 0 0 6
Total interest and dividend income 164,226 136,734 119,140
Interest Expense:      
Interest on deposits 15,410 13,560 12,678
Interest on subordinated debentures 623 235 678
Interest on FHLB advances 76 151 151
Interest on rescinded stock obligation 0 87 0
Total interest expense 16,109 14,033 13,507
Net interest income before provision for loan losses 148,117 122,701 105,633
(Negative provision) provision for loan losses (11,614) (6,258) 576
Net interest income after provision for loan losses 159,731 128,959 105,057
Noninterest Income:      
Bargain purchase gain, net of deferred taxes 0 14,577 0
Service charges on deposit accounts 12,900 11,374 11,307
Trade finance and other service charges and fees 4,623 4,946 4,475
Gain on sale of Small Business Administration (SBA) loans 8,749 3,494 8,000
Net gain on sales of securities 6,611 2,011 1,039
Disposition gains on Purchased Credit Impaired (PCI) loans 10,167 1,432 0
Other operating income 4,552 4,462 3,079
Total noninterest income 47,602 42,296 27,900
Noninterest Expense:      
Salaries and employee benefits 62,864 50,177 35,129
Occupancy and equipment 17,371 12,295 10,017
Data processing 6,321 6,080 4,582
Professional fees 7,905 7,564 5,335
Supplies and communications 3,582 2,612 2,155
Advertising and promotion 4,201 3,435 3,411
Merger and integration costs 1,971 6,646 730
OREO expense (gain) 307 (49) (59)
Other operating expenses 10,806 9,911 9,141
Total noninterest expense 115,328 98,671 70,441
Income from continuing operations before provision for income taxes 92,005 72,584 62,516
Provision for income taxes 38,182 22,379 22,732
Income from continuing operations, net of taxes 53,823 50,205 39,784
Discontinued operations:      
Income from operations of discontinued subsidiaries (including gain on disposal of $51 in the second quarter of 2014) 0 37 115
Income tax expense 0 481 42
(Loss) income from discontinued operations 0 (444) 73
Net income $ 53,823 $ 49,761 $ 39,857
Basic earnings per share:      
Income from continuing operations, net of taxes (in usd per share) $ 1.69 $ 1.58 $ 1.26
Loss from discontinued operations, net of taxes (in usd per share) 0.00 (0.01) 0.00
Basic earnings per share (in usd per share) 1.69 1.57 1.26
Diluted earnings per share:      
Income from continuing operations, net of taxes (in usd per share) 1.68 1.57 1.26
(Loss) income from discontinued operations, net of taxes (in usd per share) 0.00 (0.01) 0.00
Diluted earnings per share (in usd per share) $ 1.68 $ 1.56 $ 1.26
Weighted-average shares outstanding:      
Basic (shares) 31,788,215 31,696,100 31,598,913
Diluted (shares) 31,876,820 31,978,064 31,696,520