Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.6.0.2
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Interest and dividend income:      
Interest and fees on loans and leases $ 164,642 $ 148,797 $ 122,222
Interest on securities 11,154 12,422 12,638
Dividends on FRB and FHLB stock 2,467 2,786 1,767
Interest on deposits in other banks 208 221 107
Total interest and dividend income 178,471 164,226 136,734
Interest expense:      
Interest on deposits 16,570 15,410 13,560
Interest on subordinated debentures 825 623 235
Interest on FHLB advances 879 76 151
Interest on rescinded stock obligation 0 0 87
Total interest expense 18,274 16,109 14,033
Net interest income before provision for loan and lease losses 160,197 148,117 122,701
Negative provision for loan and lease losses (4,339) (11,614) (6,258)
Net interest income after provision for loan and lease losses 164,536 159,731 128,959
Noninterest Income:      
Bargain purchase gain, net of deferred taxes 0 0 14,577
Service charges on deposit accounts 11,380 12,900 11,374
Trade finance and other service charges and fees 4,232 4,623 4,946
Gain on sales of Small Business Administration (SBA) loans 6,034 8,749 3,494
Net gain on sales of securities 46 6,611 2,011
Disposition gains on Purchased Credit Impaired (PCI) loans 4,970 10,167 1,432
Other operating income 6,413 4,552 4,462
Total noninterest income 33,075 47,602 42,296
Noninterest Expense:      
Salaries and employee benefits 63,956 62,864 50,177
Occupancy and equipment 14,992 17,371 12,295
Data processing 5,674 6,321 6,080
Professional fees 5,374 7,905 7,564
Supplies and communications 2,949 3,582 2,612
Advertising and promotion 3,910 4,201 3,435
Merger and integration costs 312 1,971 6,646
OREO expense (income) 63 307 (49)
Other operating expenses 10,993 10,806 9,911
Total noninterest expense 108,223 115,328 98,671
Income from continuing operations before provision for income taxes 89,388 92,005 72,584
Provision for income taxes 32,899 38,182 22,379
Income from continuing operations, net of taxes 56,489 53,823 50,205
Discontinued operations:      
Income from operations of discontinued subsidiaries (including gain on disposal of $51 in the second quarter of 2014) 0 0 37
Income tax expense 0 0 481
Loss from discontinued operations 0 0 (444)
Net income $ 56,489 $ 53,823 $ 49,761
Basic earnings per share:      
Income from continuing operations, net of taxes (in usd per share) $ 1.76 $ 1.69 $ 1.58
Loss from discontinued operations, net of taxes (in usd per share) 0.00 0.00 (0.01)
Basic earnings per share (in usd per share) 1.76 1.69 1.57
Diluted earnings per share:      
Income from continuing operations, net of taxes (in usd per share) 1.75 1.68 1.57
Loss from discontinued operations, net of taxes (in usd per share) 0.00 0.00 (0.01)
Diluted earnings per share (in usd per share) $ 1.75 $ 1.68 $ 1.56
Weighted-average shares outstanding:      
Basic (shares) 31,899,582 31,788,215 31,696,100
Diluted (shares) 32,048,704 31,876,820 31,978,064