Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Interest and dividend income:      
Interest and fees on loans and leases $ 219,590 $ 195,790 $ 164,642
Interest on securities 12,817 11,850 11,154
Dividends on Federal Reserve Bank (FRB) and FHLB stock 1,413 1,232 2,467
Interest on deposits in other banks 577 449 208
Total interest and dividend income 234,397 209,321 178,471
Interest expense:      
Interest on deposits 43,080 26,089 16,570
Interest on borrowings 3,379 1,077 879
Interest on subordinated debentures 6,925 5,353 825
Total interest expense 53,384 32,519 18,274
Net interest income before provision for loan and lease losses 181,013 176,802 160,197
Loan and lease loss provision (income) 3,990 831 (4,339)
Net interest income after provision for loan and lease losses 177,023 175,971 164,536
Noninterest income:      
Service charges on deposit accounts 10,000 10,396 11,380
Trade finance and other service charges and fees 4,616 4,495 4,232
Gain on sales of Small Business Administration (SBA) loans 4,954 8,734 6,034
Net (loss) gain on sales of securities (341) 1,748 46
Other operating income 5,291 8,042 11,383
Total noninterest income 24,520 33,415 33,075
Noninterest expense:      
Salaries and employee benefits 69,435 67,944 63,956
Occupancy and equipment 15,944 15,740 14,992
Data processing 6,870 6,960 5,674
Professional fees 6,178 5,464 5,374
Supplies and communications 3,003 2,912 2,949
Advertising and promotion 4,041 3,952 3,910
Merger and integration costs (income) 846 (40) 312
Other operating expenses 11,256 11,170 11,056
Total noninterest expense 117,573 114,102 108,223
Income before income taxes 83,970 95,284 89,388
Income tax expense 26,102 40,624 32,899
Net income $ 57,868 $ 54,660 $ 56,489
Basic earnings per share:      
Basic earnings per share (in usd per share) $ 1.80 $ 1.70 $ 1.76
Diluted earnings per share:      
Diluted earnings per share (in usd per share) $ 1.79 $ 1.69 $ 1.75
Weighted-average shares outstanding:      
Basic (shares) 31,924,863 32,071,585 31,899,582
Diluted (shares) 32,051,333 32,249,918 32,048,704