Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.5.0.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest and dividend income:        
Interest and fees on loans $ 40,645 $ 36,915 $ 79,712 $ 73,949
Interest on securities 2,886 2,979 5,903 6,853
Dividends on FRB and FHLB stock 579 1,116 1,121 1,598
Interest on deposits in other banks 49 40 97 88
Total interest and dividend income 44,159 41,050 86,833 82,488
Interest expense:        
Interest on deposits 3,684 3,802 7,410 7,582
Interest on subordinated debentures 196 151 379 296
Interest on FHLB advances 299 4 494 60
Total interest expense 4,179 3,957 8,283 7,938
Net interest income before provision for loan losses 39,980 37,093 78,550 74,550
Negative provision for loan losses (1,515) (2,403) (3,040) (4,076)
Net interest income after provision for loan losses 41,495 39,496 81,590 78,626
Noninterest income:        
Service charges on deposit accounts 2,898 3,169 5,899 6,380
Trade finance and other service charges and fees 1,064 1,109 2,109 2,376
Gain on sales of Small Business Administration (SBA) loans 1,774 1,573 2,632 3,257
Net gain on sales of securities 0 1,912 0 4,096
Disposition gains on Purchased Credit Impaired (PCI) loans 1,963 2,470 2,622 3,693
Other operating income 1,674 900 3,072 2,181
Total noninterest income 9,373 11,133 16,334 21,983
Noninterest expense:        
Salaries and employee benefits 16,061 15,542 31,759 31,926
Occupancy and equipment 3,938 4,224 7,434 8,527
Data processing 1,454 1,335 2,889 3,467
Professional fees 1,509 1,701 2,974 4,042
Supplies and communications 709 928 1,445 1,758
Advertising and promotion 1,094 1,046 1,616 1,569
OREO expense (income) 183 (13) 648 404
Merger and integration costs 0 136 0 1,747
Other operating expenses 2,915 2,127 5,167 4,978
Total noninterest expense 27,863 27,026 53,932 58,418
Income before income tax expense 23,005 23,603 43,992 42,191
Income tax expense 8,857 9,619 15,040 17,153
Net income $ 14,148 $ 13,984 $ 28,952 $ 25,038
Basic earnings per share (in usd per share) $ 0.44 $ 0.44 $ 0.90 $ 0.79
Diluted earnings per share (in usd per share) $ 0.44 $ 0.44 $ 0.90 $ 0.79
Weighted-average shares outstanding:        
Basic (shares) 31,882,489 31,774,692 31,864,427 31,761,067
Diluted (shares) 32,029,910 31,908,719 32,001,163 31,874,484