XML 14 R4.htm IDEA: XBRL DOCUMENT v3.19.2
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
INTEREST INCOME        
Interest and fees on loans $ 40,595 $ 37,102 $ 81,107 $ 71,769
Interest on investments:        
Taxable 2,639 2,072 5,323 3,997
Tax-exempt 91 99 184 208
Interest on loans held for sale 13 6 17 16
Interest on interest-earning deposits 1,265 395 2,535 752
Total interest income 44,603 39,674 89,166 76,742
INTEREST EXPENSE        
Interest on savings and interest-bearing deposit accounts 8,554 4,416 16,615 8,135
Interest on certificates of deposit 3,461 2,330 6,695 4,479
Interest on borrowed funds 838 1,155 1,672 1,525
Interest on finance lease liability 97 106 196 213
Interest on subordinated debt 1,223 1,221 2,447 2,442
Subtotal - interest expense 14,173 9,228 27,625 16,794
Interest on interest-bearing demand - brokered 836 804 1,575 1,484
Interest on certificates of deposits - brokered 326 399 691 828
Total interest expense 15,335 10,431 29,891 19,106
NET INTEREST INCOME BEFORE PROVISION FOR LOAN AND LEASE LOSSES 29,268 29,243 59,275 57,636
Provision for loan and lease losses 1,150 300 1,250 1,550
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 28,118 28,943 58,025 56,086
OTHER INCOME        
Wealth management fee income 9,568 8,126 18,742 16,493
Service charges and fees 897 873 1,713 1,704
Bank owned life insurance 326 345 664 681
Gains on loans held for sale at fair value (mortgage banking) 132 79 179 173
Fee income related to loan level, back-to-back swaps 721 900 991 1,152
Gain on sale of SBA loans 573 814 992 845
Other income 740 639 1,346 1,021
Securities gains/(losses), net 69 (36) 128 (114)
Total other income 13,026 11,740 24,755 21,955
OPERATING EXPENSES        
Compensation and employee benefits 17,543 15,826 34,699 30,405
Premises and equipment 3,600 3,406 6,988 6,676
FDIC insurance expense 277 625 554 1,205
Other operating expense 4,753 5,084 9,647 9,992
Total operating expenses 26,173 24,941 51,888 48,278
INCOME BEFORE INCOME TAX EXPENSE 14,971 15,742 30,892 29,763
Income tax expense 3,421 3,832 7,917 7,046
NET INCOME $ 11,550 $ 11,910 $ 22,975 $ 22,717
EARNINGS PER SHARE        
Basic $ 0.59 $ 0.63 $ 1.18 $ 1.21
Diluted $ 0.59 $ 0.62 $ 1.18 $ 1.20
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
Basic 19,447,155 18,930,893 19,399,071 18,770,492
Diluted 19,568,371 19,098,838 19,528,537 18,996,979