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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
INTEREST INCOME        
Interest and fees on loans $ 39,321 $ 40,595 $ 81,626 $ 81,107
Interest on investments:        
Taxable 2,108 2,639 4,567 5,323
Tax-exempt 57 91 115 184
Interest on loans held for sale 54 13 75 17
Interest on interest-earning deposits 109 1,265 661 2,535
Total interest income 41,649 44,603 87,044 89,166
INTEREST EXPENSE        
Interest on savings and interest-bearing deposit accounts 3,131 8,554 9,574 16,615
Interest on certificates of deposit 3,147 3,461 6,841 6,695
Interest on borrowed funds 1,127 838 2,139 1,672
Interest on finance lease liability 87 97 177 196
Interest on subordinated debt 1,222 1,223 2,445 2,447
Subtotal - interest expense 8,714 14,173 21,176 27,625
Interest on interest-bearing demand - brokered 700 836 1,623 1,575
Interest on certificates of deposits - brokered 264 326 527 691
Total interest expense 9,678 15,335 23,326 29,891
NET INTEREST INCOME BEFORE PROVISION FOR LOAN AND LEASE LOSSES 31,971 29,268 63,718 59,275
Provision for loan and lease losses 4,900 1,150 24,900 1,250
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 27,071 28,118 38,818 58,025
OTHER INCOME        
Wealth management fee income 9,996 9,568 19,951 18,742
Service charges and fees 695 897 1,511 1,713
Bank owned life insurance 318 326 646 664
Gains on loans held for sale at fair value (mortgage banking) 550 132 842 179
Loss on loans held for sale at lower of cost or fair value     (3)  
Fee income related to loan level, back-to-back swaps 202 721 1,620 991
Gain on sale of SBA loans 258 573 1,312 992
Other income 482 740 941 1,346
Securities gains/(losses), net 125 69 323 128
Total other income 12,626 13,026 27,143 24,755
OPERATING EXPENSES        
Compensation and employee benefits 19,186 17,543 38,412 34,699
Premises and equipment 4,036 3,600 8,079 6,988
FDIC insurance expense 455 277 705 554
Other operating expense 5,337 4,753 10,053 9,647
Total operating expenses 29,014 26,173 57,249 51,888
INCOME BEFORE INCOME TAX EXPENSE 10,683 14,971 8,712 30,892
Income tax expense/(benefit) 2,441 3,421 (903) 7,917
NET INCOME $ 8,242 $ 11,550 $ 9,615 $ 22,975
EARNINGS PER SHARE        
Basic $ 0.44 $ 0.59 $ 0.51 $ 1.18
Diluted $ 0.43 $ 0.59 $ 0.51 $ 1.18
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
Basic 18,872,070 19,447,155 18,865,206 19,399,071
Diluted 19,059,822 19,568,371 18,991,056 19,528,537