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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
INTEREST INCOME        
Interest and fees on loans $ 37,704 $ 42,006 $ 119,330 $ 123,113
Interest on investments:        
Taxable 2,182 2,477 6,749 7,800
Tax-exempt 51 73 166 257
Interest on loans held for sale 78 30 153 47
Interest on interest-earning deposits 159 1,362 820 3,897
Total interest income 40,174 45,948 127,218 135,114
INTEREST EXPENSE        
Interest on savings and interest-bearing deposit accounts 2,066 8,710 11,640 25,325
Interest on certificates of deposit 2,529 3,781 9,370 10,476
Interest on borrowed funds 1,221 886 3,360 2,558
Interest on finance lease liability 84 94 261 290
Interest on subordinated debt 1,222 1,224 3,667 3,671
Subtotal - interest expense 7,122 14,695 28,298 42,320
Interest on interest-bearing demand - brokered 636 901 2,259 2,476
Interest on certificates of deposits - brokered 267 267 794 958
Total interest expense 8,025 15,863 31,351 45,754
NET INTEREST INCOME BEFORE PROVISION FOR LOAN AND LEASE LOSSES 32,149 30,085 95,867 89,360
Provision for loan and lease losses 5,150 800 30,050 2,050
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 26,999 29,285 65,817 87,310
OTHER INCOME        
Wealth management fee income 10,119 9,501 30,070 28,243
Service charges and fees 785 882 2,296 2,595
Bank owned life insurance 314 332 960 996
Gain on loans held for sale at fair value (mortgage banking) 954 198 1,796 377
Gain/(loss) on loans held for sale at lower of cost or fair value 7,429 (6) 7,426 (6)
Fee income related to loan level, back-to-back swaps   2,349 1,620 3,340
Gain on sale of SBA loans 79 224 1,391 1,216
Other income 531 902 1,472 2,248
Securities gains/(losses), net   34 323 162
Total other income 20,211 14,416 47,354 39,171
OPERATING EXPENSES        
Compensation and employee benefits 19,202 17,476 57,614 52,175
Premises and equipment 4,109 3,849 12,188 10,837
FDIC insurance expense/(credit) 605 (277) 1,310 277
Other operating expense 4,545 5,211 14,598 14,858
Total operating expenses 28,461 26,259 85,710 78,147
INCOME BEFORE INCOME TAX EXPENSE 18,749 17,442 27,461 48,334
Income tax expense 5,202 5,216 4,299 13,133
NET INCOME $ 13,547 $ 12,226 $ 23,162 $ 35,201
EARNINGS PER SHARE        
Basic $ 0.72 $ 0.63 $ 1.23 $ 1.82
Diluted $ 0.71 $ 0.63 $ 1.22 $ 1.81
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
Basic 18,908,337 19,314,666 18,879,688 19,370,627
Diluted 19,132,650 19,484,905 19,052,605 19,496,721