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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest income:        
Loans receivable $ 39,640 $ 22,485 $ 103,216 $ 57,780
Loans held for sale 8,503 9,495 20,301 31,536
Investment securities 2,361 1,423 7,944 3,334
Other 794 342 1,805 789
Total interest income 51,298 33,745 133,266 93,439
Interest expense:        
Deposits 6,179 5,470 17,321 15,742
Other borrowings 1,494 789 3,834 868
FHLB advances 1,711 272 3,348 840
Subordinated debt 1,700 16 1,826 49
Total interest expense 11,084 6,547 26,329 17,499
Net interest income 40,214 27,198 106,937 75,940
Provision for loan losses 5,035 750 12,288 2,748
Net interest income after provision for loan losses 35,179 26,448 94,649 73,192
Non-interest income:        
Mortgage warehouse transactional fees 2,154 3,090 6,128 10,626
Bank-owned life insurance 976 615 2,646 1,658
Gain (loss) on sale of loans 695 (6) 1,266 402
Mortgage loan and banking income 212 50 2,175 50
Deposit fees 192 198 618 487
Gain on sale of investment securities 0 0 3,191 0
Other 873 714 3,298 1,784
Total non-interest income 5,102 4,661 19,322 15,007
Non-interest expense:        
Salaries and employee benefits 12,070 8,963 33,012 24,868
FDIC assessments, taxes, and regulatory fees 3,320 1,105 8,529 3,510
Occupancy 2,931 2,289 8,162 6,309
Professional services 1,671 1,191 5,834 3,149
Technology, communications and bank operations 1,485 1,121 4,666 3,023
Other real estate owned 603 401 1,845 962
Loan workout 388 928 1,306 1,674
Advertising and promotion 261 450 1,104 973
Loss contingency 0 0 0 2,000
Other 1,950 1,899 6,592 5,254
Total non-interest expense 24,679 18,347 71,050 51,722
Income before income tax expense 15,602 12,762 42,921 36,477
Income tax expense 3,940 4,494 12,885 12,794
Net income $ 11,662 $ 8,268 $ 30,036 $ 23,683
Basic earnings per share $ 0.44 [1] $ 0.30 [1] $ 1.12 [1] $ 1.00 [1]
Diluted earnings per share $ 0.42 [1] $ 0.30 [1] $ 1.08 [1] $ 0.98 [1]
[1] Earnings per share amounts have been adjusted to reflect the 10% stock dividend declared on May 15, 2014 and issued on June 30, 2014.