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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest Income        
Loans receivable $ 47,784 $ 36,308 $ 87,407 $ 71,439
Investment securities        
Taxable 3,273 2,563 6,395 4,993
Tax exempt 2,793 1,870 5,421 3,735
Total interest income 53,850 40,741 99,223 80,167
Interest Expense        
Deposits 8,938 3,920 15,814 6,791
Borrowed funds 2,495 2,679 6,116 5,251
Subordinated debentures 888 592 1,484 1,164
Total interest expense 12,321 7,191 23,414 13,206
Net Interest Income 41,529 33,550 75,809 66,961
Provision for loan losses 896 635 1,260 1,202
Net Interest Income after Provision for Loan Losses 40,633 32,915 74,549 65,759
Non-interest Income        
Service charges on deposit accounts 2,480 1,907 4,357 3,795
Wire transfer fees 167 180 285 330
Interchange fees 2,160 1,555 3,521 2,883
Fiduciary activities 2,063 1,818 4,152 3,743
Gains (losses) on sale of investment securities (includes $(100) and $0 for the three months ended June 30, 2019 and 2018, respectively, and $(85) and $11 for the six months ended June 30, 2019 and six months ended June 30, 2018 related to accumulated other comprehensive earnings reclassifications) (100)   (85) 11
Gain on sale of mortgage loans 2,078 1,896 3,387 3,319
Mortgage servicing income net of impairment 570 511 1,176 860
Increase in cash value of bank owned life insurance 555 442 1,068 877
Death benefit on bank owned life insurance 367 154 367 154
Other income 558 469 1,382 1,278
Total non-interest income 10,898 8,932 19,610 17,250
Non-interest Expense        
Salaries and employee benefits 16,951 13,809 31,417 28,182
Net occupancy expenses 3,148 2,520 5,920 5,486
Data processing 2,139 1,607 4,105 3,303
Professional fees 598 376 1,091 877
Outside services and consultants 1,655 1,267 5,185 2,531
Loan expense 2,048 1,525 3,997 2,782
FDIC insurance expense 365 345 525 655
Other losses 169 269 273 415
Other expense 4,511 3,224 8,809 6,548
Total non-interest expense 31,584 24,942 61,322 50,779
Income Before Income Taxes 19,947 16,905 32,837 32,230
Income tax expense (includes $(21) and $0 for the three months ended June 30, 2019 and 2018, respectively, and $(18) and $2 for the six months ended June 30, 2019 and six months ended June 30, 2018 related to income tax expense (benefit) from reclassification items) 3,305 2,790 5,379 5,311
Net Income $ 16,642 $ 14,115 $ 27,458 $ 26,919
Basic Earnings Per Share (Restated - See Note 1) $ 0.37 $ 0.37 $ 0.65 $ 0.70
Diluted Earnings Per Share (Restated - See Note 1) $ 0.37 $ 0.37 $ 0.65 $ 0.70