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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest income        
Interest and fees on loans $ 51,699 $ 43,241 $ 148,218 $ 121,879
Interest and dividends on investment securities:        
Taxable 2,154 1,695 6,191 5,042
Tax-exempt 785 870 2,377 2,655
Dividends 530 362 1,517 982
Interest on federal funds sold and other short-term investments 183 170 607 555
Total interest income 55,351 46,338 158,910 131,113
Interest expense        
Deposits 10,681 6,113 27,538 16,717
Borrowings 4,708 3,206 14,318 9,135
Total interest expense 15,389 9,319 41,856 25,852
Net interest income 39,962 37,019 117,054 105,261
Provision for loan losses 1,100 1,450 20,000 4,000
Net interest income after provision for loan losses 38,862 35,569 97,054 101,261
Noninterest income        
Annuities and insurance commissions [1] [2] 39 [2]
Income on bank owned life insurance [1] 751 985 [2] 2,300 2,402 [2]
Net gains on sale of loans held-for-sale [1] 2 50 [2] 31 120 [2]
Deposit, loan and other income 676 721 1,893 2,023
Net gains on sales of securities available-for-sale [1] [2] 1,596 [2]
Total noninterest income 1,429 1,756 [2] 4,224 6,180 [2]
Noninterest expenses        
Salaries and employee benefits 10,174 8,810 29,575 25,521
Occupancy and equipment 2,137 1,969 6,311 6,215
FDIC insurance 735 840 2,350 2,550
Professional and consulting 891 740 2,439 2,192
Marketing and advertising 192 225 736 770
Data processing 1,102 1,176 3,341 3,474
Merger expenses 375 399
Amortization of core deposit intangible 145 169 483 555
Other components of net periodic pension expense 7 62 21 189
Increase in valuation allowance, loans held-for-sale 3,000 15,325
Change in fair value of equity securities 157 325
Other expenses 2,372 1,650 6,474 5,402
Total noninterest expenses 18,287 18,641 52,454 62,193
Income before income tax expense 22,004 18,684 48,824 45,248
Income tax expense 2,102 5,607 7,144 12,608
Net income $ 19,902 $ 13,077 $ 41,680 $ 32,640
Earnings per common share:        
Basic $ 0.62 $ 0.41 $ 1.3 $ 1.02
Diluted 0.61 0.41 1.29 1.01
Dividends per common share $ 0.075 $ 0.075 $ 0.225 $ 0.225
[1] Not within scope of ASC 606.
[2] The Company elected the modified respective approach of adoption; therefore, prior period balances are presented under legacy GAAP and may not be comparable to current year presentation.