CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Interest and fees on loans | ||||
Taxable | $ 38,630 | $ 31,538 | $ 110,044 | $ 92,086 |
Tax exempt | 205 | 110 | 517 | 332 |
Interest and dividends on securities | ||||
Taxable | 2,349 | 2,277 | 7,033 | 7,120 |
Tax exempt | 1,309 | 969 | 3,745 | 2,811 |
Interest on short-term investments | 96 | 185 | 198 | 295 |
Total interest income | 42,589 | 35,079 | 121,537 | 102,644 |
Interest on deposits | 7,037 | 5,032 | 18,722 | 13,921 |
Interest on borrowings | ||||
Short-term | 588 | 37 | 1,329 | 283 |
Long-term | 344 | 291 | 986 | 866 |
Total interest expense | 7,969 | 5,360 | 21,037 | 15,070 |
NET INTEREST INCOME | 34,620 | 29,719 | 100,500 | 87,574 |
Provision for loan losses | 450 | 0 | 1,150 | 0 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 34,170 | 29,719 | 99,350 | 87,574 |
NONINTEREST INCOME | ||||
Wealth advisory fees | 1,471 | 1,307 | 4,005 | 3,600 |
Investment brokerage fees | 330 | 252 | 950 | 752 |
Service charges on deposit accounts | 3,631 | 3,153 | 10,027 | 8,776 |
Loan and service fees | 2,060 | 2,105 | 5,850 | 5,835 |
Merchant card fee income | 588 | 552 | 1,696 | 1,576 |
Bank owned life insurance income | 397 | 392 | 1,270 | 1,054 |
Other income | 718 | 763 | 1,886 | 1,278 |
Mortgage banking income | 302 | 494 | 811 | 1,205 |
Net securities gains | 0 | 0 | 52 | 52 |
Total noninterest income | 9,497 | 9,018 | 26,547 | 24,128 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 11,728 | 10,832 | 34,214 | 31,029 |
Net occupancy expense | 1,131 | 1,068 | 3,405 | 3,205 |
Equipment costs | 1,182 | 1,018 | 3,413 | 2,828 |
Data processing fees and supplies | 2,032 | 1,983 | 6,022 | 6,135 |
Corporate and business development | 1,245 | 1,021 | 3,943 | 2,641 |
FDIC insurance and other regulatory fees | 443 | 458 | 1,296 | 1,538 |
Professional fees | 962 | 819 | 2,717 | 2,505 |
Other expense | 1,546 | 1,560 | 4,659 | 4,708 |
Total noninterest expense | 20,269 | 18,759 | 59,669 | 54,589 |
INCOME BEFORE INCOME TAX EXPENSE | 23,398 | 19,978 | 66,228 | 57,113 |
Income tax expense | 7,573 | 6,498 | 20,525 | 18,551 |
NET INCOME | $ 15,825 | $ 13,480 | $ 45,703 | $ 38,562 |
BASIC WEIGHTED AVERAGE COMMON SHARES | 25,193,894 | 25,069,434 | 25,176,593 | 25,044,596 |
BASIC EARNINGS PER COMMON SHARE | $ 0.63 | $ 0.54 | $ 1.82 | $ 1.54 |
DILUTED WEIGHTED AVERAGE COMMON SHARES | 25,656,403 | 25,457,892 | 25,640,742 | 25,418,884 |
DILUTED EARNINGS PER COMMON SHARE | $ 0.62 | $ 0.53 | $ 1.78 | $ 1.52 |
X | ||||||||||
- Definition The amount of expenses associated with corporate and business development. No definition available.
|
X | ||||||||||
- Definition Interest and fee income, loans, tax exempt. No definition available.
|
X | ||||||||||
- Definition Interest and fee income, loans, taxable. No definition available.
|
X | ||||||||||
- Definition Amount of regulatory fees and Federal Deposit Insurance Corporation during the period. No definition available.
|
X | ||||||||||
- Definition Earnings on or other increases in the value of the cash surrender value of bank owned life insurance policies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of commission revenue from buying and selling securities on behalf of customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition This element represents equipment expense including depreciation, repairs, rentals, and service contract costs. This item also includes equipment purchases which do not qualify for capitalization in accordance with the entity's accounting policy. This item may also include furniture expenses. No definition available.
|
X | ||||||||||
- Definition Income earned from credit card services including late, over limit, and annual fees. This item excludes interest income earned on credit card balances and transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Includes amounts charged depositors for: (1) maintenance of their accounts (maintenance charges); (2) failure to maintain specified minimum balances on account; (3) exceeding the number of checks or transactions allowed to be processed in a given period; (4) checks drawn on no minimum balance deposit accounts; (5) withdrawals from nontransaction deposit accounts; (6) closing savings accounts before a specified minimum period of time has elapsed; (7) accounts which have remained inactive for extended periods of time or which have become dormant; (8) use of automated teller machines or remote service units; (9) checks drawn against insufficient funds that the bank assesses regardless of whether it decides to pay, return or hold the check; (10) issuing stop payment orders; (11) certifying checks; and (12) accumulating or disbursing funds deposited in IRAs or Keogh Plan accounts when not handled by the bank's trust department. This item does not include penalties assessed on the early withdrawal of time deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Income from services rendered by trust departments or by any consolidated subsidiaries acting in a fiduciary capacity, including fees earned for (1) acting as an agent for fiduciary placement and loans and (2) custody or investment advisory services when such fees are not separately billed to the customer. This item excludes commissions and fees received for the accumulation or disbursement of funds deposited to Individual Retirement or Keogh plan accounts when such are not handled by the reporting entity's trust department. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The noninterest income derived from mortgage banking activities (fees and commissions), excluding fees earned from servicing third-party assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of fee and commission revenue classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The net gain (loss) realized from the sale, exchange, redemption, or retirement of securities, not separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount of expenses incurred in the period for information technology and data processing products and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Aggregate amount of interest expense on all deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Aggregate amount of interest paid or due on all long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The aggregate interest expense incurred on short-term borrowings including commercial paper and Federal funds purchased and securities sold under agreements to repurchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of interest income or expense, including any amortization and accretion (as applicable) of discounts and premiums, including consideration of the provisions for loan, lease, credit, and other related losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The net amount of operating interest income (expense). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities exempt from state, federal and other income tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities subject to state, federal and other income tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Total aggregate amount of all noninterest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Represents the total of noninterest income derived from certain activities and assets including (for example): (1) venture capital investments; (2) bank owned life insurance; (3) foreign currency transactions; and (4) mortgage servicing rights. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount, after discount, accretion and premium amortization, of interest income and dividend income classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of noninterest expense classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of expense related to loss from loan transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|