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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
INTEREST INCOME        
Loans $ 55,771 $ 48,219 $ 110,327 $ 93,384
Investment securities and other 2,952 1,724 5,754 3,442
TOTAL INTEREST INCOME 58,723 49,943 116,081 96,826
INTEREST EXPENSE        
Deposits 11,582 6,123 22,052 11,706
Federal Home Loan Bank advances 0 1,166 0 1,772
Short-term borrowings and repurchase agreements 859 180 1,780 208
Subordinated debentures issued to capital trust 267 238 534 440
Subordinated notes 1,094 1,024 2,189 2,049
TOTAL INTEREST EXPENSE 13,802 8,731 26,555 16,175
NET INTEREST INCOME 44,921 41,212 89,526 80,651
Provision for Loan Losses 1,600 1,950 3,550 3,900
Net Interest Income After Provision for Loan Losses 43,321 39,262 85,976 76,751
NON-INTEREST INCOME        
Commissions 163 312 497 560
Service charges and ATM fees 5,309 5,488 10,268 10,732
Net gains on loan sales 376 559 623 1,021
Late charges and fees on loans 356 385 702 774
Gain on sales of securities 0 0 10 0
Gain (loss) on derivative interest rate products (44) 11 (68) 48
Other income 997 704 2,575 1,259
TOTAL NON-INTEREST INCOME 7,157 7,459 14,607 14,394
NON-INTEREST EXPENSE        
Salaries and employee benefits 15,428 14,947 31,068 29,570
Net occupancy and equipment expense 6,449 6,298 12,850 12,683
Postage 784 834 1,550 1,700
Insurance 662 650 1,328 1,321
Advertising 842 632 1,368 1,303
Office supplies and printing 226 301 485 534
Telephone 839 792 1,742 1,511
Legal, audit and other professional fees 630 689 1,342 1,498
Expense on Other Real Estate Owned and Repossessions 419 2,737 1,039 3,878
Partnership Tax Credit Investment Amortization 91 91 182 393
Acquired Deposit Intangible Asset Amortization 289 412 613 825
Other operating expenses 1,724 1,532 3,310 3,012
TOTAL NON-INTEREST EXPENSE 28,383 29,915 56,877 58,228
INCOME BEFORE INCOME TAXES 22,095 16,806 43,706 32,917
Provision for Income Taxes 3,720 2,967 7,718 5,612
NET INCOME AND NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 18,375 $ 13,839 $ 35,988 $ 27,305
Basic Earnings Per Common Share $ 1.29 $ 0.98 $ 2.54 $ 1.93
Diluted Earnings Per Common Share 1.28 0.97 2.52 1.91
Dividends Declared Per Common Share $ 0.32 $ 0.28 $ 1.39 $ 0.56