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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and dividend income:        
Loans/leases, including fees $ 50,406 $ 44,034 $ 143,488 $ 113,655
Securities:        
Taxable 1,682 1,522 5,026 4,671
Nontaxable 3,443 3,517 10,461 10,101
Interest-bearing deposits at financial institutions 951 324 3,042 749
Restricted investment securities 293 329 891 776
Federal funds sold 42 105 191 223
Total interest and dividend income 56,817 49,831 163,099 130,175
Interest expense:        
Deposits 13,394 8,723 39,697 20,132
Short-term borrowings 97 78 275 186
Federal Home Loan Bank advances 1,023 1,422 2,685 3,637
Other borrowings   705 512 1,875
Subordinated notes 1,003 70 2,561 70
Junior subordinated debentures 581 519 1,729 1,474
Total interest expense 16,098 11,517 47,459 27,374
Net interest income 40,719 38,314 115,640 102,801
Provision for loan/lease losses 2,012 6,206 6,087 11,046
Net interest income after provision for loan/lease losses 38,707 32,108 109,553 91,755
Noninterest income:        
Revenue 76,723 58,640 212,063 156,437
Gains on sales of residential real estate loans, net 890 337 1,748 539
Gains on sales of government guaranteed portions of loans, net 519 46 589 405
Swap fee income 9,797 1,110 20,886 3,718
Securities losses, net (3)   (56)  
Earnings on bank-owned life insurance 489 474 1,441 1,292
Other 1,204 890 3,562 2,822
Total noninterest income 19,906 8,809 48,964 26,262
Noninterest expense:        
Salaries and employee benefits 24,215 17,433 67,843 49,215
Occupancy and equipment expense 3,860 3,318 11,087 9,517
Professional and data processing fees 4,030 2,396 9,811 8,016
Acquisition costs   1,292   1,799
Post-acquisition compensation, transition and integration costs 884 494 1,727 659
FDIC insurance, other insurance and regulatory fees 542 933 2,432 2,529
Loan/lease expense 221 369 748 920
Net cost of (income from) and gains/losses on operations of other real estate 2,078 (50) 3,557 11
Advertising and marketing 1,056 984 2,878 2,430
Bank service charges 502 462 1,494 1,368
Losses on debt extinguishment, net 148   148  
Correspondent banking expense 209 205 619 614
Amortization of intangibles 560 542 1,706 1,151
Other 1,640 2,122 4,891 4,504
Total noninterest expense 39,945 30,500 108,941 82,733
Net income before income taxes 18,668 10,417 49,576 35,284
Federal and state income tax expense 3,573 1,608 8,059 5,480
Net income $ 15,095 $ 8,809 $ 41,517 $ 29,804
Basic earnings per common share (in dollars per share) $ 0.96 $ 0.56 $ 2.64 $ 2.06
Diluted earnings per common share (in dollars per share) $ 0.94 $ 0.55 $ 2.60 $ 2.02
Weighted average common shares outstanding (in shares) 15,739,430 15,625,123 15,715,788 14,477,783
Weighted average common and common equivalent shares outstanding (in shares) 15,976,742 15,922,324 15,946,020 14,786,777
Cash dividends declared per common share (in dollars per share) $ 0.06 $ 0.06 $ 0.18 $ 0.18
Trust department fees        
Noninterest income:        
Revenue $ 2,340 $ 2,196 $ 7,194 $ 6,491
Investment advisory and management services        
Noninterest income:        
Revenue 1,782 1,059 5,406 3,069
Deposit service fees        
Noninterest income:        
Revenue 1,813 1,656 5,025 4,797
Debit card fees        
Noninterest income:        
Revenue 886 846 2,591 2,456
Correspondent banking fees        
Noninterest income:        
Revenue $ 189 $ 195 $ 578 $ 673