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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest and dividend income:        
Loans, including fees $ 23,123 $ 15,716 $ 57,758 $ 46,113
Factored receivables, including fees 9,021 8,829 25,482 24,992
Taxable securities 1,154 649 2,887 1,987
Tax exempt securities 80 17 93 45
Cash deposits 93 92 498 342
Total interest income 33,471 25,303 86,718 73,479
Interest expense:        
Deposits 2,408 1,764 6,421 5,001
Junior subordinated debentures 382 283 996 833
Other borrowings 263 25 487 44
Total interest expense 3,053 2,072 7,904 5,878
Net interest income 30,418 23,231 78,814 67,601
Provision for loan losses 2,819 165 4,247 3,351
Net interest income after provision for loan losses 27,599 23,066 74,567 64,250
Noninterest income:        
Service charges on deposits 984 710 2,338 1,988
Card income 767 574 1,890 1,675
Net OREO gains (losses) and valuation adjustments 63 (58) (1,152) 20
Net gains (losses) on sale of securities (68) 15 (63) 257
Net gains on sale of loans   363 16 1,396
Fee income 655 542 1,693 1,466
Bargain purchase gain   1,708   14,217
Asset management fees 1,553 1,744 4,787 3,976
Other 2,145 700 5,239 2,731
Total noninterest income 6,099 6,298 14,748 27,726
Noninterest expense:        
Salaries and employee benefits 14,699 12,416 39,180 37,727
Occupancy, furniture and equipment 1,921 1,575 4,948 4,702
FDIC insurance and other regulatory assessments 143 252 648 786
Professional fees 1,874 1,344 4,048 3,523
Amortization of intangible assets 958 1,179 2,652 2,838
Advertising and promotion 779 618 1,926 1,687
Communications and technology 1,966 951 4,661 2,764
Other 3,452 2,210 8,138 6,936
Total noninterest expense 25,792 20,545 66,201 60,963
Net income before income tax 7,906 8,819 23,114 31,013
Income tax expense 3,099 2,891 8,675 6,389
Net income 4,807 5,928 14,439 24,624
Dividends on preferred stock (301) (196) (690) (583)
Net income available to common stockholders $ 4,506 $ 5,732 $ 13,749 $ 24,041
Earnings per common share        
Basic $ 0.25 $ 0.32 $ 0.77 $ 1.36
Diluted $ 0.25 $ 0.32 $ 0.76 $ 1.33