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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest and dividend income:        
Loans, including fees $ 30,663 $ 18,547 $ 55,848 $ 34,635
Factored receivables, including fees 10,812 8,639 19,979 16,461
Securities 1,738 958 3,349 1,723
FHLB stock 36 13 78 23
Cash deposits 289 197 616 405
Total interest income 43,538 28,354 79,870 53,247
Interest expense:        
Deposits 3,057 2,020 5,926 4,013
Subordinated notes 836   1,671  
Junior subordinated debentures 475 312 940 614
Other borrowings 613 115 957 224
Total interest expense 4,981 2,447 9,494 4,851
Net interest income 38,557 25,907 70,376 48,396
Provision for loan losses 1,447 1,939 9,125 1,428
Net interest income after provision for loan losses 37,110 23,968 61,251 46,968
Noninterest income:        
Service charges on deposits 977 695 1,957 1,354
Card income 917 577 1,744 1,123
Net OREO gains (losses) and valuation adjustments (112) (1,204) (101) (1,215)
Net gains (losses) on sale of securities       5
Net gains on sale of loans   4   16
Fee income 637 504 1,220 1,038
Asset management fees 0 1,605 1,717 3,234
Gain on sale of subsidiary     20,860  
Other 2,783 1,487 5,090 3,094
Total noninterest income 5,202 3,668 32,487 8,649
Noninterest expense:        
Salaries and employee benefits 16,012 12,229 37,970 24,481
Occupancy, furniture and equipment 2,348 1,534 4,707 3,016
FDIC insurance and other regulatory assessments 270 281 496 505
Professional fees 1,238 1,101 3,206 2,174
Amortization of intangible assets 911 717 2,022 1,694
Advertising and promotion 911 628 1,849 1,147
Communications and technology 2,233 1,263 4,407 2,695
Other 3,398 2,578 7,501 4,697
Total noninterest expense 27,321 20,331 62,158 40,409
Net income before income tax 14,991 7,305 31,580 15,208
Income tax expense 5,331 2,679 11,447 5,576
Net income 9,660 4,626 20,133 9,632
Dividends on preferred stock (193) (195) (385) (389)
Net income available to common stockholders $ 9,467 $ 4,431 $ 19,748 $ 9,243
Earnings per common share        
Basic $ 0.53 $ 0.25 $ 1.10 $ 0.52
Diluted $ 0.51 $ 0.25 $ 1.07 $ 0.51