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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest income        
Interest and fees on loans $ 37,803 $ 32,276 $ 109,381 $ 91,807
Interest and dividends on investment securities:        
Taxable 1,774 2,669 5,879 8,340
Tax-exempt 988 901 2,867 2,666
Dividends 352 297 1,074 797
Interest on federal funds sold and other short-term investments 261 43 541 127
Total interest income 41,178 36,186 119,742 103,737
Interest expense        
Deposits 5,159 3,655 13,532 9,980
Borrowings 2,995 2,804 9,472 7,060
Total interest expense 8,154 6,459 23,004 17,040
Net interest income 33,024 29,727 96,738 86,697
Provision for loan and lease losses 6,750 4,175 13,500 7,550
Net interest income after provision for loan and lease losses 26,274 25,552 83,238 79,147
Noninterest income        
Annuities and insurance commissions 68 77 140 210
Bank-owned life insurance 615 388 1,843 1,162
Net gains on sale of loans held-for-sale 56 63 147 276
Deposit, loan and other income 706 1,224 1,984 2,145
Insurance recovery 2,224
Net gains on sales of investment securities 4,131 2,067 4,234 2,793
Total noninterest income 5,576 3,819 8,348 8,810
Noninterest expenses        
Salaries and employee benefits 7,791 6,905 23,143 20,480
Occupancy and equipment 2,049 1,916 6,450 5,785
FDIC insurance 745 535 1,955 1,535
Professional and consulting 667 836 2,078 2,045
Marketing and advertising 293 247 817 634
Data processing 1,002 957 3,036 2,686
Loss on extinguishment of debt 2,397
Amortization of core deposit intangible 193 217 627 700
Other expenses 1,811 1,688 5,150 4,643
Total noninterest expenses 14,551 13,301 43,256 40,905
Income before income tax expense 17,299 16,070 48,330 47,052
Income tax expense 5,443 5,228 15,224 15,309
Net income 11,856 10,842 33,106 31,743
Less: Preferred stock dividends 28 22 84
Net income available to common stockholders $ 11,856 $ 10,814 $ 33,084 $ 31,659
Earnings per common share:        
Basic $ 0.39 $ 0.36 $ 1.10 $ 1.06
Diluted $ 0.39 $ 0.36 $ 1.09 $ 1.04
Weighted average common shares outstanding:        
Basic 30,125,287 30,045,818 30,100,057 29,786,374
Diluted [1] 30,401,684 30,335,571 30,376,085 30,323,376
Dividend per common share $ 0.075 $ 0.075 $ 0.225 $ 0.225
[1] Anti-dilutive shares are not included in determining diluted earnings per share. There were no anti-dilutive shares in the three and nine months ended September 30, 2016.