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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income        
Interest and fees on loans $ 75,797 $ 63,524 $ 148,733 $ 123,850
Interest and dividends on investment securities:        
Taxable 1,712 2,573 3,778 5,515
Tax-exempt 647 1,081 1,460 2,208
Dividends 442 410 842 867
Interest on federal funds sold and other short-term investments 79 290 578 647
Total interest income 78,677 67,878 155,391 133,087
Interest expense        
Deposits 13,597 16,596 30,809 31,947
Borrowings 4,290 5,752 8,511 10,658
Total interest expense 17,887 22,348 39,320 42,605
Net interest income 60,790 45,530 116,071 90,482
Provision for loan losses 15,000 1,100 31,000 5,600
Net interest income after provision for loan losses 45,790 44,430 85,071 84,882
Noninterest income        
Income on bank owned life insurance 1,128 833 2,095 1,655
Net gains on sale of loans held-for-sale 237 46 630 65
Deposit, loan and other income 3,212 914 4,499 1,700
Net gains on equity securities 44 158 222 261
Net (losses) gains on sales of securities available-for-sale (9) 29 (1)
Total noninterest income 4,621 1,942 7,475 3,680
Noninterest expenses        
Salaries and employee benefits 14,529 11,793 29,122 23,748
Occupancy and equipment 3,156 2,357 6,627 4,852
FDIC insurance 1,093 825 1,949 1,580
Professional and consulting 1,673 1,370 3,247 2,579
Marketing and advertising 426 397 730 607
Data processing 1,586 1,139 3,059 2,294
Merger and restructuring expenses 5,146 331 14,640 7,893
Loss on extinguishment of debt 1,047 1,047
Amortization of core deposit intangibles 652 364 1,304 728
Increase in value of acquisition price 2,333 2,333
Other components of net periodic pension expense (29) 29 (59) 57
Other expenses 2,498 1,938 5,169 4,267
Total noninterest expenses 33,063 21,590 68,121 49,652
Income before income tax expense 17,348 24,782 24,425 38,910
Income tax expense 2,516 5,501 3,563 7,994
Net income $ 14,832 $ 19,281 $ 20,862 $ 30,916
Earnings per common share:        
Basic $ 0.37 $ 0.54 $ 0.53 $ 0.87
Diluted $ 0.37 $ 0.54 $ 0.52 $ 0.87