XML 14 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest Income        
Loans receivable $ 37,522 $ 28,113 $ 108,961 $ 79,699
Investment securities        
Taxable 2,739 2,167 7,732 6,817
Tax exempt 2,010 1,790 5,745 5,193
Total interest income 42,271 32,070 122,438 91,709
Interest Expense        
Deposits 5,023 1,841 11,814 5,315
Borrowed funds 2,876 1,753 8,127 4,028
Subordinated debentures 600 597 1,764 1,721
Total interest expense 8,499 4,191 21,705 11,064
Net Interest Income 33,772 27,879 100,733 80,645
Provision for loan losses 1,176 710 2,378 1,370
Net Interest Income after Provision for Loan Losses 32,596 27,169 98,355 79,275
Non-interest Income        
Gains on sale of investment securities (includes $(122) and $6 for the three months ended September 30, 2018 and 2017, respectively, and $(111) and $38 for the nine months ended September 30, 2018 and 2017, respectively, related to accumulated other comprehensive earnings reclassifications) (122) 6 (111) 38
Gain on sale of mortgage loans 1,839 1,950 5,158 5,918
Mortgage servicing income net of impairment 563 369 1,423 1,175
Increase in cash value of bank owned life insurance 503 474 1,380 1,346
Death benefit on bank owned life insurance     154  
Other income 469 237 1,747 613
Total non-interest income 8,686 8,021 25,936 23,792
Non-interest Expense        
Salaries and employee benefits 14,343 12,911 42,525 37,086
Net occupancy expenses 2,495 2,400 7,981 7,048
Data processing 1,759 1,502 5,062 4,311
Professional fees 437 649 1,314 1,797
Outside services and consultants 1,204 2,504 3,735 4,991
Loan expense 1,722 1,215 4,504 3,572
FDIC insurance expense 396 270 1,051 776
Other losses 161 58 576 186
Other expense 3,103 3,004 9,651 8,755
Total non-interest expense 25,620 24,513 76,399 68,522
Income Before Income Taxes 15,662 10,677 47,892 34,545
Income tax expense (includes $(25) and $2 for the three months ended September 30, 2018 and 2017, respectively, and $(23) and $13 for the nine months ended September 30, 2018 and 2017, respectively, related to income tax expense from reclassification items) 2,597 2,506 7,908 9,078
Net Income $ 13,065 $ 8,171 $ 39,984 $ 25,467
Basic Earnings Per Share $ 0.34 $ 0.24 $ 1.04 $ 0.76
Diluted Earnings Per Share $ 0.34 $ 0.24 $ 1.04 $ 0.75
Deposit Account [Member]        
Non-interest Income        
Non-interest income $ 2,009 $ 1,672 $ 5,804 $ 4,638
Wire Transfer Fees [Member]        
Non-interest Income        
Non-interest income 160 175 490 503
Interchange Fees [Member]        
Non-interest Income        
Non-interest income 1,410 1,251 4,293 3,809
Fiduciary Activities [Member]        
Non-interest Income        
Non-interest income $ 1,855 $ 1,887 $ 5,598 $ 5,752