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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest Income        
Loans receivable $ 49,455 $ 37,522 $ 136,862 $ 108,961
Investment securities        
Taxable 3,157 2,739 9,552 7,732
Tax exempt 3,099 2,010 8,520 5,745
Total interest income 55,711 42,271 154,934 122,438
Interest Expense        
Deposits 9,109 5,023 24,923 11,814
Borrowed funds 2,275 2,876 8,391 8,127
Subordinated debentures 864 600 2,348 1,764
Total interest expense 12,248 8,499 35,662 21,705
Net Interest Income 43,463 33,772 119,272 100,733
Provision for loan losses 376 1,176 1,636 2,378
Net Interest Income after Provision for Loan Losses 43,087 32,596 117,636 98,355
Non-interest Income        
Service charges on deposit accounts 2,836 2,009 7,193 5,804
Wire transfer fees 189 160 474 490
Interchange fees 2,138 1,410 5,659 4,293
Fiduciary activities 1,834 1,855 5,986 5,598
Gains (losses) on sale of investment securities (includes $0 and $(122) for the three months ended September 30, 2019 and 2018, respectively, and $(85) and $(111) for the nine months ended September 30, 2019 and nine months ended September 30, 2018 related to accumulated other comprehensive earnings reclassifications)   (122) (85) (111)
Gain on sale of mortgage loans 2,702 1,839 6,089 5,158
Mortgage servicing income net of impairment 444 563 1,620 1,423
Increase in cash value of bank owned life insurance 556 503 1,624 1,380
Death benefit on bank owned life insurance 213   580 154
Other income 602 469 1,984 1,747
Total non-interest income 11,514 8,686 31,124 25,936
Non-interest Expense        
Salaries and employee benefits 16,948 14,343 48,365 42,525
Net occupancy expenses 3,131 2,495 9,051 7,981
Data processing 2,140 1,759 6,245 5,062
Professional fees 335 437 1,426 1,314
Outside services and consultants 1,552 1,204 6,737 3,735
Loan expense 2,198 1,722 6,195 4,504
FDIC insurance expense (273) 396 252 1,051
Other losses 90 161 363 576
Other expense 3,939 3,103 12,748 9,651
Total non-interest expense 30,060 25,620 91,382 76,399
Income Before Income Taxes 24,541 15,662 57,378 47,892
Income tax expense (includes $0 and $(25) for the three months ended September 30, 2019 and 2018, respectively, and $(18) and $(23) for the nine months ended September 30, 2019 and nine months ended September 30, 2018 related to income tax expense (benefit) from reclassification items) 4,004 2,597 9,383 7,908
Net Income $ 20,537 $ 13,065 $ 47,995 $ 39,984
Basic Earnings Per Share $ 0.46 $ 0.34 $ 1.12 $ 1.04
Diluted Earnings Per Share $ 0.46 $ 0.34 $ 1.11 $ 1.04