XML 22 R4.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
INTEREST INCOME    
Interest and fees on loans $ 42,305 $ 40,512
Interest on investments:    
Taxable 2,459 2,684
Tax-exempt 58 93
Interest on loans held for sale 21 4
Interest on interest-earning deposits 552 1,270
Total interest income 45,395 44,563
INTEREST EXPENSE    
Interest on savings and interest-bearing deposit accounts 6,443 8,061
Interest on certificates of deposit 3,694 3,234
Interest on borrowed funds 1,012 834
Interest on finance lease liability 90 99
Interest on subordinated debt 1,223 1,224
Subtotal - interest expense 12,462 13,452
Interest on interest-bearing demand - brokered 923 739
Interest on certificates of deposits - brokered 263 365
Total interest expense 13,648 14,556
NET INTEREST INCOME BEFORE PROVISION FOR LOAN AND LEASE LOSSES 31,747 30,007
Provision for loan and lease losses 20,000 100
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 11,747 29,907
OTHER INCOME    
Wealth management fee income 9,955 9,174
Service charges and fees 816 816
Bank owned life insurance 328 338
Gains on loans held for sale at fair value (mortgage banking) 292 47
Loss on loans held for sale at lower of cost or fair value (3)  
Fee income related to loan level, back-to-back swaps 1,418 270
Gain on sale of SBA loans 1,054 419
Other income 459 606
Securities gains, net 198 59
Total other income 14,517 11,729
OPERATING EXPENSES    
Compensation and employee benefits 19,226 17,156
Premises and equipment 4,043 3,388
FDIC insurance expense 250 277
Other operating expense 4,716 4,894
Total operating expenses 28,235 25,715
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE (1,971) 15,921
Income tax (benefit)/expense (3,344) 4,496
NET INCOME $ 1,373 $ 11,425
EARNINGS PER SHARE    
Basic $ 0.07 $ 0.59
Diluted $ 0.07 $ 0.58
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING    
Basic 18,858,343 19,350,452
Diluted 19,079,575 19,658,006