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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest income:        
Loans secured by real estate $ 50,732 $ 47,486 $ 150,720 $ 144,889
C&I loans 4,442 2,729 12,012 6,541
Other loans 18 18 54 55
Mortgage-backed securities ("MBS") 2,973 2,852 9,131 7,515
Investment securities 626 59 1,616 123
Other short-term investments 1,488 1,480 4,392 4,537
Total interest income 60,279 54,624 177,925 163,660
Interest expense:        
Deposits and escrow 16,582 13,361 47,870 36,100
Borrowed funds 7,501 6,235 22,031 18,384
Total interest expense 24,083 19,596 69,901 54,484
Net interest income 36,196 35,028 108,024 109,176
Provision for loan losses 11,228 335 11,100 1,641
Net interest income after provision for loan losses 24,968 34,693 96,924 107,535
Non-interest income:        
Service charges and other fees 1,780 1,233 4,143 3,443
Net mortgage banking income 77 79 206 292
Net gain on sale of securities and other assets [1] 80 99 363 1,484
Gain on sale of loans 443 18 1,037 143
Income from BOLI 723 729 2,124 2,161
Loan level derivative income 197 0 488 0
Other 61 63 180 179
Total non-interest income 3,361 2,221 8,541 7,702
Non-interest expense:        
Salaries and employee benefits 12,948 10,963 36,893 33,024
Stock benefit plan compensation expense 574 403 1,349 1,198
Occupancy and equipment 3,970 3,845 11,666 11,414
Data processing costs 1,803 1,823 5,777 5,374
Marketing 466 975 1,397 2,168
Federal deposit insurance premiums (506) 382 534 1,521
Other 3,519 3,194 9,506 9,446
Total non-interest expense 22,774 21,585 67,122 64,145
Income before income taxes 5,555 15,329 38,343 51,092
Income tax expense 850 3,547 9,102 12,244
Net income $ 4,705 $ 11,782 $ 29,241 $ 38,848
Earnings per Share:        
Basic (in dollars per share) $ 0.13 $ 0.32 $ 0.81 $ 1.04
Diluted (in dollars per share) $ 0.13 $ 0.32 $ 0.81 $ 1.04
[1] Amount includes periodic valuation gains or losses on marketable equity securities.