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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:        
Loans secured by real estate $ 49,058 $ 50,811 $ 99,175 $ 99,988
C&I loans 5,071 4,134 9,116 7,570
Other loans 13 18 28 36
Mortgage-backed securities ("MBS") 3,064 2,961 6,369 6,158
Investment securities 582 570 1,003 990
Other short-term investments 846 1,457 1,848 2,904
Total interest income 58,634 59,951 117,539 117,646
Interest expense:        
Deposits and escrow 9,700 16,271 21,626 31,288
Borrowed funds 5,378 7,176 11,833 14,530
Total interest expense 15,078 23,447 33,459 45,818
Net interest income 43,556 36,504 84,080 71,828
Provision (credit) for loan losses 6,060 (449) 14,072 (128)
Net interest income after provision for loan losses 37,496 36,953 70,008 71,956
Non-interest income:        
Service charges and other fees 1,083 1,264 2,286 2,363
Net mortgage banking income 52 61 118 129
Net gain on sale of equity securities 436 148 (36) 416
Net gain on sale of securities and other assets 3,134 (57) 3,142 (133)
Gain on sale of loans 206 339 521 594
Income from BOLI 911 707 2,798 1,401
Loan level derivative income 2,494 291 3,657 291
Other 70 67 136 119
Total non-interest income 8,386 2,820 12,622 5,180
Non-interest expense:        
Salaries and employee benefits 14,719 12,061 29,565 23,945
Severance 3,930 0 4,000 0
Stock benefit plan compensation expense 478 491 1,149 775
Occupancy and equipment 3,959 3,827 8,015 7,696
Data processing costs 2,007 1,908 4,031 3,974
Marketing 136 465 533 931
Federal deposit insurance premiums 529 586 1,006 1,040
Merger expenses 1,072 0 1,658 0
Other 2,516 2,958 5,429 5,987
Total non-interest expense 29,346 22,296 55,386 44,348
Income before income taxes 16,536 17,477 27,244 32,788
Income tax expense 3,570 4,442 5,886 8,252
Net income 12,966 13,035 21,358 24,536
Preferred stock dividends 1,140 0 1,140 0
Net income available to common stockholders $ 11,826 $ 13,035 $ 20,218 $ 24,536
Earnings per Share:        
Basic (in dollars per share) $ 0.36 $ 0.36 $ 0.60 $ 0.68
Diluted (in dollars per share) $ 0.35 $ 0.36 $ 0.59 $ 0.68