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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
INTEREST INCOME        
Interest and fees on loans $ 20,149 $ 18,569 $ 39,088 $ 36,231
Interest on deposits with other banks 80 125 191 247
Interest on investment securities - taxable 477 768 1,143 1,647
Interest on tax exempt loans and securities 1,068 1,008 2,051 1,968
Total interest income 21,774 20,470 42,473 40,093
INTEREST EXPENSE        
Interest on deposits 3,036 4,548 6,946 8,671
Interest on repurchase agreements 5 11 15 25
Interest on FHLB and other borrowings 252 1,095 825 2,324
Interest on subordinated debt 23 287 58 572
Total interest expense 3,316 5,941 7,844 11,592
NET INTEREST INCOME 18,458 14,529 34,629 28,501
Provision for loan losses 6,596 600 7,734 900
Net interest income after provision for loan losses 11,862 13,929 26,895 27,601
NONINTEREST INCOME        
Noninterest income 1,592 811 3,413 1,526
Income on bank owned life insurance 221 224 444 749
Mortgage fee income 14,944 9,864 26,163 16,534
Gain on sale of portfolio loans 0 123 130 178
Insurance and investment services income 189 167 396 323
Gain (loss) on sale of available-for-sale securities, net 554 (50) 830 (168)
Gain (loss) on sale of equity securities, net 30 (7) 30 (7)
Gain on derivatives, net 13,435 1,131 9,873 1,581
Commercial swap fee income 20 438 340 518
Holding gain on equity securities 3 13,587 17 13,767
Compliance consulting income 941 0 1,950 0
Bargain purchase gain 4,671 0 4,671 0
Gain on sale of banking centers 9,631 0 9,631 0
Other operating income 346 396 810 707
Total noninterest income 45,513 26,387 56,363 35,152
NONINTEREST EXPENSES        
Salaries and employee benefits 22,659 13,280 38,841 25,014
Occupancy expense 1,187 1,166 2,407 2,351
Equipment depreciation and maintenance 914 904 1,791 1,758
Data processing and communications 1,733 969 2,896 1,957
Mortgage processing 890 716 1,741 1,525
Marketing, contributions, and sponsorships 328 294 664 508
Professional fees 2,994 881 4,325 1,709
Printing, postage, and supplies 203 172 380 307
Insurance, tax, and assessment expense 566 487 1,030 992
Travel, entertainment, dues, and subscriptions 841 904 2,059 1,594
Other operating expenses 1,018 617 1,855 1,123
Total noninterest expenses 33,333 20,390 57,989 38,838
Income from continuing operations, before income taxes 24,042 19,926 25,269 23,915
Income tax expense - continuing operations 6,008 4,995 6,187 5,792
Net income from continuing operations 18,034 14,931 19,082 18,123
Income from discontinued operations, before income taxes 0 600 0 600
Income tax expense (benefit) - discontinued operations 0 154 0 154
Net income (loss) from discontinued operations 0 446 0 446
Net income 18,034 15,377 19,082 18,569
Preferred dividends 115 122 229 243
Net income available to common shareholders - basic $ 17,919 $ 15,255 $ 18,853 $ 18,326
Earnings per share from continuing operations - basic (in dollars per share) $ 1.50 $ 1.27 $ 1.58 $ 1.54
Earnings per share from discontinued operations - basic (in dollars per share) 0 0.04 0 0.04
Earnings per share - basic (in dollars per share) 1.50 1.31 1.58 1.58
Earnings per share from continuing operations - diluted (in dollars per share) 1.49 1.15 1.55 1.41
Earnings per share from discontinued operations - diluted (in dollars per share) 0 0.03 0 0.03
Earnings per share - diluted (in dollars per share) $ 1.49 $ 1.18 $ 1.55 $ 1.44
Weighted average shares outstanding - basic (in shares) 11,954,813 11,644,061 11,948,790 11,625,903
Weighted average shares outstanding - diluted (in shares) 12,011,845 13,155,302 12,156,214 13,139,612
Service charges on deposit accounts        
NONINTEREST INCOME        
Noninterest income $ 286 $ 333 $ 736 $ 648
Debit card and interchange income        
NONINTEREST INCOME        
Noninterest income $ 242 $ 181 $ 342 $ 322