Quarterly Results of Operations

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

Quarterly Results of Operations

(In Thousands, Except Share Data) (Unaudited)

The following table sets forth a summary of the unaudited quarterly results of operations.

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2018
Interest income	$	100,380	$	106,574	$	117,795	$	137,105
Interest expense	11,140		14,185		18,356		21,648
Net interest income	89,240		92,389		99,439		115,457
Provision for loan losses	1,750		1,810		2,250		1,000
Noninterest income	33,953		35,581		38,053		36,374
Noninterest expense	77,944		79,026		94,746		93,313
Income before income taxes	43,499		47,134		40,496		57,518
Income taxes	9,673		10,424		8,532		13,098
Net income	$	33,826	$	36,710	$	31,964	$	44,420
Basic earnings per share	$	0.69	$	0.74	$	0.61	$	0.76
Diluted earnings per share	$	0.68	$	0.74	$	0.61	$	0.76
2017
Interest income	$	81,889	$	87,579	$	100,695	$	104,587
Interest expense	7,874		7,976		10,678		11,325
Net interest income	74,015		79,603		90,017		93,262
Provision for loan losses	1,500		1,750		2,150		2,150
Noninterest income	32,021		34,265		33,413		32,441
Noninterest expense	69,309		74,841		80,660		76,808
Income before income taxes	35,227		37,277		40,620		46,745
Income taxes	11,255		11,993		14,199		30,234
Net income	$	23,972	$	25,284	$	26,421	$	16,511
Basic earnings per share	$	0.54	$	0.57	$	0.54	$	0.33
Diluted earnings per share	$	0.54	$	0.57	$	0.53	$	0.33

See Note 2, “Mergers and Acquisitions” above for a discussion of the effect on the Company’s results of operations of its acquisitions of Brand in the third quarter of 2018 and Metropolitan in the third quarter of 2017.