XML 17 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest Income        
Interest and fees on loans $ 27,395 $ 18,651 $ 82,117 $ 56,077
Interest on U.S. government and sponsored enterprise obligations 4,049 3,598 12,055 11,187
Interest on state and political subdivision obligations 702 624 2,127 1,504
Interest on federal funds sold and other investments 448 183 1,051 393
Total interest income 32,594 23,056 97,350 69,161
Interest Expense        
Interest on deposits 2,204 1,557 6,355 4,630
Interest on borrowings 1,161 849 3,610 2,556
Interest on subordinated debentures 857 638 2,557 1,894
Total interest expense 4,222 3,044 12,522 9,080
Net interest income 28,372 20,012 84,828 60,081
Provision for credit losses 1,279 279 5,003 979
Net interest income after provision for credit losses 27,093 19,733 79,825 59,102
Non-Interest Income        
Debit card income 1,894 1,266 5,650 3,652
Service charges on deposit accounts 1,799 1,554 5,356 4,634
Other service charges and fees 591 416 1,494 1,124
Mortgage banking income, net 2,407 390 4,921 975
Income from fiduciary services 1,225 1,177 3,736 3,725
Bank-owned life insurance 585 443 1,899 1,267
Brokerage and insurance commissions 594 411 1,569 1,362
Net gain on sale of securities 0 4 4 4
Other income 1,906 900 4,841 2,275
Total non-interest income 11,001 6,561 29,470 19,018
Non-Interest Expense        
Salaries and employee benefits 12,044 8,691 35,634 25,550
Furniture, equipment and data processing 2,349 1,705 7,157 5,530
Net occupancy costs 1,685 1,194 5,352 3,905
Consulting and professional fees 742 470 2,609 1,734
Regulatory assessments 667 513 2,162 1,534
Debit card expense 669 431 2,107 1,299
Other real estate owned and collection costs 877 543 2,029 1,554
Amortization of intangible assets 475 288 1,427 862
Merger and acquisition costs 45 766 866 1,629
Other expenses 2,596 2,110 8,045 6,072
Total non-interest expense 22,149 16,711 67,388 49,669
Income before income taxes 15,945 9,583 41,907 28,451
Income Taxes 5,042 3,127 12,742 9,191
Net Income $ 10,903 $ 6,456 $ 29,165 $ 19,260
Per Share Data        
Basic earnings per share $ 0.70 $ 0.58 $ 1.88 $ 1.72
Diluted earnings per share $ 0.70 $ 0.57 $ 1.88 $ 1.71
Weighted average number of common shares outstanding [1] 15,425,452 11,179,821 15,410,310 11,165,297
Diluted weighted average number of common shares outstanding 15,507,561 11,215,844 15,483,320 11,196,749
[1] (2) Share and per share amounts have been adjusted to reflect the three-for-two stock split effective September 30, 2016, for all periods presented. Refer to Note 2.