25.SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)

Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2016, 2015 and 2014.


	2016
	Fourth		Third		Second		First
(dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter(1)

Interest income	$	45,903	$	43,934	$	40,140	$	44,015
Interest expense		4,258		4,536		4,563		4,581
Net interest income		41,645		39,398		35,577		39,434
Provision for loan and lease losses(2)		5,004		2,489		1,814		5,186
Net interest income after provision		36,641		36,909		33,763		34,248
Noninterest income(3)		10,485		11,301		10,802		24,921
Noninterest expenses(4)		32,166		33,534		31,866		32,541
Income before income taxes		14,960		14,676		12,699		26,628
Income tax expense		4,960		4,848		4,359		8,893
Net income		10,000		9,828		8,340		17,735

Basic earnings per share:
Class A Common Stock		0.48		0.47		0.40		0.86
Class B Common Stock		0.44		0.43		0.37		0.78

Diluted earnings per share:
Class A Common Stock		0.48		0.47		0.40		0.85
Class B Common Stock		0.44		0.43		0.37		0.77

Dividends declared per common share:
Class A Common Stock		0.209		0.209		0.209		0.198
Class B Common Stock		0.190		0.190		0.190		0.180


	2015
	Fourth		Third		Second		First
(dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter(1)

Interest income	$	36,842	$	36,107	$	35,722	$	33,761
Interest expense		4,376		4,683		4,664		4,739
Net interest income		32,466		31,424		31,058		29,022
Provision for loan and lease losses		2,074		2,233		904		185
Net interest income after provision		30,392		29,191		30,154		28,837
Noninterest income(3)		7,717		7,806		9,485		22,986
Noninterest expenses(4)		26,847		28,238		27,165		31,074
Income before income tax expense		11,262		8,759		12,474		20,749
Income tax expense		3,844		3,119		4,154		6,961
Net income		7,418		5,640		8,320		13,788

Basic earnings per share:
Class A Common Stock		0.36		0.27		0.40		0.66
Class B Common Stock		0.33		0.25		0.37		0.65

Diluted earnings per share:
Class A Common Stock		0.36		0.27		0.40		0.66
Class B Common Stock		0.33		0.25		0.36		0.64

Dividends declared per common share:
Class A Common Stock		0.198		0.198		0.198		0.187
Class B Common Stock		0.180		0.180		0.180		0.170

(1)

The first quarters of 2016 and 2015 were significantly impacted by the TRS division of RPG.

(2)

Provision expense:

The relatively higher levels of provision expense during the first and fourth quarters of 2016 were driven primarily by provision expense at the RPG segment. Provision expense at RPG was $4.7 million during the first quarter of 2016 and was primarily driven by the TRS division’s EA product. Provision expense at RPG was $3.3 million during the fourth quarter of 2016 and was primarily driven by short-term consumer loans originated through the RCS division of RPG.

(3)

Noninterest income:

During the third quarter of 2016, the Company recorded a $1.1 million gain on the bulk-loan sale of approximately $71 million of its correspondent loan portfolio.

(4)

Noninterest expenses:

During the fourth quarters of 2016 and 2015, the Company reversed $1.7 million and $2.3 million of incentive compensation accruals based on revised payout estimates.

During the third quarter of 2015, the Company reversed $450,000 of incentive compensation accruals based on revised payout estimates.

During the third quarter of 2016, The Company incurred an $846,000 prepayment penalty on payoff of $50 million in FHLB advances.