SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2020

SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)

SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)

27. SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)

Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2020 and 2019.

	2020
	Fourth		Third		Second		First
(dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter (1)
Interest income	$	57,970	$	56,038	$	57,091	$	81,159
Interest expense		2,850		3,786		4,886		8,421
Net interest income		55,120		52,252		52,205		72,738
Provision for loan and lease losses (2)		484		1,500		6,534		22,760
Net interest income after provision		54,636		50,752		45,671		49,978
Noninterest income		17,136		20,597		18,751		30,569
Noninterest expense (4)		48,140		45,523		44,825		46,969
Income before income taxes		23,632		25,826		19,597		33,578
Income tax expense (5)		3,276		5,437		3,793		6,881
Net income	$	20,356	$	20,389	$	15,804	$	26,697
Basic earnings per share:
Class A Common Stock	$	0.98	$	0.98	$	0.77	$	1.29
Class B Common Stock		0.89		0.89		0.69		1.17
Diluted earnings per share:
Class A Common Stock	$	0.98	$	0.98	$	0.76	$	1.28
Class B Common Stock		0.89		0.89		0.69		1.16
Dividends declared per common share:
Class A Common Stock	$	0.286	$	0.286	$	0.286	$	0.286
Class B Common Stock		0.260		0.260		0.260		0.260

	2019
	Fourth		Third		Second		First
(dollars in thousands, except per share data)	Quarter		Quarter		Quarter		Quarter(1)
Interest income	$	64,527	$	68,059	$	65,664	$	82,633
Interest expense		10,132		12,573		11,718		10,334
Net interest income		54,395		55,486		53,946		72,299
Provision for loan and lease losses(2)		914		3,153		4,460		17,231
Net interest income after provision		53,481		52,333		49,486		55,068
Noninterest income (3)		19,655		12,811		15,125		27,417
Noninterest expense (4)		40,835		42,411		43,428		45,509
Income before income taxes		32,301		22,733		21,183		36,976
Income tax expense (5)		6,533		4,325		3,176		7,460
Net income	$	25,768	$	18,408	$	18,007	$	29,516
Basic earnings per share:
Class A Common Stock	$	1.23	$	0.88	$	0.86	$	1.42
Class B Common Stock		1.13		0.80		0.79		1.29
Diluted earnings per share:
Class A Common Stock	$	1.23	$	0.88	$	0.86	$	1.41
Class B Common Stock		1.12		0.80		0.78		1.28
Dividends declared per common share:
Class A Common Stock	$	0.264	$	0.264	$	0.264	$	0.264
Class B Common Stock		0.240		0.240		0.240		0.240

(1) The first quarters of 2020 and 2019 were significantly impacted by the TRS segment of RPG.

(2) Provision expense:

The relatively higher levels of Provision expense during the first quarters of 2020 and 2019 were driven by the TRS segment’s EA product. Provision expense for EAs during the first quarters of 2020 and 2019 was $15.2 million and $13.4 million.

Provision expense during 2020 was negatively impacted by economic conditions created by the COVID-19 pandemic.

The relatively low Provision expense during the fourth quarter of 2019 is partially attributable to the release of $900,000 in reserves associated with divested loans upon final settlement of the Bank’s branch divestiture. See Footnote 26 in this section of the filing for additional information on the Company’s branch divestiture.

(3) Noninterest income:

The fourth quarter of 2019 included a $7.9 million net gain on the final settlement of the Bank’s branch divestiture. See Footnote 26 in this section of the filing for additional information on the Company’s branch divestiture.

(4) Noninterest expense:

During the fourth quarters of 2020 and 2019, the Company reversed $600,000 and $1.2 million of incentive compensation accruals based on revised payout estimates.

The fourth quarter of 2020 included $2.1 million of non-recurring FHLB advance early termination penalties.

(5) See Footnote 19 in this section of the filing for more information on the Company’s income taxes for 2020 and 2019.