Item 8. Financial Statements and Supplementary Data
ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Our consolidated financial statements and the report of our independent registered public accounting firm begin on page F-1.
Quarterly Results of Operations (in thousands, except per share and common stock data):
The following tables set forth certain unaudited historical quarterly financial data for each of the eight consecutive quarters in the fiscal years of 2020 and 2019. This information is derived from unaudited consolidated financial statements that include, in our opinion, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation when read in conjunction with our consolidated financial statements and notes thereto included elsewhere in this Form 10-K.
2020
4 th
3 rd
2 nd
1 st
(dollars in thousands, except per share amounts)
Summary Income Statement Information:
Interest income
$
92,457
$
91,373
$
92,197
$
88,100
Interest expense
1,920
2,163
2,962
7,198
Net interest income
90,537
89,210
89,235
80,902
Provision for credit losses
(8,033
)
9,000
8,700
9,850
Net interest income after provision for credit losses
98,570
80,210
80,535
71,052
Noninterest income
35,686
38,539
35,407
26,670
Net gain on securities transactions
23
36
1,512
2,062
Noninterest expense
63,705
55,593
53,321
55,318
Earnings before income taxes
70,574
63,192
64,133
44,466
Income tax expense
12,099
10,335
10,663
7,234
Net earnings
$
58,475
$
52,857
$
53,470
$
37,232
Per Share Data:
Earnings per share, basic
$
0.41
$
0.37
$
0.38
$
0.26
Earnings per share, diluted
0.41
0.37
0.38
0.26
Cash dividends declared
0.13
0.13
0.13
0.12
Book value at period-end
11.80
11.40
11.14
9.03
Common stock sales price:
High
$
36.43
$
32.80
$
33.81
$
35.94
Low
27.49
26.71
23.44
20.70
Close
36.17
27.91
28.89
26.84
60
Table of Contents
2019
4 th
3 rd
2 nd
1 st
(dollars in thousands, except per share amounts)
Summary Income Statement Information:
Interest income
$
82,123
$
80,591
$
79,576
$
76,901
Interest expense
6,801
7,953
7,961
7,387
Net interest income
75,322
72,638
71,615
69,514
Provision for loan losses
950
450
600
965
Net interest income after provision for loan losses
74,372
72,188
71,015
68,549
Noninterest income
27,342
28,617
27,300
24,437
Net gain on securities transactions
5
52
676
—
Noninterest expense
51,938
48,910
48,304
47,367
Earnings before income taxes
49,781
51,947
50,687
45,619
Income tax expense
8,393
8,867
8,594
7,367
Net earnings
$
41,388
$
43,080
$
42,093
$
38,252
Per Share Data:
Earnings per share, basic
$
0.30
$
0.32
$
0.31
$
0.28
Earnings per share, diluted
0.30
0.32
0.31
0.28
Cash dividends declared
0.12
0.12
0.12
0.11
Book value at period-end
9.03
8.87
8.58
8.16
Common stock sales price:
High
$
36.45
$
33.97
$
31.54
$
32.65
Low
32.01
29.50
28.00
27.13
Close
35.10
33.33
30.79
28.89
61
Table of Contents
ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.