Exhibit 99
Investor Contact: | | Amy Chamberlain | | Media Contact: | | Ann Takiguchi Marcos |
| | Investor Relations Officer | | | | VP & PR/Communications Officer |
| | (808) 544-0618 | | | | (808) 544-0685 |
| | amy.chamberlain@centralpacificbank.com | | | | ann.takiguchi@centralpacificbank.com |
NEWS RELEASE
CENTRAL PACIFIC FINANCIAL CORP. REPORTS RECORD EARNINGS
HONOLULU, April 26, 2005 – Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank, today reported net income for the first quarter of 2005 of $17.2 million, or $0.59 per diluted share, compared to $7.9 million, or $0.48 per diluted share reported in the first quarter of 2004 and $13.1 million or $0.46 per diluted share reported in the fourth quarter of 2004.
Operating earnings, defined as the Company’s net income before deduction of nonrecurring merger-related expenses, net of tax, for the first quarter of 2005 were $18.1 million, or $0.62 per diluted share, as compared to $8.0 million, or $0.49 per diluted share recorded in the first quarter of 2004 and $15.8 million, or $0.55 per diluted share in the fourth quarter of 2004.
First Quarter Highlights
• Net income increased 118% and diluted earnings per share increased 23% from a year ago.
• Loans and leases increased by $136 million, or 4.4%, from December 31, 2004.
• Noninterest-bearing deposits increased by $58 million, or 9.7%, from December 31, 2004.
• Merged City Bank into Central Pacific Bank, consolidated their operations and reduced branch network from 45 to 37 effective February 22, 2005.
• Raised approximately $64 million from the sale of common stock.
“Our strong quarterly results demonstrate the strength and potential of our newly combined franchise,” commented Clint Arnoldus, Chief Executive Officer of CPF. “During the first quarter, our extraordinary team improved profitability, grew loans and deposits, consolidated our subsidiary banks and raised additional capital to support future initiatives. We are extremely optimistic about the future as we continue to integrate and strengthen our team and meet with existing and prospective customers.”
Financial Highlights
The Company’s merger with CB Bancshares, Inc. (“CBBI”) was accounted for under the purchase accounting method, and CBBI’s revenues and expenses are included in the consolidated financials from September 15, 2004, the date of closing. The financial results for the first quarter of 2004 did not include CBBI’s revenues and expenses and, accordingly, the first quarter of 2005 and the first quarter of 2004 may not be reasonably comparable.
Net interest income for the first quarter of 2005 was $46.3 million, up 104% from the $22.7 million recorded in the first quarter of last year and little changed from the fourth quarter of 2004. The year-over-year growth in net interest income was attributable to a 99% increase in average interest earning assets (primarily due to the merger with CBBI) and a 7 basis point increase in the net interest margin from the year ago period. The first quarter 2005 net interest
Central Pacific Financial Corp. Reports Record Earnings
April 26, 2005
margin of 4.59% improved from the 4.52% reported in the first quarter of 2004 and was little changed from the 4.60% reported in the fourth quarter of 2004.
Provision for loan and lease losses in the first quarter of 2005 was $917,000, compared to $300,000 in the first quarter of 2004 and $950,000 in the fourth quarter of 2004. The higher provision from the year ago period was primarily a result of the merger.
Other operating income was $9.3 million for the quarter, compared to $3.9 million in the first quarter of 2004 and $9.1 million in the fourth quarter of 2004. The first quarter of 2005 included $1.5 million in net gains on sales of investment securities, while the fourth quarter of 2004 included a $620,000 net gain on a bulk sale of $65 million in residential mortgage loans.
Other operating expense for the first quarter of 2005 was $30.9 million, up $16.4 million from the $14.5 million in the same quarter last year and down $4.5 million from the $35.4 million in the fourth quarter of 2004. The first quarter of 2005 and fourth quarter of 2004 included $1.5 million and $4.5 million, respectively, in merger-related expenses. Excluding these expenses, other operating expense declined 5% on a sequential quarter basis.
The effective tax rate was 27.54% for the quarter, compared to 32.88% in the first quarter of 2004 and 30.81% in the fourth quarter of 2004. In the first quarter of 2005, the Company recognized $1.8 million in state tax credits from its investments in high-technology businesses in Hawaii. The Company expects its effective tax rate to approximate 32% over the coming quarters.
Asset Quality
At March 31, 2005, nonperforming assets totaled $9.9 million or 0.21% of total assets, as compared to $7.5 million or 0.33% of total assets at March 31, 2004, and $10.9 million or 0.23% of total assets at December 31, 2004.
The allowance for loan and lease losses as a percentage of total loans and leases was 1.60% at March 31, 2005, as compared to 1.70% at March 31, 2004 and 1.64% at December 31, 2004.
Net loan recoveries totaled $3,000 during the quarter, as compared to net charge-offs totaling $226,000, or 0.06% of average loans, in the first quarter of 2004 and net charge-offs totaling $126,000, or 0.02% of average loans, in the fourth quarter of 2004.
Balance Sheet Analysis
Total assets increased to $4.8 billion at March 31, 2005, compared to $2.3 billion at March 31, 2004 and $4.7 billion at December 31, 2004.
Total loans and leases of $3.2 billion, increased by $1.8 billion from the March 31, 2004 balance of $1.5 billion and by $136.0 million from the $3.1 billion recorded at December 31, 2004.
Quarter-end total deposits were $3.4 billion, increasing from $1.8 billion at March 31, 2004 and $3.3 billion at December 31, 2004.
Shareholders’ equity of $640.8 million improved from the $203.5 million reported at March 31, 2004 and the $567.9 million reported at December 31, 2004. During the quarter, the Company strengthened its capital position by selling 2 million common shares raising approximately $64 million in capital. The Company plans to use the offering proceeds for general corporate purposes.
Business and Earnings Outlook
Based on current economic and business conditions, management reaffirms its 2005 EPS guidance of $2.50 to $2.60.
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Conference Call Information
Central Pacific Financial Corp. will conduct a conference call today at 4:00 p.m. Eastern Time (10:00 a.m. Hawaii Time) to discuss its quarterly results. To participate in the call, please call 1-800-289-0572 or visit the investor relations page of the Company’s website at http://investor.centralpacificbank.com. A playback of the call will be available by dialing 1-888-203-1112 and entering the passcode 5752294. Additionally, a replay will be available on the Company’s website.
Annual Shareholders’ Meeting
The Annual Meeting of Shareholders of Central Pacific Financial Corp. will be held this evening, April 26, 2005, at 6:00 p.m. Hawaii Time in the Plumeria Room of the Ala Moana Hotel, Honolulu, Hawaii.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is the fourth largest financial institution in Hawaii with $4.8 billion in assets. Central Pacific Bank, its primary subsidiary, operates 37 branches and more than 90 ATMs throughout Hawaii. For additional information, please visit our web site at http://www.centralpacificbank.com.
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Forward-Looking Statements
This document may contain forward-looking statements concerning projections of revenues, income, earnings per share, capital expenditures, dividends, capital structure, or other financial items, concerning plans and objectives of management for future operations, concerning future economic performance, or concerning any of the assumptions underlying or relating to any of the foregoing. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, and may include the words “believes”, “plans”, “intends”, “expects”, “anticipates” or words of similar meaning. While we believe that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions, are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could materially differ from projections for a variety of reasons, to include, but not limited to: the impact of local, national, and international economies and events on the company’s business and operations and on tourism, the military, and other major industries operating within the Hawaii market; the impact of legislation affecting the banking industry; the impact of competitive products, services, pricing, and other competitive forces; movements in interest rates; loan delinquency rates; and trading of the company’s stock. For further information on factors which could cause actual results to materially differ from projections, please see the company’s publicly available Securities and Exchange Commission filings, including the company’s Form 10-K for the last fiscal year. The company does not update any of its forward-looking statements.
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CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights - March 31, 2005
(Unaudited)
| | Three Months Ended | |
(in thousands, except per share data) | | March 31,
2005 | | December 31,
2004 | | March 31,
2004 | |
| | | | | | | |
INCOME STATEMENT | | | | | | | |
Net income | | $ | 17,205 | | $ | 13,132 | | $ | 7,910 | |
Net income - adjusted (1) | | 18,101 | | 15,811 | | 7,998 | |
Earnings per share data: | | | | | | | |
Diluted: | | | | | | | |
Net income | | 0.59 | | 0.46 | | 0.48 | |
Net income - adjusted (1) | | 0.62 | | 0.55 | | 0.49 | |
Cash dividends | | 0.16 | | 0.16 | | 0.16 | |
| | | | | | | |
PERFORMANCE RATIOS | | | | | | | |
Return on average assets (2) | | 1.46 | % | 1.12 | % | 1.43 | % |
Return on average assets - adjusted (1), (2) | | 1.54 | % | 1.35 | % | 1.45 | % |
Return on average shareholders’ equity (2) | | 11.50 | % | 9.38 | % | 15.76 | % |
Return on average shareholders’ equity - adjusted (1), (2) | | 12.10 | % | 11.29 | % | 15.94 | % |
Net income to average tangible shareholders’ equity (2) | | 25.91 | % | 23.40 | % | 15.76 | % |
Net income to average tangible shareholders’ equity - adjusted (1), (2) | | 27.26 | % | 28.18 | % | 15.94 | % |
Efficiency ratio | | 57.17 | % | 63.77 | % | 54.59 | % |
Efficiency ratio - adjusted (1) | | 54.41 | % | 55.74 | % | 54.04 | % |
Net interest margin (2) | | 4.59 | % | 4.60 | % | 4.52 | % |
Dividend payout ratio | | 26.67 | % | 34.04 | % | 32.65 | % |
| | | | | | | | | | |
| | March 31,
2005 | | December 31,
2004 | | March 31,
2004 | |
BALANCE SHEET | | | | | | | |
Total assets | | $ | 4,781,023 | | $ | 4,651,902 | | $ | 2,284,325 | |
Loans | | 3,235,788 | | 3,099,830 | | 1,459,442 | |
Loans, net | | 3,184,165 | | 3,049,127 | | 1,434,594 | |
Deposits | | 3,382,259 | | 3,327,026 | | 1,805,267 | |
Shareholders’ equity | | 640,816 | | 567,862 | | 203,513 | |
Book value per share | | 21.11 | | 20.17 | | 12.65 | |
Market value per share | | 33.65 | | 36.17 | | 29.79 | |
Tangible equity ratio | | 6.97 | % | 5.39 | % | 8.91 | % |
| | | | | | | | | | |
| | Three Months Ended | |
| | March 31,
2005 | | December 31,
2004 | | March 31,
2004 | |
SELECTED AVERAGE BALANCES | | | | | | | |
Total assets | | $ | 4,697,835 | | $ | 4,672,658 | | $ | 2,210,702 | |
Interest-earning assets | | 4,087,164 | | 4,092,572 | | 2,054,243 | |
Loans, net of unearned interest | | 3,162,041 | | 3,124,812 | | 1,448,834 | |
Other real estate | | 174 | | 580 | | — | |
Deposits | | 3,315,749 | | 3,323,615 | | 1,753,062 | |
Interest-bearing liabilities | | 3,381,853 | | 3,410,840 | | 1,648,299 | |
Shareholders’ equity | | 598,615 | | 559,728 | | 200,741 | |
| | | | | | | | | | |
| | March 31,
2005 | | December 31,
2004 | | March 31,
2004 | |
NONPERFORMING ASSETS | | | | | | | |
Nonaccrual loans | | $ | 9,915 | | $ | 10,290 | | $ | 7,466 | |
Other real estate | | — | | 580 | | — | |
Total nonperforming assets | | 9,915 | | 10,870 | | 7,466 | |
Loans delinquent for 90 days or more (still accruing interest) | | 7,011 | | 393 | | 168 | |
Restructured loans (still accruing interest) | | 710 | | 701 | | — | |
Total nonperforming assets, loans delinquent for 90 days or more (still accruing interest) and restructured loans (still accruing interest) | | $ | 17,636 | | $ | 11,964 | | $ | 7,634 | |
| | Three Months Ended | |
| | March 31,
2005 | | December 31,
2004 | | March 31,
2004 | |
Loan charge-offs | | $ | 1,379 | | $ | 1,541 | | $ | 315 | |
Recoveries | | 1,382 | | 1,415 | | 89 | |
Net loan charge-offs (recoveries) | | $ | (3 | ) | $ | 126 | | $ | 226 | |
Net loan charge-offs to average loans (2) | | 0.00 | % | 0.02 | % | 0.06 | % |
| | March 31,
2005 | | December 31,
2004 | | March 31,
2004 | |
ASSET QUALITY RATIOS | | | | | | | |
Nonaccrual loans to total loans | | 0.31 | % | 0.33 | % | 0.51 | % |
Nonperforming assets to total assets | | 0.21 | % | 0.23 | % | 0.33 | % |
Nonperforming assets, loans delinquent for 90 days or more (still accruing interest) and restructured loans (still accruing interest) to total loans & other real estate | | 0.55 | % | 0.39 | % | 0.52 | % |
Allowance for loan and lease losses to total loans and leases | | 1.60 | % | 1.64 | % | 1.70 | % |
Allowance for loan and lease losses to nonaccrual loans | | 520.66 | % | 492.79 | % | 332.82 | % |
(1) Excludes nonrecurring merger-related expenses, net of tax (see Reconciliation of Non-GAAP Financial Measures)
(2) Annualized
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
| | Three Months Ended | |
(in thousands, except per share data) | | March 31,
2005 | | December 31,
2004 | | March 31,
2004 | |
| | | | | | | |
Net income (a) | | $ | 17,205 | | $ | 13,132 | | $ | 7,910 | |
Nonrecurring merger-related expenses, net of tax | | 896 | | 2,679 | | 88 | |
Net income, excluding nonrecurring merger-related expenses (b) | | $ | 18,101 | | $ | 15,811 | | $ | 7,998 | |
| | | | | | | |
Basic earnings per share | | $ | 0.60 | | $ | 0.47 | | $ | 0.49 | |
Nonrecurring merger-related expenses, net of tax | | 0.03 | | 0.09 | | 0.01 | |
Basic earnings per share, excluding nonrecurring merger-related expenses | | $ | 0.63 | | $ | 0.56 | | $ | 0.50 | |
| | | | | | | |
Diluted earnings per share | | $ | 0.59 | | $ | 0.46 | | $ | 0.48 | |
Nonrecurring merger-related expenses, net of tax | | 0.03 | | 0.09 | | 0.01 | |
Diluted earnings per share, excluding nonrecurring merger-related expenses | | $ | 0.62 | | $ | 0.55 | | $ | 0.49 | |
| | | | | | | |
Return on average assets | | 1.46 | % | 1.12 | % | 1.43 | % |
Nonrecurring merger-related expenses, net of tax | | 0.08 | | 0.23 | | 0.02 | |
Return on average assets, excluding nonrecurring merger-related expenses | | 1.54 | % | 1.35 | % | 1.45 | % |
| | | | | | | |
Return on average equity | | 11.50 | % | 9.38 | % | 15.76 | % |
Nonrecurring merger-related expenses, net of tax | | 0.60 | | 1.91 | | 0.18 | |
Return on average equity, excluding nonrecurring merger-related expenses | | 12.10 | % | 11.29 | % | 15.94 | % |
| | | | | | | |
Net income to average tangible equity: | | | | | | | |
| | | | | | | |
Average shareholders’ equity | | $ | 598,615 | | $ | 559,728 | | $ | 200,741 | |
Average intangible assets | | (332,962 | ) | (335,281 | ) | — | |
Total tangible equity (c) | | $ | 265,653 | | $ | 224,447 | | $ | 200,741 | |
| | | | | | | |
Net income to average tangible equity [ (a) annualized / (c) ] | | 25.91 | % | 23.40 | % | 15.76 | % |
Net income, excluding nonrecurring merger-related expenses, to average tangible equity [ (b) annualized / (c) ] | | 27.26 | % | 28.18 | % | 15.94 | % |
| | | | | | | |
Efficiency ratio: | | | | | | | |
| | | | | | | |
Net interest income | | $ | 46,320 | | $ | 46,288 | | $ | 22,701 | |
Other operating income (excluding investment securities gains (losses) | | 7,742 | | 9,261 | | 3,911 | |
Total operating revenue (d) | | $ | 54,062 | | $ | 55,549 | | $ | 26,612 | |
| | | | | | | |
Other operating expense (e) | | $ | 30,909 | | $ | 35,426 | | $ | 14,528 | |
Nonrecurring merger-related expenses | | (1,492 | ) | (4,462 | ) | (147 | ) |
Total other operating expense, excluding nonrecurring merger-related expenses (f) | | $ | 29,417 | | $ | 30,964 | | $ | 14,381 | |
| | | | | | | |
Efficiency ratio [ (e) / (d) ] | | 57.17 | % | 63.77 | % | 54.59 | % |
Efficiency ratio, excluding nonrecurring merger-related expenses [ (f) / (d) ] | | 54.41 | % | 55.74 | % | 54.04 | % |
| | | | | | | |
Effective tax rate: | | | | | | | |
| | | | | | | |
Net income before taxes (g) | | $ | 23,745 | | $ | 18,980 | | $ | 11,784 | |
Nonrecurring merger-related expenses | | 1,492 | | 4,462 | | 147 | |
Net income before taxes, excluding nonrecurring merger-related expenses (h) | | $ | 25,237 | | $ | 23,442 | | $ | 11,931 | |
| | | | | | | |
Income taxes (i) | | $ | 6,540 | | $ | 5,848 | | $ | 3,874 | |
Tax impact of nonrecurring merger-related expenses | | 596 | | 1,783 | | 59 | |
Income taxes, excluding tax impact of nonrecurring merger-related expenses (j) | | $ | 7,136 | | $ | 7,631 | | $ | 3,933 | |
| | | | | | | |
Effective tax rate [ (i) / (g) ] | | 27.54 | % | 30.81 | % | 32.88 | % |
Effective tax rate, excluding tax impact of merger-related expenses [ (j) / (h) ] | | 28.28 | % | 32.55 | % | 32.96 | % |
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data) | | March 31,
2005 | | December 31,
2004 | | March 31,
2004 | |
| | | | | | | |
ASSETS | | | | | | | |
Cash and due from banks | | $ | 113,065 | | $ | 84,869 | | $ | 70,854 | |
Interest-bearing deposits in other banks | | 6,512 | | 52,978 | | 2,645 | |
Federal funds sold | | — | | 25,600 | | — | |
Investment securities: | | | | | | | |
Held to maturity, at cost (fair value of $97,602 at March 31, 2005, $101,869 at December 31, 2004, and $35,046 at March 31, 2004) | | 98,590 | | 101,337 | | 33,642 | |
Available for sale, at fair value | | 819,581 | | 798,084 | | 615,725 | |
Total investment securities | | 918,171 | | 899,421 | | 649,367 | |
| | | | | | | |
Loans held for sale | | 32,273 | | 17,736 | | 2,337 | |
Loans and leases | | 3,235,788 | | 3,099,830 | | 1,459,442 | |
Less allowance for loan and lease losses | | 51,623 | | 50,703 | | 24,848 | |
Net loans and leases | | 3,184,165 | | 3,049,127 | | 1,434,594 | |
| | | | | | | |
Premises and equipment | | 77,098 | | 77,099 | | 57,355 | |
Accrued interest receivable | | 19,154 | | 18,298 | | 8,723 | |
Investment in unconsolidated subsidiaries | | 11,367 | | 11,536 | | 4,625 | |
Due from customers on acceptances | | 222 | | 547 | | — | |
Other real estate | | — | | 580 | | — | |
Goodwill | | 289,848 | | 284,712 | | — | |
Core deposit premium | | 40,761 | | 49,188 | | — | |
Other assets | | 88,387 | | 80,211 | | 53,825 | |
Total assets | | $ | 4,781,023 | | $ | 4,651,902 | | $ | 2,284,325 | |
| | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | |
Deposits: | | | | | | | |
Noninterest-bearing deposits | | $ | 652,309 | | $ | 594,401 | | $ | 369,151 | |
Interest-bearing deposits | | 2,729,950 | | 2,732,625 | | 1,436,116 | |
Total deposits | | 3,382,259 | | 3,327,026 | | 1,805,267 | |
| | | | | | | |
Short-term borrowings | | 97,610 | | 88,900 | | 12,851 | |
Long-tem debt | | 586,419 | | 587,380 | | 228,425 | |
Bank acceptances outstanding | | 222 | | 547 | | — | |
Minority interest | | 13,258 | | 12,782 | | 10,362 | |
Other liabilities | | 60,439 | | 67,405 | | 23,907 | |
Total liabilities | | 4,140,207 | | 4,084,040 | | 2,080,812 | |
| | | | | | | |
Shareholders’ equity: | | | | | | | |
Preferred stock, no par value, authorized 1,000,000 shares, none issued | | — | | — | | — | |
Common stock, no par value; authorized 100,000,000 shares; issued and outstanding 30,352,184 shares at March 31, 2005, 28,159,395 shares at December 31, 2004, and 16,093,999 shares at March 31, 2004 | | 427,009 | | 360,550 | | 9,907 | |
Surplus | | 45,848 | | 45,848 | | 45,848 | |
Retained earnings | | 180,414 | | 167,801 | | 147,972 | |
Deferred stock awards | | (317 | ) | (174 | ) | (47 | ) |
Accumulated other comprehensive loss | | (12,138 | ) | (6,163 | ) | (167 | ) |
Total shareholders’ equity | | 640,816 | | 567,862 | | 203,513 | |
| | | | | | | |
Total liabilities and shareholders’ equity | | $ | 4,781,023 | | $ | 4,651,902 | | $ | 2,284,325 | |
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| | Three Months Ended | |
(In thousands, except per share data) | | March 31,
2005 | | December 31,
2004 | | March 31,
2004 | |
| | | | | | | |
Interest income: | | | | | | | |
Interest and fees on loans and leases | | $ | 50,834 | | $ | 49,668 | | $ | 21,291 | |
Interest and dividends on investment securities: | | | | | | | |
Taxable interest | | 7,449 | | 7,759 | | 5,081 | |
Tax-exempt interest | | 1,005 | | 1,389 | | 991 | |
Dividends | | 291 | | 22 | | 217 | |
Interest on deposits in other banks | | 147 | | 211 | | 23 | |
Interest on Federal funds sold and securities purchased under agreements to resell | | 58 | | 68 | | 9 | |
| | | | | | | |
Total interest income | | 59,784 | | 59,117 | | 27,612 | |
| | | | | | | |
Interest expense: | | | | | | | |
Interest on deposits | | 7,517 | | 7,142 | | 2,925 | |
Interest on short-term borrowings | | 527 | | 494 | | 36 | |
Interest on long-term debt | | 5,420 | | 5,193 | | 1,950 | |
| | | | | | | |
Total interest expense | | 13,464 | | 12,829 | | 4,911 | |
| | | | | | | |
Net interest income | | 46,320 | | 46,288 | | 22,701 | |
Provision for loan and lease losses | | 917 | | 950 | | 300 | |
Net interest income after provision for loan and lease losses | | 45,403 | | 45,338 | | 22,401 | |
| | | | | | | |
Other operating income: | | | | | | | |
Income from fiduciary activities | | 533 | | 534 | | 549 | |
Service charges on deposit accounts | | 2,442 | | 2,668 | | 1,443 | |
Other service charges and fees | | 2,776 | | 2,832 | | 1,251 | |
Equity in earnings of unconsolidated subsidiaries | | 91 | | — | | — | |
Fees on foreign exchange | | 218 | | 165 | | 173 | |
Investment securities gains (losses) | | 1,509 | | (193 | ) | — | |
Other | | 1,682 | | 3,062 | | 495 | |
| | | | | | | |
Total other operating income | | 9,251 | | 9,068 | | 3,911 | |
| | | | | | | |
Other operating expense: | | | | | | | |
Salaries and employee benefits | | 16,209 | | 16,393 | | 8,206 | |
Net occupancy | | 2,755 | | 3,155 | | 1,094 | |
Equipment | | 1,197 | | 1,131 | | 568 | |
Amortization of core deposit premium | | 1,300 | | 1,936 | | — | |
Communication expense | | 1,084 | | 834 | | 428 | |
Professional services | | 2,636 | | 4,172 | | 648 | |
Computer software expense | | 828 | | 845 | | 512 | |
Advertising expense | | 765 | | 1,248 | | 535 | |
Other | | 4,135 | | 5,712 | | 2,537 | |
| | | | | | | |
Total other operating expense | | 30,909 | | 35,426 | | 14,528 | |
| | | | | | | |
Income before income taxes | | 23,745 | | 18,980 | | 11,784 | |
Income taxes | | 6,540 | | 5,848 | | 3,874 | |
| | | | | | | |
Net income | | $ | 17,205 | | $ | 13,132 | | $ | 7,910 | |
| | | | | | | |
Per share data: | | | | | | | |
Basic earnings per share | | $ | 0.60 | | $ | 0.47 | | $ | 0.49 | |
Diluted earnings per share | | 0.59 | | 0.46 | | 0.48 | |
Cash dividends declared | | 0.16 | | 0.16 | | 0.16 | |
| | | | | | | |
Basic weighted average shares outstanding (000’s) | | 28,628 | | 28,099 | | 16,080 | |
Diluted weighted average shares outstanding (000’s) | | 29,198 | | 28,718 | | 16,411 | |
