Table of Contents QUARTERLY RESULTS OF OPERATIONS The following table sets forth unaudited consolidated selected quarterly statement of operations data for the years ended December 31, 2020 and 2019. Three Months Ended  (Dollars in thousands, except per share amounts) March 31 June 30 September 30 December 31 2020 Interest income $ 67,686 $ 63,850 $ 62,917 $ 68,578 Interest expense 12,842 9,849 8,049 6,471 Net interest income 54,844 54,001 54,868 62,107 Provision for credit losses* 11,353 10,375 9,303 4,970 Gains (losses) on investment securities available-for-sale 280 (1) — — Income before income taxes 21,578 24,042 26,563 34,158 Net income 16,418 18,526 20,054 26,463 Net income available to common shareholders 16,413 18,502 20,058 26,464 Diluted net income per common share 0.64 0.72 0.78 1.03 2019 Interest income $ 69,021  $ 71,637  $ 72,676  $ 69,543  Interest expense 14,073  15,210  15,481  14,247  Net interest income 54,948  56,427  57,195  55,296  Provision for loan and lease losses 4,918  4,247  3,717  2,951  Gains on investment securities available-for-sale —  —  —  —  Income before income taxes 28,950  30,491  32,137  28,576  Net income 22,196  23,417  24,448  21,954  Net income available to common shareholders 22,196  23,385  24,438  21,941  Diluted net income per common share 0.86  0.91  0.95  0.86  *ASU 2016-13 adopted during the fourth quarter of 2020 with a cumulative effect adjustment dated January 1, 2020 therefore September 30, 2020, June 30, 2020, and March 31, 2020 provision amounts reflect the incurred loss calculation. Net income available to common shareholders was $26.46 million for the fourth quarter of 2020, compared to the $21.94 million of net income available to common shareholders reported for the fourth quarter of 2019. Diluted net income per common share for the fourth quarter of 2020 amounted to $1.03, compared to $0.86 per common share reported in the fourth quarter of 2019. Net interest margin was 3.54% for the fourth quarter of 2020 and 3.51% for the fourth quarter of 2019. Net interest income was $62.11 million for the fourth quarter of 2020 up 12.32% from 2019’s fourth quarter. Net interest margin on a fully taxable-equivalent basis was 3.55% for the fourth quarter of 2020 and 3.52% for the fourth quarter of 2019. Tax-equivalent net interest income was $62.23 million for the fourth quarter of 2020, up 12.22% from 2019’s fourth quarter. Our provision for credit losses was $4.97 million in the fourth quarter of 2020 compared to $2.95 million in the fourth quarter of 2019. Net charge-offs were $3.72 million for the fourth quarter 2020, compared to net charge-offs of $0.64 million a year ago. Noninterest income for the fourth quarter of 2020 was $25.99 million, compared to $25.58 million for the fourth quarter of 2019. Noninterest expense for the fourth quarter of 2020 was $48.96 million and was $49.35 million in the fourth quarter 2019. For information regarding Quantitative and Qualitative Disclosures about Market Risk, see Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, Interest Rate Risk Management. Item 7A. Quantitative and Qualitative Disclosures about Market Risk. 43