Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest and Dividend Income:        
Interest and fees on loans $ 29,098 $ 26,781 $ 83,736 $ 81,564
Taxable interest on investment securities 2,040 1,992 6,256 6,280
Tax-exempt interest on investment securities 69 98 237 299
Interest on term federal funds sold   191   684
Interest on federal funds sold   20 6 53
Interest on interest-bearing deposits in other banks 28 142 140 269
Dividends on federal reserve bank stock 198 154 577 430
Dividends on federal home loan bank stock 194 24 449 82
Total interest and dividend income 31,627 29,402 91,401 89,661
Interest Expense:        
Interest on deposits 3,117 3,639 9,376 12,511
Interest on federal home loan bank advances 36 40 115 126
Interest on junior subordinated debentures   804 678 2,400
Total interest expense 3,153 4,483 10,169 15,037
Net interest income before provision for credit losses 28,474 24,919 81,232 74,624
Provision for credit losses       6,000
Net interest income after provision for credit losses 28,474 24,919 81,232 68,624
Non-Interest Income:        
Service charges on deposit accounts 2,730 2,851 8,662 8,955
Insurance commissions 1,273 1,092 3,904 3,622
Remittance fees 481 476 1,519 1,417
Trade finance fees 248 274 801 858
Other service charges and fees 349 361 1,082 1,105
Bank-owned life insurance income 230 235 693 872
Gain on sales of SBA loans guaranteed portion 994 1,772 6,064 7,245
Net loss on sales of other loans   (515) (557) (8,234)
Net gain on sales of investment securities 611 10 923 1,392
Other-than-temporary impairment loss on investment securities   (176)   (292)
Other operating income 410 140 742 402
Total non-interest income 7,326 6,520 23,833 17,342
Non-Interest Expense:        
Salaries and employee benefits 9,926 9,148 28,692 27,707
Occupancy and equipment 2,634 2,623 7,745 7,839
Deposit insurance premiums and regulatory assessments 308 283 1,059 3,182
Data processing 1,158 1,211 3,470 3,762
Other real estate owned expense (59) 352 (47) 377
Professional fees 907 1,112 5,428 2,950
Directors and officers liability insurance 219 296 658 888
Supplies and communications 562 669 1,687 1,803
Advertising and promotion 1,140 1,023 2,817 2,633
Loan-related expense 91 164 328 452
Amortization of other intangible assets 41 41 123 157
Other operating expenses 2,039 1,882 6,137 5,563
Total non-interest expense 18,966 18,804 58,097 57,313
Income before provision (benefit) for income taxes 16,834 12,635 46,968 28,653
Provision (benefit) for income taxes 6,584 (644) 17,089 (47,742)
Net income $ 10,250 $ 13,279 $ 29,879 $ 76,395
Earnings per share:        
Basic $ 0.32 $ 0.42 $ 0.95 $ 2.43
Diluted $ 0.32 $ 0.42 $ 0.94 $ 2.42
Weighted-average shares outstanding:        
Basic 31,621,049 31,475,976 31,583,897 31,474,042
Diluted 31,733,004 31,545,111 31,652,795 31,506,767