Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Interest and Dividend Income:    
Interest and fees on loans $ 28,190 $ 26,799
Taxable interest on investment securities 2,537 2,116
Tax-exempt interest on investment securities 76 95
Interest on federal funds sold   6
Interest on interest-bearing deposits in other banks 21 88
Dividends on federal reserve bank stock 168 183
Dividends on federal home loan bank stock 236 108
Total interest and dividend income 31,228 29,395
Interest Expense:    
Interest on deposits 3,221 3,159
Interest on federal home loan bank advances 48 38
Interest on junior subordinated debentures   594
Total interest expense 3,269 3,791
Net interest income before provision for credit losses 27,959 25,604
Negative provision for credit losses (3,300)  
Net interest income after provision for credit losses 31,259 25,604
Non-Interest Income:    
Service charges on deposit accounts 2,474 3,048
Insurance commissions 1,406 1,213
Remittance fees 438 497
Trade finance fees 252 277
Other service charges and fees 331 398
Bank-owned life insurance income 223 230
Gain on sales of SBA loans guaranteed portion 547 2,692
Net loss on sales of other loans   (97)
Net gain on sales of investment securities 1,421 9
Other operating income 134 90
Total non-interest income 7,226 8,357
Non-Interest Expense:    
Salaries and employee benefits 11,241 9,351
Occupancy and equipment 2,477 2,556
Deposit insurance premiums and regulatory assessments 437 234
Data processing 1,172 1,170
Other real estate owned expense 6 32
Professional fees 843 2,156
Directors and officers liability insurance 191 220
Supplies and communications 527 495
Advertising and promotion 731 672
Loan-related expense 83 146
Amortization of other intangible assets 41 41
Other operating expenses 2,048 2,094
Total non-interest expense 19,797 19,167
Income before provision for income taxes 18,688 14,794
Provision for income taxes 7,653 4,684
Net income $ 11,035 $ 10,110
Earnings per share:    
Basic $ 0.35 $ 0.32
Diluted $ 0.35 $ 0.32
Weighted-average shares outstanding:    
Basic 31,659,705 31,538,980
Diluted 31,934,163 31,626,667