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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest and Dividend Income:        
Interest and fees on loans $ 30,499 $ 29,098 $ 87,044 $ 83,736
Taxable interest on investment securities 3,138 2,040 8,050 6,256
Tax-exempt interest on investment securities 20 69 116 237
Interest on federal funds sold       6
Interest on interest-bearing deposits in other banks 29 28 67 140
Dividends on federal reserve bank stock 173 198 513 577
Dividends on federal home loan bank stock 290 194 762 449
Total interest and dividend income 34,149 31,627 96,552 91,401
Interest Expense:        
Interest on deposits 3,278 3,117 9,653 9,376
Interest on federal home loan bank advances 37 36 116 115
Interest on subordinated debentures 73   73 678
Interest on rescinded stock obligation 87   87  
Total interest expense 3,475 3,153 9,929 10,169
Net interest income before provision for credit losses 30,674 28,474 86,623 81,232
Negative provision for credit losses     (7,166)  
Net interest income after provision for credit losses 30,674 28,474 93,789 81,232
Noninterest Income:        
Bargain purchase gain, net of deferred taxes 6,593   6,593  
Service charges on deposit accounts 2,883 2,730 7,924 8,662
Remittance fees 459 481 1,388 1,519
Trade finance fees 314 248 873 801
Other service charges and fees 380 349 1,080 1,082
Bank-owned life insurance income 225 230 672 693
Gain on sales of SBA loans guaranteed portion 1,221 994 2,267 6,064
Net loss on sales of other loans       (557)
Net gain on sales of investment securities 67 611 1,852 923
Other operating income 2,179 416 2,588 758
Total noninterest income 14,321 6,059 25,237 19,945
Noninterest Expense:        
Salaries and employee benefits 12,847 9,101 33,386 26,126
Occupancy and equipment 3,098 2,561 7,964 7,532
Merger and integration costs 3,415   3,572  
Unconsummated acquisition costs   307   1,331
Deposit insurance premiums and regulatory assessments 513 308 1,349 1,059
Data processing 1,476 1,146 3,746 3,436
Other real estate owned expense 78 (59) 84 (47)
Professional fees 1,386 599 2,786 4,095
Directors and officers liability insurance 191 219 574 657
Supplies and communications 628 533 1,725 1,593
Advertising and promotion 809 1,039 2,142 2,419
Loan-related expense 58 91 203 328
Amortization of other intangible assets 33   33 123
Other operating expenses 2,231 1,791 6,031 5,369
Total noninterest expense 26,763 17,636 63,595 53,898
Income before provision for income taxes 18,232 16,897 55,431 47,279
Provision for income taxes 4,968 6,582 19,667 17,510
Income from continuting operations, net of taxes 13,264 10,315 35,764 29,769
Discontinued operations        
Income from operations of discontinued subsidiaries (including gain on disposal of $51 in the second quarter of 2014)   112 37 242
Income tax expense   42 481 81
Income (loss) from discontinued operations   70 (444) 161
Net income $ 13,264 $ 10,385 $ 35,320 $ 29,930
Basic earnings per share:        
Income from continuing operations, net of taxes $ 0.42 $ 0.33 $ 1.13 $ 0.94
Income from discontinued operations, net of taxes     $ (0.02) $ 0.01
Basic earnings per share $ 0.42 $ 0.33 $ 1.11 $ 0.95
Diluted earnings per share:        
Income from continuing operations, net of taxes $ 0.41 $ 0.33 $ 1.12 $ 0.94
Income from discontinued operations, net of taxes     $ (0.01) $ 0.01
Diluted earnings per share $ 0.41 $ 0.33 $ 1.10 $ 0.95
Weighted-average shares outstanding:        
Basic 31,708,581 31,621,049 31,683,288 31,583,897
Diluted 32,001,419 31,733,004 31,967,876 31,652,795