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 Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
INTEREST AND DIVIDEND INCOME:    
Interest and Fees on Loans $ 26,799 $ 27,542
Taxable Interest on Investment Securities 2,116 2,098
Tax-Exempt Interest on Investment Securities 95 102
Interest on Term Federal Funds Sold   325
Interest on Federal Funds Sold 6 128
Interest on Interest-Bearing Deposits in Other Banks 88 2
Dividends on Federal Reserve Bank Stock 183 68
Dividends on Federal Home Loan Bank Stock 108 29
Total Interest and Dividend Income 29,395 30,294
INTEREST EXPENSE:    
Interest on Deposits 3,159 4,919
Interest on Federal Home Loan Bank Advances 38 43
Interest on Junior Subordinated Debentures 594 799
Total Interest Expense 3,791 5,761
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 25,604 24,533
Provision for Credit Losses   2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 25,604 22,533
NON-INTEREST INCOME:    
Service Charges on Deposit Accounts 3,048 3,168
Insurance Commissions 1,213 1,236
Remittance Fees 497 454
Trade Finance Fees 277 292
Other Service Charges and Fees 398 364
Bank-Owned Life Insurance Income 230 399
Gain on Sales of SBA Loans Guaranteed Portion 2,692  
Net Loss on Sales of Other Loans (97) (2,393)
Net Gain on Sales of Investment Securities 9 1
Other Operating Income 90 112
Total Non-Interest Income 8,357 3,633
NON-INTEREST EXPENSE:    
Salaries and Employee Benefits 9,351 9,110
Occupancy and Equipment 2,556 2,595
Deposit Insurance Premiums and Regulatory Assessments 234 1,401
Data Processing 1,170 1,253
Other Real Estate Owned Expense 32 (44)
Professional Fees 2,156 749
Directors and Officers Liability Insurance 220 297
Supplies and Communications 495 558
Advertising and Promotion 672 601
Loan-Related Expense 146 200
Amortization of Other Intangible Assets 41 71
Other Operating Expenses 2,094 1,955
Total Non-Interest Expense 19,167 18,746
INCOME BEFORE PROVISION FOR INCOME TAXES 14,794 7,420
Provision for Income Taxes 4,684 79
NET INCOME $ 10,110 $ 7,341
EARNINGS PER SHARE:    
Basic $ 0.32 $ 0.23
Diluted $ 0.32 $ 0.23
WEIGHTED-AVERAGE SHARES OUTSTANDING:    
Basic 31,538,980 31,470,520
Diluted 31,626,667 31,489,569