Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Interest and Dividend Income:      
Interest and fees on loans $ 111,992 $ 108,982 $ 117,671
Taxable interest on investment securities 8,434 8,418 9,768
Tax-exempt interest on investment securities 283 394 216
Interest on term federal funds sold   706 276
Interest on federal funds sold 6 60 27
Interest on interest-bearing deposits in other banks 209 422 315
Dividends on federal reserve bank stock 754 609 458
Dividends on federal home loan bank stock 650 209 76
Total interest and dividend income 122,328 119,800 128,807
Interest Expense:      
Interest on deposits 12,678 15,877 23,958
Interest on federal home loan bank advances 151 165 662
Interest on junior subordinated debentures 678 2,703 2,915
Interest on other borrowings     95
Total interest expense 13,507 18,745 27,630
Net interest income before provision for credit losses 108,821 101,055 101,177
Provision for credit losses   6,000 12,100
Net interest income after provision for credit losses 108,821 95,055 89,077
Non-Interest Income:      
Service charges on deposit accounts 11,307 12,146 12,826
Insurance commissions 5,247 4,857 4,500
Remittance fees 2,036 1,976 1,925
Trade finance fees 1,064 1,140 1,305
Other service charges and fees 1,375 1,499 1,447
Bank-owned life insurance income 1,171 1,110 939
Gain on sales of SBA loans guaranteed portion 8,000 9,923 4,543
Net loss on sales of other loans (557) (9,481) (6,020)
Net gain on sales of investment securities 1,039 1,396 1,635
Other-than-temporary impairment loss on investment securities 0 (292)  
Other operating income 735 538 751
Total non-interest income 31,417 24,812 23,851
Non-Interest Expense:      
Salaries and employee benefits 38,628 36,931 35,465
Occupancy and equipment 10,309 10,424 10,353
Deposit insurance premiums and regulatory assessments 1,435 4,431 6,630
Data processing 4,627 4,941 5,601
Other real estate owned expense (59) 344 1,620
Professional fees 7,403 4,694 4,187
Directors and officers liability insurance 879 1,186 2,940
Supplies and communications 2,287 2,370 2,323
Advertising and promotion 4,081 3,876 2,993
Loan-related expense 396 527 827
Amortization of other intangible assets 164 198 700
Expense related to unconsummated capital offerings     2,220
Other operating expenses 8,097 6,939 8,189
Total non-interest expense 78,247 76,861 84,048
Income before provision (benefit) for income taxes 61,991 43,006 28,880
Provision (benefit) for income taxes 22,085 (47,368) 733
Net income $ 39,906 $ 90,374 $ 28,147
Earnings per share:      
Basic $ 1.26 $ 2.87 $ 1.38
Diluted $ 1.26 $ 2.87 $ 1.38
Weighted-average shares outstanding:      
Basic 31,598,913 31,475,510 20,403,549
Diluted 31,696,520 31,515,582 20,422,984