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 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest and Dividend Income:        
Interest and fees on loans $ 28,355 $ 27,839 $ 56,545 $ 54,638
Taxable interest on investment securities 2,375 2,100 4,912 4,216
Tax-exempt interest on investment securities 20 73 96 168
Interest on federal funds sold       6
Interest on interest-bearing deposits in other banks 18 24 38 112
Dividends on federal reserve bank stock 172 196 340 379
Dividends on federal home loan bank stock 236 147 472 255
Total interest and dividend income 31,176 30,379 62,403 59,774
Interest Expense:        
Interest on deposits 3,153 3,100 6,375 6,259
Interest on federal home loan bank advances 30 41 78 79
Interest on junior subordinated debentures   84   678
Total interest expense 3,183 3,225 6,453 7,016
Net interest income before provision for credit losses 27,993 27,154 55,950 52,758
Negative provision for credit losses (3,866)   (7,166)  
Net interest income after provision for credit losses 31,859 27,154 63,116 52,758
Non-Interest Income:        
Service charges on deposit accounts 2,568 2,884 5,041 5,932
Remittance fees 491 541 929 1,038
Trade finance fees 306 276 559 553
Other service charges and fees 369 335 700 733
Bank-owned life insurance income 224 233 447 463
Gain on sales of SBA loans guaranteed portion 498 2,378 1,045 5,070
Net loss on sales of other loans   (460)   (557)
Net gain on sales of investment securities 364 303 1,785 312
Other operating income 253 248 395 343
Total non-interest income 5,073 6,738 10,901 13,887
Non-Interest Expense:        
Salaries and employee benefits 10,280 8,638 20,539 17,025
Occupancy and equipment 2,469 2,486 4,866 4,971
Deposit insurance premiums and regulatory assessments 399 517 836 751
Data processing 1,112 1,131 2,270 2,289
Other real estate owned expense   (20) 5 12
Professional fees 724 2,364 1,557 4,520
Directors and officers liability insurance 191 219 383 439
Supplies and communications 595 599 1,097 1,060
Advertising and promotion 753 834 1,333 1,380
Loan-related expense 61 91 144 237
Other operating expenses 1,973 1,748 3,800 3,579
Total non-interest expense 18,557 18,607 36,830 36,263
Income before provision for income taxes 18,375 15,285 37,187 30,382
Provision for income taxes 6,866 5,958 14,710 10,926
Income from continuting operations, net of taxes 11,509 9,327 22,477 19,456
Discontinued operations        
(Loss) income from operations of discontinued subsidiaries (including gain on disposal of $51 in the second quarter of 2014) (1) 244 37 128
Income tax expense 466 84 481 39
(Loss) income from discontinued operations (467) 160 (444) 89
Net income $ 11,042 $ 9,487 $ 22,033 $ 19,545
Basic earnings per share:        
Income from continuing operations, net of taxes $ 0.36 $ 0.30 $ 0.71 $ 0.62
Income from discontinued operations, net of taxes $ (0.01)   $ (0.01)  
Basic earnings per share $ 0.35 $ 0.30 $ 0.70 $ 0.62
Diluted earnings per share:        
Income from continuing operations, net of taxes $ 0.36 $ 0.29 $ 0.70 $ 0.62
Income from discontinued operations, net of taxes $ (0.01) $ 0.01 $ (0.01)  
Diluted earnings per share $ 0.35 $ 0.30 $ 0.69 $ 0.62
Weighted-average shares outstanding:        
Basic 31,681,033 31,590,760 31,670,436 31,565,013
Diluted 31,974,253 31,655,988 31,950,313 31,633,535