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 Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Interest and Dividend Income:        
Interest and fees on loans $ 27,839 $ 27,241 $ 54,638 $ 54,783
Taxable interest on investment securities 2,100 2,190 4,216 4,288
Tax-exempt interest on investment securities 73 99 168 201
Interest on term federal funds sold   168   493
Interest on federal funds sold   31 6 33
Interest on interest-bearing deposits in other banks 24 59 112 127
Dividends on federal reserve bank stock 196 148 379 276
Dividends on federal home loan bank stock 147 29 255 58
Total interest and dividend income 30,379 29,965 59,774 60,259
Interest Expense:        
Interest on deposits 3,100 3,953 6,259 8,872
Interest on federal home loan bank advances 41 43 79 86
Interest on junior subordinated debentures 84 797 678 1,596
Total interest expense 3,225 4,793 7,016 10,554
Net interest income before provision for credit losses 27,154 25,172 52,758 49,705
Provision for credit losses   4,000   6,000
Net interest income after provision for credit losses 27,154 21,172 52,758 43,705
Non-Interest Income:        
Service charges on deposit accounts 2,884 2,936 5,932 6,104
Insurance commissions 1,418 1,294 2,631 2,530
Remittance fees 541 487 1,038 941
Trade finance fees 276 292 553 584
Other service charges and fees 335 380 733 744
Bank-owned life insurance income 233 238 463 637
Gain on sales of SBA loans guaranteed portion 2,378 5,473 5,070 5,473
Net loss on sales of other loans (460) (5,326) (557) (7,719)
Net gain on sales of investment securities 303 1,381 312 1,382
Other-than-temporary impairment loss on investment securities   (116)   (116)
Other operating income 242 150 332 262
Total non-interest income 8,150 7,189 16,507 10,822
Non-Interest Expense:        
Salaries and employee benefits 9,415 9,449 18,766 18,559
Occupancy and equipment 2,555 2,621 5,111 5,216
Deposit insurance premiums and regulatory assessments 517 1,498 751 2,899
Data processing 1,142 1,298 2,312 2,551
Other real estate owned expense (20) 69 12 25
Professional fees 2,365 1,089 4,521 1,838
Directors and officers liability insurance 219 295 439 592
Supplies and communications 630 576 1,125 1,134
Advertising and promotion 1,005 1,009 1,677 1,610
Loan-related expense 91 88 237 288
Amortization of other intangible assets 41 45 82 116
Other operating expenses 2,004 1,726 4,098 3,681
Total non-interest expense 19,964 19,763 39,131 38,509
Income before provision (benefit) for income taxes 15,340 8,598 30,134 16,018
Provision (benefit) for income taxes 5,821 (47,177) 10,505 (47,098)
Net income $ 9,519 $ 55,775 $ 19,629 $ 63,116
Earnings per share:        
Basic $ 0.30 $ 1.77 $ 0.62 $ 2.01
Diluted $ 0.30 $ 1.77 $ 0.62 $ 2.00
Weighted-average shares outstanding:        
Basic 31,590,760 31,475,610 31,565,013 31,473,065
Diluted 31,655,988 31,499,803 31,633,535 31,489,943