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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Interest income:    
Loans secured by real estate$ 49,139$ 50,648$ 151,625$ 151,839
Other loans24287497
Mortgage-backed securities1,1921,8463,9746,199
Investment securities3212901,0191,009
Federal funds sold and other short-term investments6407022,0892,125
Total interest income51,31653,514158,781161,269
Interest expense:    
Deposits and escrow6,4987,38320,08122,986
Borrowed funds10,64611,85533,32538,036
Total interest expense17,14419,23853,40661,022
Net interest income34,17234,276105,375100,247
Provision for loan losses2,2176675,3057,948
Net interest income after provision for loan losses31,95533,609100,07092,299
Non-interest income:    
Total other than temporary impairment (OTTI) losses(83)(1,858)(720)(2,594)
Less: Non-credit portion of OTTI recorded in other comprehensive income (before taxes)2421925282
Net OTTI recognized in earnings(59)(1,639)(695)(2,312)
Service charges and other fees1,1721,2842,8363,165
Net mortgage banking income136316433829
Net gain on sales of securities and other assets(136)76(69)861
Income from bank owned life insurance4204721,3341,464
Other6165591,9542,028
Total non-interest income2,1491,0685,7936,035
Non-interest expense:    
Salaries and employee benefits7,7237,49724,51822,966
Stock benefit plan amortization expense9391,0172,8862,957
Occupancy and equipment2,6492,1907,7417,096
Federal deposit insurance premiums5911,1162,1633,099
Data processing costs7607662,2362,328
Provision for losses on OREO0650422
Other2,3022,2417,3637,506
Total non-interest expense14,96414,89246,90746,374
Income before income taxes19,14019,78558,95651,960
Income tax expense7,9768,43024,37421,131
Net income11,16411,35534,58230,829
Earnings per Share:    
Basic$ 0.33$ 0.34$ 1.03$ 0.93
Diluted$ 0.33$ 0.34$ 1.02$ 0.93
STATEMENTS OF COMPREHENSIVE INCOME    
Net Income11,16411,35534,58230,829
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of taxes of $12 and $12 during the three months ended September 30, 2011 and 2010, respectively, and $38 and $41 during the nine months ended September 30, 2011 and 2010, respectively15154751
Reduction in non-credit component of OTTI charge, net of taxes of $4 and $601 during the three months ended September 30, 2011 and 2010, respectively, and $570 and $905 during the nine months ended September 30, 2011 and 2010, respectively57316931,101
Non-credit component of OTTI charge recognized during the period, net of tax benefits of $(11) and $(99) during the three months ended September 30, 2011 and 2010, respectively, and $(11) and $(126) during the nine months ended September 30, 2011 and 2010, respectively(13)(120)(13)(156)
Reclassification adjustment for securities sold during the period, net of taxes of $10 during the three-month and nine-month periods ended September 30, 2011 and $384 during the nine months ended September 30, 201012012(467)
Net unrealized securities gains arising during the period, net of taxes of $(494) and $(348) during the three months ended September 30, 2011 and 2010, respectively, and $(457) and $131 during the nine months ended September 30, 2011 and 2010, respectively(601)(422)(557)160
Defined benefit plan adjustments, net of tax benefits of $23 and $(560) during the nine months ended September 30, 2011 and 2010, respectively0027(680)
Comprehensive Income$ 10,582$ 11,559$ 34,791$ 30,838