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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Interest income:      
Loans secured by real estate $ 200,034 $ 202,591 $ 193,689
Other loans 97 123 143
Mortgage-backed securities 5,043 7,820 11,548
Investment securities 1,401 1,277 874
Federal funds sold and other short-term investments 2,641 2,983 2,914
Total interest income 209,216 214,794 209,168
Interest expense:      
Deposits and escrow 26,131 29,991 42,792
Borrowed funds 43,583 49,422 54,893
Total interest expense 69,714 79,413 97,685
Net interest income 139,502 135,381 111,483
Provision for loan losses 6,846 11,209 13,152
Net interest income after provision for loan losses 132,656 124,172 98,331
Non-interest income:      
Total other than temporary impairment (OTTI) losses (752) (2,757) (10,919)
Less: Non-credit portion of OTTI recorded in other comprehensive income (before taxes) 25 282 3,004
Net OTTI recognized in earnings (727) (2,475) (7,915)
Service charges and other fees 3,662 3,913 4,209
Mortgage banking (loss) income 569 1,069 (1,774)
Net gain on disposal of securities and other assets 2 916 339
Net gain on the re-acquisition of trust preferred securities payable 0 0 505
Income from Bank Owned Life Insurance (BOLI) 1,758 1,941 2,022
Other 2,665 2,691 1,869
Total non-interest (loss) income 7,929 8,055 (745)
Non-interest expense:      
Salaries and employee benefits 32,854 31,329 28,167
Stock benefit plan compensation expense 3,746 3,895 3,647
Occupancy and equipment 10,129 9,372 7,878
Data processing costs 2,982 3,048 2,985
Advertising and marketing 1,710 2,271 1,441
Federal deposit insurance premiums 2,618 4,096 5,524
Provision for losses on OREO 0 422 196
Other 7,649 7,544 7,472
Total non-interest expense 61,688 61,977 57,310
Income before income taxes 78,897 70,250 40,276
Income tax expense 31,588 28,861 14,087
Net Income 47,309 41,389 26,189
Earnings per Share:      
Basic (in dollars per share) $ 1.40 $ 1.24 $ 0.79
Diluted (in dollars per share) $ 1.40 $ 1.24 $ 0.79
STATEMENTS OF COMPREHENSIVE INCOME      
Net Income 47,309 41,389 26,189
Change in pension and other postretirement obligations, net of deferred benefit (taxes) of $2,933, $1,273 and $(1,021) during the years ended December 31, 2011, 2010 and 2009, respectively (3,564) (1,547) 1,240
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of tax of $(201), $(83) and $(1,625) during the years ended December 31, 2011, 2010 and 2009, respectively 245 101 1,975
Non-credit component of OTTI charge recognized during the period, net of tax benefits of $11, $127 and $1,356 during the years ended December 31, 2011, 2010 and 2009 respectively (14) (156) (1,648)
Reduction in non-credit component of OTTI, net of taxes of $(585), $(1,130) and $(391) during the years ended December 31, 2011, 2010 and 2009, respectively 714 1,374 476
Reclassification adjustment for securities sold during the period, net of benefit (taxes) of $(10), $384 and $195 during the years ended December 31, 2011, 2010 and 2009 respectively 12 (467) (236)
Net unrealized securities (loss) gain arising during the period, net of benefit (taxes) of $615, $474 and $(4,604) during the years ended December 31, 2011, 2010 and 2009, respectively (750) (575) 5,477
Comprehensive Income $ 43,952 $ 40,119 $ 33,473