XML 75 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Interest income:      
Loans secured by real estate $ 171,594 $ 189,149 $ 200,034
Other loans 101 104 97
Mortgage-backed securities 1,413 3,025 5,043
Investment securities 503 1,263 1,401
Federal funds sold and other short-term investments 1,845 2,413 2,641
Total interest income 175,456 195,954 209,216
Interest expense:      
Deposits and escrow 19,927 21,779 26,131
Borrowed funds 27,042 64,333 43,583
Total interest expense 46,969 86,112 69,714
Net interest income 128,487 109,842 139,502
Provision for loan losses 369 3,921 6,846
Net interest income after provision for loan losses 128,118 105,921 132,656
Non-interest income:      
Total other than temporary impairment (OTTI) losses 0 (187) (752)
Less: Non-credit portion of OTTI recorded in other comprehensive income (before taxes) 0 6 25
Net OTTI recognized in earnings 0 (181) (727)
Service charges and other fees 3,459 3,445 3,662
Mortgage banking income 473 1,768 569
Net gain on securities (1) 375 [1] 1,135 [1] 2 [1]
Net (loss) gain on the disposal of other assets (21) 13,726 0
Income from Bank Owned Life Insurance ("BOLI") 1,672 1,689 1,758
Other 1,505 2,267 2,665
Total non-interest income 7,463 23,849 7,929
Non-interest expense:      
Salaries and employee benefits 34,336 33,805 32,854
Stock benefit plan compensation expense 3,957 3,842 3,746
Occupancy and equipment 10,451 10,052 10,129
Data processing costs 3,565 3,026 2,982
Advertising and marketing 1,109 1,554 1,710
Federal deposit insurance premiums 1,951 2,057 2,618
Provision for losses on OREO 180 0 0
Other 7,143 8,236 7,649
Total non-interest expense 62,692 62,572 61,688
Income before income taxes 72,889 67,198 78,897
Income tax expense 29,341 26,890 31,588
Net income 43,548 40,308 47,309
Earnings per Share:      
Basic (in dollars per share) $ 1.24 $ 1.18 $ 1.40
Diluted (in dollars per share) $ 1.23 $ 1.17 $ 1.40
STATEMENTS OF COMPREHENSIVE INCOME      
Net income 43,548 40,308 47,309
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of tax of $(122), $(91) and $(201) during the years ended December 31, 2013, 2012 and 2011, respectively 149 111 245
Non-credit component of OTTI charge recognized during the period, net of tax benefits of $3 and $11 during the years ended December 31, 2012 and 2011, respectively 0 (3) (14)
Reduction in non-credit component of OTTI, net of taxes of $(16), $(137) and $(585) during the years ended December 31, 2013, 2012 and 2011, respectively 16 165 714
Reclassification adjustment for securities sold during the period, net of tax benefit of $50, $461 and $14 during the years ended December 31, 2013, 2012 and 2011, respectively (60) (561) (18)
Net unrealized securities loss arising during the period, net of tax benefit of $(162), $1,102 and $615 during the years ended December 31, 2013, 2012 and 2011, respectively 201 (1,339) (720)
Change in pension and other postretirement obligations, net of deferred (taxes) benefit of $(3,765), $(1,395) and $2,933 during the years ended December 31, 2013, 2012 and 2011, respectively 4,575 1,696 (3,564)
Total other comprehensive income (loss), net of tax 4,881 69 (3,357)
Comprehensive Income $ 48,429 $ 40,377 $ 43,952
[1] Amount includes periodic valuation gains or losses on trading securities.