XML 51 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest income:        
Loans secured by real estate $ 41,973 $ 44,692 $ 82,834 $ 87,840
Other loans 29 25 54 50
Mortgage-backed securities 236 354 484 813
Investment securities 136 103 206 232
Federal funds sold and other short-term investments 536 462 1,058 1,006
Total interest income 42,910 45,636 84,636 89,941
Interest expense:        
Deposits and escrow 4,992 5,132 9,613 10,332
Borrowed funds 7,324 6,752 14,174 13,542
Total interest expense 12,316 11,884 23,787 23,874
Net interest income 30,594 33,752 60,849 66,067
Provision for loan losses (1,130) 28 (849) 185
Net interest income after provision for loan losses 31,724 33,724 61,698 65,882
Non-interest income:        
Service charges and other fees 769 827 1,424 1,539
Net mortgage banking income 82 112 1,082 273
Net gains on securities 63 (17) 77 193
Net (loss) gain on the disposal of other assets 0 0 649 0
Income from bank owned life insurance 379 417 765 830
Other 272 382 628 783
Total non-interest income 1,565 1,721 4,625 3,618
Non-interest expense:        
Salaries and employee benefits 8,146 8,338 16,665 17,271
Stock benefit plan amortization expense 969 960 1,958 1,978
Occupancy and equipment 2,392 2,506 5,143 5,038
Data processing costs 815 863 1,653 1,675
Federal deposit insurance premiums 524 445 1,029 956
Provision for losses on OREO 0 0 0 180
Other 2,452 2,235 4,673 4,558
Total non-interest expense 15,298 15,347 31,121 31,656
Income before income taxes 17,991 20,098 35,202 37,844
Tax expense (benefit) 7,531 8,059 14,708 15,235
Net income 10,460 12,039 20,494 22,609
Earnings per Share:        
Basic (in dollars per share) $ 0.29 $ 0.34 $ 0.57 $ 0.65
Diluted (in dollars per share) $ 0.29 $ 0.34 $ 0.57 $ 0.65
STATEMENTS OF COMPREHENSIVE INCOME        
Net income 10,460 12,039 20,494 22,609
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of deferred tax expense of $8 and $23 during the three months ended June 30, 2014 and 2013, respectively, and $16 and $50 during the six months ended June 30, 2014 and 2013, respectively 10 28 22 62
Reduction in non-credit component of other than temporary impairment (OTTI), net of deferred tax expense tax of $4 during the three months ended both June 30, 2014 and 2013 and $8 during the six months ended both June 30, 2014 and 2013 4 4 8 8
Reclassification adjustment for securities sold during the period, net of income tax expense of $(50) during the six months ended June 30, 2013 (reclassified from net gain on securities) 0 0 0 (60)
Net unrealized securities gains (losses) arising during the period, net of deferred tax expense (benefit) of $57 and $(145) during the three months ended June 30, 2014 and 2013, respectively, and $27 and $51 during the six months ended June 30, 2014 and 2013, respectively 70 (175) 33 66
Change in pension and other postretirement obligations, net of deferred tax expense of $117 during the three months ended June 30, 2014 and $234 during the six months ended June 30, 2014 144 0 288 0
Comprehensive Income $ 10,688 $ 11,896 $ 20,845 $ 22,685