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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest income:        
Loans secured by real estate $ 43,477 $ 42,451 $ 126,311 $ 130,291
Other loans 26 25 80 74
Mortgage-backed securities 223 310 707 1,123
Investment securities 68 84 274 316
Federal funds sold and other short-term investments 551 416 1,609 1,423
Total interest income 44,345 43,286 128,981 133,227
Interest expense:        
Deposits and escrow 4,976 4,908 14,590 15,240
Borrowed funds 7,410 6,725 21,583 20,267
Total interest expense 12,386 11,633 36,173 35,507
Net interest income 31,959 31,653 92,808 97,720
Provision for loan losses (501) 240 (1,350) 425
Net interest income after provision for loan losses 32,460 31,413 94,158 97,295
Non-interest income:        
Service charges and other fees 1,084 1,015 2,507 2,554
Net mortgage banking income 71 76 1,153 350
Net gain (loss) on securities (43) 83 35 297
Gain (Loss) on Disposition of Other Assets 0 0 649 (21)
Income from bank owned life insurance 382 419 1,147 1,249
Other 323 415 951 1,197
Total non-interest income 1,817 2,008 6,442 5,626
Non-interest expense:        
Salaries and employee benefits 7,806 8,459 24,472 25,730
Stock benefit plan amortization expense 954 1,007 2,912 2,985
Occupancy and equipment 2,513 2,697 7,656 7,735
Data processing costs 814 858 2,467 2,533
Federal deposit insurance premiums 547 515 1,576 1,470
Provision for losses on OREO 0 0 0 180
Other 2,090 2,039 6,762 6,598
Total non-interest expense 14,724 15,575 45,845 47,231
Income before income taxes 19,553 17,846 54,755 55,690
Tax expense (benefit) 7,788 7,215 22,496 22,450
Net income 11,765 10,631 32,259 33,240
Earnings per Share:        
Basic (in dollars per share) $ 0.33 $ 0.30 $ 0.90 $ 0.95
Diluted (in dollars per share) $ 0.33 $ 0.30 $ 0.90 $ 0.95
STATEMENTS OF COMPREHENSIVE INCOME        
Net income 11,765 10,631 32,259 33,240
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of deferred tax expense of $5 and $8 during the three months ended September 30, 2014 and 2013, respectively, and $21 and $58 during the nine months ended September 30, 2014 and 2013, respectively 7 10 29 72
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 September 30, 2014 and 2013 and $13 during the nine months ended both September 30, 2014 and 2013 4 4 11 12
Reclassification adjustment for securities sold during the period, net of income tax expense of $(50) during the nine months ended September 30, 2013 (reclassified from net gain on securities) 0 0 0 (60)
Net unrealized securities gains (losses) gains arising during the period, net of deferred tax (benefit) expense of $(24) and $74 during the three months ended September 30, 2014 and 2013, respectively, and $2 and $125during the nine months ended September 30, 2014 and 2013, respectively (30) 90 3 156
Change in pension and other postretirement obligations, net of deferred tax expense of $117 during the three months ended September 30, 2014 and $351 during the nine months ended September 30, 2014 144 0 432 0
Comprehensive Income $ 11,890 $ 10,735 $ 32,734 $ 33,420