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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income:        
Loans secured by real estate $ 43,473 $ 41,973 $ 85,261 $ 82,834
Other loans 24 29 48 54
Mortgage-backed securities 2 236 183 484
Investment securities 121 136 290 206
Federal funds sold and other short-term investments 578 536 1,228 1,058
Total interest income 44,198 42,910 87,010 84,636
Interest expense:        
Deposits and escrow 5,670 4,992 10,890 9,613
Borrowed funds 5,458 7,324 12,956 14,174
Total interest expense 11,128 12,316 23,846 23,787
Net interest income 33,070 30,594 63,164 60,849
Credit for loan losses (1,135) (1,130) (1,307) (849)
Net interest income after credit for loan losses 34,205 31,724 64,471 61,698
Non-interest income:        
Service charges and other fees 799 769 1,549 1,424
Net mortgage banking income 41 82 113 1,082
Net gain (loss) on securities (25) 63 1,425 77
Net gain on the disposal of other assets 0 0 0 649
Income from BOLI 611 379 1,216 765
Other 251 272 675 628
Total non-interest income 1,677 1,565 4,978 4,625
Non-interest expense:        
Salaries and employee benefits 8,600 8,146 14,499 16,665
Stock benefit plan amortization expense 940 969 1,882 1,958
Occupancy and equipment 2,490 2,392 5,434 5,143
Data processing costs 877 815 1,752 1,653
Federal deposit insurance premiums 576 524 1,127 1,029
Other 2,883 2,452 5,536 4,673
Total non-interest expense 16,366 15,298 30,230 31,121
Income before income taxes 19,516 17,991 39,219 35,202
Tax expense (benefit) 7,987 7,531 15,912 14,708
Net income $ 11,529 $ 10,460 $ 23,307 $ 20,494
Earnings per Share:        
Basic (in dollars per share) $ 0.32 $ 0.29 $ 0.65 $ 0.57
Diluted (in dollars per share) $ 0.32 $ 0.29 $ 0.64 $ 0.57
STATEMENTS OF COMPREHENSIVE INCOME        
Net income $ 11,529 $ 10,460 $ 23,307 $ 20,494
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of taxes of $10 and $8 during the three months ended June 30, 2015 and 2014, respectively, and $21 and $16 during the six months ended June 30, 2015 and 2014, respectively 12 10 25 22
Reduction in (adjustment to) non-credit component of other than temporary impairment (OTTI), net of deferred tax expense (benefit) of $(16) and $4 during the three months ended June 30, 2015 and 2014, respectively, and $(12) and $8 during the six months ended both June 30, 2015 and 2014, respectively, (19) 4 (15) 8
Reclassification adjustment for securities sold during the period, net of income tax expense (benefit) of $2 during the three months ended June 30, 2015 and $(624) during the six months ended June 30, 2015 (Reclassified from net gain on securities) 2 0 (760) 0
Net unrealized securities gains (losses) arising during the period, net of deferred tax expense (benefit) of $2 and $57 during the three months ended June 30, 2015 and 2014, respectively, and $15 and $27 during the six months ended June 30, 2015 and 2014, respectively, (4) 70 20 33
Change in pension and other postretirement obligations, net of deferred tax expense (benefit) of $210 and $117 during the three months ended June 30, 2015 and 2014, respectively and $(58) and $234 during the six months ended June 30, 2015 and 2014, respectively 257 144 (72) 288
Comprehensive Income $ 11,777 $ 10,688 $ 22,505 $ 20,845