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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest income:        
Loans secured by real estate $ 42,109 $ 43,477 $ 127,370 $ 126,311
Other loans 22 26 70 80
Mortgage-backed securities 1 223 184 707
Investment securities 254 68 544 274
Federal funds sold and other short-term investments 510 551 1,738 1,609
Total interest income 42,896 44,345 129,906 128,981
Interest expense:        
Deposits and escrow 5,890 4,976 16,780 14,590
Borrowed funds 5,192 7,410 18,148 21,583
Total interest expense 11,082 12,386 34,928 36,173
Net interest income 31,814 31,959 94,978 92,808
Provision (credit) for loan losses 416 (501) (891) (1,350)
Net interest income after credit for loan losses 31,398 32,460 95,869 94,158
Non-interest income:        
Service charges and other fees 1,013 1,084 2,562 2,507
Net mortgage banking income 41 71 154 1,153
Net gain (loss) on securities (138) (43) 1,287 35
Net gain on the disposal of other assets 0 0 0 649
Income from BOLI 620 382 1,837 1,147
Other 363 323 1,037 951
Total non-interest income 1,899 1,817 6,877 6,442
Non-interest expense:        
Salaries and employee benefits 8,370 7,806 22,870 24,472
Stock benefit plan amortization expense 885 954 2,767 2,912
Occupancy and equipment 2,531 2,513 7,965 7,656
Data processing costs 1,023 814 2,775 2,467
Federal deposit insurance premiums 575 547 1,703 1,576
Other 2,740 2,090 8,274 6,762
Total non-interest expense 16,124 14,724 46,354 45,845
Income before income taxes 17,173 19,553 56,392 54,755
Tax expense (benefit) 7,092 7,788 23,004 22,496
Net income $ 10,081 $ 11,765 $ 33,388 $ 32,259
Earnings per Share:        
Basic (in dollars per share) $ 0.28 $ 0.33 $ 0.92 $ 0.90
Diluted (in dollars per share) $ 0.28 $ 0.33 $ 0.92 $ 0.90
STATEMENTS OF COMPREHENSIVE INCOME        
Net income $ 10,081 $ 11,765 $ 33,388 $ 32,259
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 during the three months ended both September 30, 2015 and 2014, and $26 and $21 during the nine months ended September 30, 2015 and 2014, respectively 6 7 31 29
Reduction in (adjustment to) non-credit component of other than temporary impairment (OTTI), net of deferred tax expense of $4 during the three months ended both September 30, 2015 and 2014, and $8 and $13 during the nine months ended both September 30, 2015 and 2014, respectively, 5 4 (10) 11
Reclassification adjustment for securities sold during the period, net of income tax benefit of $(624) during the nine months ended September 30, 2015 (reclassified from net gain on securities) 0 0 (760) 0
Net unrealized securities gains (losses) arising during the period, net of deferred tax expense (benefit) of $(79) and $(24) during the three months ended September 30, 2015 and 2014, respectively, and $(64) and $2 during the nine months ended September 30, 2015 and 2014, respectively, (97) (30) (77) 3
Change in pension and other postretirement obligations, net of deferred tax expense of $216 and $117 during the three months ended September 30, 2015 and 2014, respectively and $158 and $351 during the nine months ended September 30, 2015 and 2014, respectively 262 144 190 432
Comprehensive Income $ 10,257 $ 11,890 $ 32,762 $ 32,734