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Condensed Consolidated Statements of Income (unaudited) (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income:        
Interest and fees on non-covered loans $ 12,643 $ 13,342 $ 25,283 $ 26,427
Interest and fees on covered loans 8,421 4,360 16,731 4,360
Interest on taxable investment securities 808 507 1,601 920
Interest on tax-exempt investment securities 219 170 429 328
Other 66 95 111 131
Total interest income 22,157 18,474 44,155 32,166
Interest expense:        
Interest on deposits 2,548 2,805 5,139 5,308
Interest on other borrowed funds 0 93 0 184
Interest on junior subordinated debentures 121 121 241 238
Total interest expense 2,669 3,019 5,380 5,730
Net interest income 19,488 15,455 38,775 26,436
Provision for loan losses, non-covered loans 3,000 2,550 6,000 4,700
Provision for loan losses, covered loans (318) 0 (318) 0
Net interest income after provision for loan losses 16,806 12,905 33,093 21,736
Noninterest income:        
Service charges and fees 965 826 1,928 1,537
Electronic banking income 824 496 1,517 1,021
Investment products 383 178 605 228
Bank owned life insurance income 81 98 161 180
Income from the sale of mortgage loans 204 204 542 345
SBA premium income 151 206 272 252
Change in FDIC indemnification asset (1,728) 786 (3,044) 786
Gain on disposition of covered assets 785 733 3,055 733
Other 957 521 1,318 709
Total noninterest income 2,622 4,048 6,354 5,791
Noninterest expense:        
Salaries and benefits 6,909 6,528 13,728 10,856
Occupancy and equipment 1,571 1,338 3,238 2,365
Office supplies and printing 470 410 902 701
Data processing 502 397 972 609
Consulting and professional fees 201 131 645 399
Intangible amortization 158 191 315 191
Merger related expenses 135 675 254 675
FDIC premiums 561 254 1,150 506
Non-covered OREO and repossession expenses 341 190 641 383
Covered OREO and repossession expenses 349 281 1,119 281
Other 2,474 1,532 4,763 2,736
Total noninterest expense 13,671 11,927 27,727 19,702
Income before provision for income taxes 5,757 5,026 11,720 7,825
Provision for income taxes 1,745 1,531 3,632 2,335
Net income before preferred dividends 4,012 3,495 8,088 5,490
Preferred stock dividends and discount accretion 0 415 1,084 829
Net income available to common shareholders $ 4,012 $ 3,080 $ 7,004 $ 4,661
Net income available per common share, basis $ 0.26 $ 0.20 $ 0.46 $ 0.30
Net income available per common share, diluted $ 0.26 $ 0.20 $ 0.45 $ 0.30
Average number of common shares outstanding, basis 15,334,000 15,305,000 15,332,000 15,301,000
Average number of common shares outstanding, diluted 15,404,000 15,466,000 15,435,000 15,449,000