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QUARTERLY DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2012
QUARTERLY DATA (UNAUDITED)  
QUARTERLY DATA (UNAUDITED)

23.       QUARTERLY DATA (UNAUDITED)

 

Quarterly results of operations were as follows:

 

 

 

2012

 

2011

 

 

 

Fourth

 

Third

 

Second

 

First

 

Fourth

 

Third

 

Second

 

First

 

(In thousands, except per share data)

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

51,488

 

$

43,123

 

$

42,656

 

$

38,672

 

$

39,028

 

$

39,266

 

$

32,053

 

$

27,913

 

Interest expense

 

9,523

 

7,898

 

7,603

 

7,527

 

7,893

 

8,228

 

7,852

 

7,767

 

Net interest income

 

41,965

 

35,225

 

35,053

 

31,145

 

31,135

 

31,038

 

24,201

 

20,146

 

Non-interest income

 

17,653

 

14,313

 

12,288

 

9,802

 

8,825

 

10,674

 

8,170

 

8,134

 

Total revenue

 

59,618

 

49,538

 

47,341

 

40,947

 

39,960

 

41,712

 

32,371

 

28,280

 

Provision for loan losses

 

2,840

 

2,500

 

2,250

 

2,000

 

2,263

 

2,200

 

1,500

 

1,600

 

Non-interest expense

 

44,266

 

32,162

 

34,184

 

30,194

 

29,530

 

34,710

 

28,623

 

23,189

 

Income before income taxes

 

12,512

 

14,876

 

10,907

 

8,753

 

8,167

 

4,802

 

2,248

 

3,491

 

Income tax expense

 

3,183

 

4,847

 

2,921

 

2,272

 

609

 

405

 

371

 

656

 

Net income from continuing operations

 

9,329

 

10,029

 

7,986

 

6,481

 

7,558

 

4,397

 

1,877

 

2,835

 

(Loss) gain from discontinued operations, net of tax

 

—

 

—

 

—

 

(637

)

919

 

(5

)

—

 

—

 

Net income

 

$

9,329

 

$

10,029

 

$

7,986

 

$

5,844

 

$

8,477

 

$

4,392

 

$

1,877

 

$

2,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.39

 

$

0.46

 

$

0.37

 

$

0.31

 

$

0.36

 

$

0.22

 

$

0.11

 

$

0.20

 

Discontinued operations

 

—

 

—

 

—

 

(0.03

)

0.04

 

—

 

—

 

—

 

Total basic earnings per share

 

$

0.39

 

$

0.46

 

$

0.37

 

$

0.28

 

$

0.40

 

$

0.22

 

$

0.11

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.38

 

$

0.46

 

$

0.37

 

$

0.31

 

$

0.36

 

$

0.22

 

$

0.11

 

$

0.20

 

Discontinued operations

 

—

 

—

 

—

 

(0.03

)

0.04

 

—

 

—

 

—

 

Total diluted earnings per share

 

$

0.38

 

$

0.46

 

$

0.37

 

$

0.28

 

$

0.40

 

$

0.22

 

$

0.11

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

24,165

 

21,921

 

21,742

 

20,955

 

20,930

 

20,009

 

16,580

 

13,943

 

Diluted

 

24,396

 

22,031

 

21,806

 

21,062

 

21,043

 

20,105

 

16,601

 

13,981

 

 

A correction was identified in 2012 for the accounting treatment of lease agreements with contractual cost escalators, which was deemed to be immaterial in relation to quarterly results.  There has been no correction to quarterly results previously disclosed for 2011 and 2012.  The correction for fiscal year 2012 is included in fourth quarter 2012 financial results.  The correction for fiscal year 2011 is included in the consolidated statement of income, and therefore 2011 quarterly results shown in this note do not sum to 2011 fiscal year results.  As a result of the error, the Company’s net income was overstated by approximately $61 thousand each quarter in 2011.  Please see Note 2 - Revision to Financial Statements.