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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest income        
Loans, including fees $ 19,787 $ 19,011 $ 57,993 $ 55,448
Interest on investment securities:        
Taxable interest 3,507 2,732 10,068 6,629
Tax-exempt interest 709 651 2,114 1,993
Interest bearing deposits 356 296 2,014 1,041
Total interest income 24,359 22,690 72,189 65,111
Interest expense        
Deposits 2,556 2,783 8,104 8,238
Securities sold under agreements to repurchase 24 96 75 173
Short-term borrowings 0 0 0 3
Subordinated debenture 218 216 652 647
Total interest expense 2,798 3,095 8,831 9,061
Net interest income 21,561 19,595 63,358 56,050
Provision for loan and lease losses 5,540 5,019 15,047 16,654
Net interest income after provision for loan and lease losses 16,021 14,576 48,311 39,396
Non-interest income        
Service fees on deposit accounts 928 589 2,512 1,813
Merchant credit card processing and ACH fees 740 591 2,222 1,750
Prepaid card fees 7,459 4,030 23,570 13,175
Gain on sales of investment securities 107 20 107 623
Other than temporary impairment on securities held-to-maturity 0 [1] 0 [1] (126) [1] (75) [1]
Leasing income 552 538 2,345 1,887
Debit card income 98 129 402 532
Affinity fees 792 547 1,979 1,081
Other 557 229 961 1,357
Total non-interest income 11,233 6,673 33,972 22,143
Non-interest expense        
Salaries and employee benefits 9,991 8,030 28,706 22,560
Depreciation and amortization 854 767 2,508 2,219
Rent and related occupancy cost 895 749 2,487 2,182
Data processing expense 2,547 2,080 7,915 6,646
Printing and supplies 422 395 1,336 1,075
Audit expense 284 295 859 805
Legal expense 1,243 662 2,386 1,858
Amortization of intangible assets 250 250 750 750
Losses on sale and writedowns on other real estate owned 533 64 2,405 555
FDIC Insurance 716 705 2,404 2,628
Software, maintenance and equipment 411 429 1,325 1,176
Other real estate owned expense (30) 357 509 841
Other 3,782 2,975 11,134 9,685
Total non-interest expense 21,898 17,758 64,724 52,980
Net income before income tax 5,356 3,491 17,559 8,559
Income tax provision 1,795 1,209 6,172 2,929
Net income available to common shareholders $ 3,561 $ 2,282 $ 11,387 $ 5,630
Net income per share - basic (in dollars per share) $ 0.11 $ 0.07 $ 0.34 $ 0.18
Net income per share - diluted (in dollars per share) $ 0.11 $ 0.07 $ 0.34 $ 0.18
[1] Other than temporary impairment was due to credit loss and therefore did not include amounts due to market conditions.