Quarterly Results of Operations

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

Quarterly Results of Operations

(In Thousands, Except Share Data) (Unaudited)

The following table sets forth a summary of the unaudited quarterly results of operations.

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2014
Interest income	$	56,177	$	58,277	$	56,358	$	55,596
Interest expense	6,206		6,108		5,886		5,580
Net interest income	49,971		52,169		50,472		50,016
Provision for loan losses	1,450		1,450		2,217		1,050
Noninterest income	18,616		19,471		22,563		19,971
Noninterest expense	47,645		49,396		48,175		45,979
Income before income taxes	19,492		20,794		22,643		22,958
Income taxes	5,895		5,941		7,108		7,361
Net income	$	13,597	$	14,853	$	15,535	$	15,597
Basic earnings per share	$	0.43	$	0.47	$	0.49	$	0.49
Diluted earnings per share	$	0.43	$	0.47	$	0.49	$	0.49
2013
Interest income	$	38,945	$	39,945	$	44,638	$	57,076
Interest expense	5,564		5,541		5,890		6,408
Net interest income	33,381		34,404		38,748		50,668
Provision for loan losses	3,050		3,000		2,300		2,000
Noninterest income	17,335		17,317		18,935		18,341
Noninterest expense	37,557		37,734		46,613		51,129
Income before income taxes	10,109		10,987		8,770		15,880
Income taxes	2,538		2,968		2,133		4,620
Net income	$	7,571	$	8,019	$	6,637	$	11,260
Basic earnings per share	$	0.30	$	0.32	$	0.24	$	0.36
Diluted earnings per share	$	0.30	$	0.32	$	0.24	$	0.36

See Note B, “Mergers and Acquisitions” above for a discussion of the effect on the Company’s results of operations of its acquisition of First M&F in the third quarter of 2013.