Quarterly Results of Operations

12 Months Ended

Dec. 31, 2015

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
2015
Interest income	$	54,166	$	56,769	$	74,300	$	77,788
Interest expense	5,385		5,155		5,688		5,437
Net interest income	48,781		51,614		68,612		72,351
Provision for loan losses	1,075		1,175		750		1,750
Noninterest income	21,870		22,879		32,079		31,442
Noninterest expense	47,319		51,082		75,979		70,734
Income before income taxes	22,257		22,236		23,962		31,309
Income taxes	7,017		6,842		7,742		10,149
Net income	$	15,240	$	15,394	$	16,220	$	21,160
Basic earnings per share	$	0.48	$	0.49	$	0.40	$	0.53
Diluted earnings per share	$	0.48	$	0.48	$	0.40	$	0.52
2014
Interest income	$	56,178	$	58,277	$	56,358	$	55,596
Interest expense	6,228		6,139		5,931		5,629
Net interest income	49,950		52,138		50,427		49,967
Provision for loan losses	1,450		1,450		2,217		1,050
Noninterest income	18,594		19,443		22,531		19,941
Noninterest expense	47,602		49,337		48,098		45,900
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

See Note B, “Mergers and Acquisitions” above for a discussion of the effect on the Company’s results of operations of its acquisition of Heritage in the third quarter of 2015.