XML 43 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest and fees on loans $ 14,103 $ 14,264 $ 27,901 $ 28,291
Interest and dividends on securities 3,638 3,025 7,084 6,227
Interest on interest bearing deposits and other investments 246 224 514 452
TOTAL INTEREST INCOME 17,987 17,513 35,499 34,970
Interest on deposits 570 692 1,171 1,432
Interest on borrowed money 692 707 1,382 1,424
TOTAL INTEREST EXPENSE 1,262 1,399 2,553 2,856
NET INTEREST INCOME 16,725 16,114 32,946 32,114
Provision (recapture) for loan losses (1,444) 565 (2,179) 1,518
NET INTEREST INCOME AFTER PROVISION (RECAPTURE) FOR LOAN LOSSES 18,169 15,549 35,125 30,596
Noninterest income        
Other income 5,896 6,335 11,454 12,266
Securities gains, net (includes net gains of $0 and $1 in other comprehensive income reclassifications for the three months and six months ended June 30, 2014, respectively, and ($356) and ($394) for the three and six months ended June 30, 2013, respectively). 0 114 17 139
TOTAL NONINTEREST INCOME 5,896 6,449 11,471 12,405
TOTAL NONINTEREST EXPENSES 20,683 19,044 39,466 38,003
INCOME BEFORE INCOME TAXES 3,382 2,954 7,130 4,998
Provision for income taxes (includes $0 in income tax expense from reclassification items for both the three months and six months ended for 2014, respectively, and $137 and $152 for 2013, respectively) 1,464 0 2,913 0
NET INCOME 1,918 2,954 4,217 4,998
Preferred stock dividends and accretion of preferred stock discount 0 937 0 1,874
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 1,918 $ 2,017 $ 4,217 $ 3,124
PER SHARE COMMON STOCK:        
Net income diluted (in dollars per share) $ 0.07 $ 0.11 $ 0.16 $ 0.17
Net income basic (in dollars per share) $ 0.07 $ 0.11 $ 0.16 $ 0.17
Cash dividends declared (in dollars per share) $ 0.00 $ 0.00 $ 0.00 $ 0.00
Average shares outstanding - diluted (in shares) 25,998,121 18,936,480 25,828,391 18,930,879
Average shares outstanding - basic (in shares) 25,826,825 18,794,651 25,659,159 18,792,054