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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest and fees on loans $ 14,615 $ 14,756 $ 42,516 $ 43,047
Interest and dividends on securities 3,665 3,229 10,749 9,456
Interest on interest bearing deposits and other investments 211 192 725 644
TOTAL INTEREST INCOME 18,491 18,177 53,990 53,147
Interest on deposits 559 657 1,730 2,089
Interest on borrowed money 704 705 2,086 2,129
TOTAL INTEREST EXPENSE 1,263 1,362 3,816 4,218
NET INTEREST INCOME 17,228 16,815 50,174 48,929
Provision (recapture) for loan losses (1,425) 1,180 (3,604) 2,698
NET INTEREST INCOME AFTER PROVISION (RECAPTURE) FOR LOAN LOSSES 18,653 15,635 53,778 46,231
Noninterest income        
Other income 6,149 6,087 17,603 18,353
Securities gains, net (includes net gains of $368 and $1 in other comprehensive income reclassifications for the three and nine months ended September 30, 2014, respectively, and net losses of $366 and net gains of $149 for the three and nine months ended September 30, 2013, respectively) 344 280 361 419
TOTAL NONINTEREST INCOME 6,493 6,367 17,964 18,772
TOTAL NONINTEREST EXPENSES 19,889 18,503 59,355 56,506
INCOME BEFORE INCOME TAXES 5,257 3,499 12,387 8,497
Provision for income taxes (benefit) (includes $142 and $0 in income tax expense from reclassification items for the three and nine months ended for 2014, respectively, and $(141) and $58 in tax expense (benefit) for 2013, respectively) 2,261 (41,642) 5,174 (41,642)
NET INCOME 2,996 45,141 7,213 50,139
Preferred stock dividends and accretion of preferred stock discount 0 937 0 2,811
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 2,996 $ 44,204 $ 7,213 $ 47,328
PER SHARE COMMON STOCK:        
Net income diluted (in dollars per share) $ 0.12 $ 2.31 $ 0.28 $ 2.49
Net income basic (in dollars per share) $ 0.12 $ 2.35 $ 0.28 $ 2.52
Cash dividends declared (in dollars per share) $ 0.00 $ 0.00 $ 0.00 $ 0.00
Average shares outstanding - diluted (in shares) 26,025,693 19,098,031 25,894,881 18,987,208
Average shares outstanding - basic (in shares) 25,887,591 18,805,917 25,736,140 18,796,726