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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest Income        
Residential real estate loans $ 8,156 $ 11,421 $ 16,872 $ 23,254
Commercial loans 32,977 37,003 66,035 73,675
Consumer and other loans 10,211 10,720 20,661 21,360
Investment securities 20,218 14,674 36,367 28,927
Total interest income 71,562 73,818 139,935 147,216
Interest Expense        
Deposits 6,584 9,222 13,672 18,553
Federal Home Loan Bank advances 3,093 2,454 5,641 4,765
Securities sold under agreements to repurchase 319 399 676 815
Subordinated debentures 1,273 1,648 2,916 3,284
Other borrowed funds 62 26 95 216
Total interest expense 11,331 13,749 23,000 27,633
Net Interest Income 60,231 60,069 116,935 119,583
Provision for loan losses 19,150 17,246 38,650 38,156
Net interest income after provision for loan losses 41,081 42,823 78,285 81,427
Non-Interest Income        
Service charges and other fees 11,330 10,641 21,538 20,161
Miscellaneous loan fees and charges 928 1,259 1,905 2,385
Gain on sale of loans 4,291 6,133 8,985 10,024
(Loss) gain on sale of investments (591) 242 (467) 556
Other income 1,893 3,143 3,285 4,475
Total non-interest income 17,851 21,418 35,246 37,601
Non-Interest Expense        
Compensation, employee benefits and related expense 21,170 21,652 42,773 43,008
Occupancy and equipment expense 5,728 5,988 11,682 11,936
Advertising and promotions 1,635 1,644 3,119 3,236
Outsourced data processing expense 791 761 1,564 1,455
Core deposit intangibles amortization 590 801 1,317 1,621
Other real estate owned expense 5,062 7,373 7,161 9,691
Federal Deposit Insurance Corporation premiums 2,197 2,165 4,521 4,365
Other expense 9,047 7,852 16,559 14,885
Total non-interest expense 46,220 48,236 88,696 90,197
Earnings Before Income Taxes 12,712 16,005 24,835 28,831
Federal and state income tax expense 826 2,783 2,664 5,539
Net Earnings $ 11,886 $ 13,222 $ 22,171 $ 23,292
Basic earnings per share $ 0.17 $ 0.19 $ 0.31 $ 0.35
Diluted earnings per share $ 0.17 $ 0.19 $ 0.31 $ 0.35
Dividends declared per share $ 0.13 $ 0.13 $ 0.26 $ 0.26
Average outstanding shares - basic 71,915,073 71,913,102 71,915,073 67,363,476
Average outstanding shares - diluted 71,915,073 71,914,894 71,915,073 67,364,377