CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2014
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Jun. 30, 2013
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Jun. 30, 2014
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Jun. 30, 2013
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Interest and dividend income | ||||
Loans | $ 42,309 | $ 45,443 | $ 84,803 | $ 92,524 |
Securities and other | 8,866 | 4,254 | 16,167 | 8,054 |
Total interest and dividend income | 51,175 | 49,697 | 100,970 | 100,578 |
Interest expense | ||||
Deposits | 4,478 | 5,052 | 9,199 | 10,415 |
Borrowings | 2,368 | 3,541 | 4,676 | 7,122 |
Total interest expense | 6,846 | 8,593 | 13,875 | 17,537 |
Net interest income | 44,329 | 41,104 | 87,095 | 83,041 |
Non-interest income | ||||
Loan related income | 1,846 | 2,644 | 3,094 | 5,361 |
Mortgage banking income | 691 | 2,129 | 1,063 | 4,346 |
Deposit related fees | 6,610 | 4,805 | 12,049 | 9,064 |
Insurance commissions and fees | 2,460 | 2,407 | 5,509 | 5,404 |
Wealth management fees | 2,294 | 2,070 | 4,843 | 4,334 |
Total fee income | 13,901 | 14,055 | 26,558 | 28,509 |
Other | 402 | 546 | 926 | 890 |
Gain on sale of securities, net | 203 | 1,005 | 237 | 1,005 |
Loss on termination of hedges | (8,792) | |||
Total non-interest income | 14,506 | 15,606 | 18,929 | 30,404 |
Total net revenue | 58,835 | 56,710 | 106,024 | 113,445 |
Provision for loan losses | 3,989 | 2,700 | 7,385 | 5,100 |
Non-interest expense | ||||
Compensation and benefits | 20,279 | 18,151 | 40,138 | 35,892 |
Occupancy and equipment | 6,656 | 5,737 | 13,470 | 11,505 |
Technology and communications | 3,800 | 3,480 | 7,578 | 6,471 |
Marketing and promotion | 621 | 603 | 1,142 | 1,241 |
Professional services | 1,024 | 1,764 | 2,176 | 3,254 |
FDIC premiums and assessments | 1,029 | 890 | 2,038 | 1,718 |
Other real estate owned and foreclosures | 33 | 284 | 556 | 307 |
Amortization of intangible assets | 1,274 | 1,345 | 2,580 | 2,722 |
Acquisition, restructuring and conversion related expenses | 190 | 775 | 6,491 | 5,839 |
Other | 4,357 | 4,906 | 8,454 | 8,469 |
Total non-interest expense | 39,263 | 37,935 | 84,623 | 77,418 |
Income before income taxes | 15,583 | 16,075 | 14,016 | 30,927 |
Income tax expense | 4,119 | 4,038 | 3,658 | 8,425 |
Net income | $ 11,464 | $ 12,037 | $ 10,358 | $ 22,502 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.46 | $ 0.49 | $ 0.42 | $ 0.91 |
Diluted (in dollars per share) | $ 0.46 | $ 0.48 | $ 0.42 | $ 0.90 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 24,715 | 24,779 | 24,707 | 24,863 |
Diluted (in shares) | 24,809 | 24,956 | 24,821 | 25,049 |
X | ||||||||||
- Definition
Represents the amount of gain (loss) recorded during the reporting period related to termination of hedging derivative instruments. No definition available.
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- Definition
This element represent as Occupancy And Equipment. No definition available.
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- Definition
This element represent as Other Real Estate Owned. No definition available.
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of fixed fee revenue for the management of an investment fund portfolio. Excludes investment advisory, distribution and servicing, and performance fees. No definition available.
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- Definition
The amount of expense in the period for communications and data processing expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of expense for Federal Deposit Insurance Corporation (FDIC) insurance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of fees and commissions from financial services and banking activities and correspondent clearing. Includes fees from depositor accounts, credit cards, merchant discounts, and fiduciary and trust activities, guarantee fees, investment advisory, management, and administrative fees, transfer agent fees, and insurance commissions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes amounts charged depositors for: (1) maintenance of their accounts (maintenance charges); (2) failure to maintain specified minimum balances on account; (3) exceeding the number of checks or transactions allowed to be processed in a given period; (4) checks drawn on no minimum balance deposit accounts; (5) withdrawals from nontransaction deposit accounts; (6) closing savings accounts before a specified minimum period of time has elapsed; (7) accounts which have remained inactive for extended periods of time or which have become dormant; (8) use of automated teller machines or remote service units; (9) checks drawn against insufficient funds that the bank assesses regardless of whether it decides to pay, return or hold the check; (10) issuing stop payment orders; (11) certifying checks; and (12) accumulating or disbursing funds deposited in IRAs or Keogh Plan accounts when not handled by the bank's trust department. This item does not include penalties assessed on the early withdrawal of time deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noninterest income derived from mortgage banking activities (fees and commissions), excluding fees earned from servicing third-party assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net gain (loss) realized from the sale, exchange, redemption, or retirement of securities, not separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of operating dividend and interest income, including amortization and accretion of premiums and discounts, on securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Aggregate amount of interest expense on all borrowings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate amount of interest expense on all deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net amount of operating interest income (expense). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Expenditures for planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services. Costs of public relations and corporate promotions are typically considered to be marketing costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total aggregate amount of all noninterest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Represents the total of noninterest income derived from certain activities and assets including (for example): (1) venture capital investments; (2) bank owned life insurance; (3) foreign currency transactions; and (4) mortgage servicing rights. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents other forms of revenue earned, excluding interest, which is not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Other noninterest expenses that are not separately presented in any other noninterest expense category. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of other expense that is infrequent in occurrence or unusual in nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of expense related to estimated loss from loan and lease transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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