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QUARTERLY FINANCIAL DATA (unaudited)
12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data
NOTE 25 - QUARTERLY FINANCIAL DATA (unaudited)
 
The following table sets forth certain consolidated quarterly financial information of the Company. During the second quarter of 2015, the Company completed the acquisition of Merchants and completed the acquisition and data conversion of 18 additional branches in South Georgia and North Florida from Bank of America. The Company recorded approximately $3.7 million of after-tax merger related charges from these acquisitions. Additionally, during the second quarter of 2015, the Company recorded $7.3 million of after-tax OREO write-downs and other credit-related resolution expenses related to an aggressive write-down on remaining non-performing assets.
  
 
 
Quarters Ended December 31, 2015
 
 
 
4
 
3
 
2
 
1
 
 
 
(Dollars in Thousands, Except Per Share Data)
 
Selected Income Statement Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
$
52,601
 
$
51,195
 
$
44,229
 
$
42,368
 
Interest expense
 
 
3,983
 
 
3,796
 
 
3,541
 
 
3,536
 
Net interest income
 
 
48,618
 
 
47,399
 
 
40,688
 
 
38,832
 
Provision for loan losses
 
 
553
 
 
986
 
 
2,656
 
 
1,069
 
Net interest income after provision for loan losses
 
 
48,065
 
 
46,413
 
 
38,032
 
 
37,763
 
Noninterest income
 
 
22,407
 
 
24,978
 
 
20,626
 
 
17,575
 
Noninterest expense
 
 
51,221
 
 
47,950
 
 
51,152
 
 
40,812
 
Acquisition related expenses
 
 
1,807
 
 
446
 
 
5,712
 
 
15
 
Income before income taxes
 
 
17,444
 
 
22,995
 
 
1,794
 
 
14,511
 
Income tax
 
 
3,296
 
 
7,368
 
 
486
 
 
4,747
 
Net income
 
 
14,148
 
 
15,627
 
 
1,308
 
 
9,764
 
Preferred stock dividends
 
 
-
 
 
-
 
 
-
 
 
-
 
Net income available to common stockholders
 
$
14,148
 
$
15,627
 
$
1,308
 
$
9,764
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Per Share Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income – basic
 
 
0.44
 
 
0.49
 
 
0.04
 
 
0.32
 
Net income – diluted
 
 
0.43
 
 
0.48
 
 
0.04
 
 
0.32
 
Common Dividends (Cash)
 
 
0.05
 
 
0.05
 
 
0.05
 
 
0.05
 
Common Dividends (Stock)
 
 
-
 
 
-
 
 
-
 
 
-
 
 
 
 
Quarters Ended December 31, 2014
 
 
 
4
 
3
 
2
 
1
 
 
 
(Dollars in Thousands, Except Per Share Data)
 
Selected Income Statement Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
$
44,900
 
$
43,186
 
$
38,607
 
$
37,873
 
Interest expense
 
 
3,894
 
 
4,054
 
 
3,343
 
 
3,389
 
Net interest income
 
 
41,006
 
 
39,132
 
 
35,264
 
 
34,484
 
Provision for loan losses
 
 
888
 
 
1,669
 
 
1,365
 
 
1,726
 
Net interest income after provision for loan losses
 
 
40,118
 
 
37,463
 
 
33,899
 
 
32,758
 
Noninterest income
 
 
16,362
 
 
17,901
 
 
15,819
 
 
12,754
 
Noninterest expense
 
 
41,666
 
 
38,028
 
 
34,446
 
 
32,789
 
Acquisition related expenses
 
 
67
 
 
551
 
 
2,872
 
 
450
 
Income before income taxes
 
 
14,747
 
 
16,785
 
 
12,400
 
 
12,273
 
Income tax
 
 
4,167
 
 
5,122
 
 
4,270
 
 
3,923
 
Net income
 
 
10,580
 
 
11,663
 
 
8,130
 
 
8,350
 
Preferred stock dividends
 
 
-
 
 
-
 
 
-
 
 
286
 
Net income available to common stockholders
 
$
10,580
 
$
11,663
 
$
8,130
 
$
8,064
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Per Share Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income – basic
 
 
0.40
 
 
0.44
 
 
0.32
 
 
0.32
 
Net income – diluted
 
 
0.39
 
 
0.43
 
 
0.32
 
 
0.32
 
Common Dividends (Cash)
 
 
0.05
 
 
0.05
 
 
0.05
 
 
-
 
Common Dividends (Stock)
 
 
-
 
 
-
 
 
-
 
 
-