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) | | | - | | | - | | | - | | | - | |
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