Summary of Quarterly Results of Operations (unaudited) |
Note 30 - Summary of Quarterly Results of Operations
(unaudited)
The following table sets forth the results of operations for the
four quarters of 2015 and 2014, and is unaudited; however, in the
opinion of Management, it reflects all adjustments (which include
only normal recurring adjustments) necessary to present fairly the
summarized results for such periods.
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2015 Quarters Ended |
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December 31, |
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September 30, |
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June 30, |
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March 31, |
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(dollars in
thousands, except per share data) |
|
Interest and dividend income:
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|
|
|
|
|
|
|
|
|
|
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|
|
|
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Loans:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount accretion PCI – cash basis
|
|
$ |
302 |
|
|
$ |
445 |
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|
$ |
404 |
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|
$ |
172 |
|
Discount accretion PCI – other
|
|
|
1,392 |
|
|
|
1,090 |
|
|
|
907 |
|
|
|
1,274 |
|
Discount accretion PNCI
|
|
|
573 |
|
|
|
1,590 |
|
|
|
822 |
|
|
|
1,348 |
|
All other loan interest income
|
|
|
32,571 |
|
|
|
30,689 |
|
|
|
29,886 |
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|
|
28,371 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total loan interest income
|
|
|
34,838 |
|
|
|
33,814 |
|
|
|
32,019 |
|
|
|
31,165 |
|
Debt securities, dividends and interest bearing cash at banks (not
FTE)
|
|
|
7,652 |
|
|
|
7,518 |
|
|
|
7,848 |
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|
|
6,560 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total interest income
|
|
|
42,490 |
|
|
|
41,332 |
|
|
|
39,867 |
|
|
|
37,725 |
|
Interest expense
|
|
|
1,349 |
|
|
|
1,339 |
|
|
|
1,346 |
|
|
|
1,382 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net interest income
|
|
|
41,141 |
|
|
|
39,993 |
|
|
|
38,521 |
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|
|
36,343 |
|
(Benefit from) provision for loan losses
|
|
|
(908 |
) |
|
|
(866 |
) |
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|
(633 |
) |
|
|
197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net interest income after provision for loan losses
|
|
|
42,049 |
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|
40,859 |
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|
|
39,154 |
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|
|
36,146 |
|
Noninterest income
|
|
|
11,445 |
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|
|
11,642 |
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|
12,080 |
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|
10,180 |
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Noninterest expense
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34,684 |
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|
31,439 |
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|
32,436 |
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|
32,282 |
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Income before income taxes
|
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18,810 |
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|
21,062 |
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|
18,798 |
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|
14,044 |
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Income tax expense
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|
7,388 |
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|
8,368 |
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|
7,432 |
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|
5,708 |
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|
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|
|
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|
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Net income
|
|
$ |
11,422 |
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|
$ |
12,694 |
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|
$ |
11,366 |
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|
$ |
8,336 |
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Per common share:
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Net income (diluted)
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|
$ |
0.50 |
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|
$ |
0.55 |
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|
$ |
0.49 |
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|
$ |
0.36 |
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Dividends
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$ |
0.15 |
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|
$ |
0.13 |
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$ |
0.13 |
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$ |
0.11 |
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|
2014 Quarters Ended |
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
(dollars in
thousands, except per share data) |
|
Interest and dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount accretion PCI – cash basis
|
|
$ |
107 |
|
|
$ |
290 |
|
|
$ |
69 |
|
|
$ |
203 |
|
Discount accretion PCI – other
|
|
|
919 |
|
|
|
822 |
|
|
|
811 |
|
|
|
984 |
|
Discount accretion PNCI
|
|
|
796 |
|
|
|
402 |
|
|
|
624 |
|
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|
379 |
|
All other loan interest income
|
|
|
28,914 |
|
|
|
23,466 |
|
|
|
22,929 |
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|
22,172 |
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|
|
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Total loan interest income
|
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|
30,736 |
|
|
|
24,980 |
|
|
|
24,433 |
|
|
|
23,738 |
|
Debt securities, dividends and interest bearing cash at banks (not
FTE)
|
|
|
5,671 |
|
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|
4,151 |
|
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|
3,985 |
|
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|
3,421 |
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Total interest income
|
|
|
36,407 |
|
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|
29,131 |
|
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|
28,418 |
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|
27,159 |
|
Interest expense
|
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|
1,437 |
|
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|
1,082 |
|
|
|
1,075 |
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|
|
1,087 |
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|
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|
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|
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Net interest income
|
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|
34,970 |
|
|
|
28,049 |
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|
27,343 |
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|
26,072 |
|
(Benefit from) provision for loan losses
|
|
|
(1,421 |
) |
|
|
(2,977 |
) |
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|
1,708 |
|
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|
(1,355 |
) |
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|
|
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|
|
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Net interest income after provision for loan losses
|
|
|
36,391 |
|
|
|
31,026 |
|
|
|
25,635 |
|
|
|
27,427 |
|
Noninterest income
|
|
|
9,755 |
|
|
|
8,589 |
|
|
|
7,877 |
|
|
|
8,295 |
|
Noninterest expense
|
|
|
36,566 |
|
|
|
25,380 |
|
|
|
25,116 |
|
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|
23,317 |
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|
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|
|
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|
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|
|
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Income before income taxes
|
|
|
9,580 |
|
|
|
14,235 |
|
|
|
8,396 |
|
|
|
12,405 |
|
Income tax expense
|
|
|
3,930 |
|
|
|
6,001 |
|
|
|
3,537 |
|
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|
5,040 |
|
|
|
|
|
|
|
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|
|
|
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|
Net income
|
|
$ |
5,650 |
|
|
$ |
8,234 |
|
|
$ |
4,859 |
|
|
$ |
7,365 |
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Per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net income (diluted)
|
|
$ |
0.25 |
|
|
$ |
0.50 |
|
|
$ |
0.30 |
|
|
$ |
0.45 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Dividends
|
|
$ |
0.11 |
|
|
$ |
0.11 |
|
|
$ |
0.11 |
|
|
$ |
0.11 |
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