Quarterly Financial Information [Text Block] |
25. Quarterly Financial Data (Unaudited)
The following tables summarize selected quarterly financial data for the periods indicated (in thousands, except per share data).
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For the year ended December 31, 2013
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First
quarter
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Second
quarter
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Third
quarter
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Fourth
quarter
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Total
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Interest income
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$
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10,864
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$
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10,728
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$
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10,523
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$
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10,423
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$
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42,538
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Interest expense
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895
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503
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475
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387
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2,260
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Net interest income
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9,969
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10,225
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10,048
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10,036
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40,278
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Provision for loan losses
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350
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670
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645
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1,800
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3,465
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Net interest income after provision for loan losses
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9,619
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9,555
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9,403
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8,236
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36,813
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Investment securities gains (losses), net
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-
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331
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(44
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)
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23
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310
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Other noninterest income
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3,745
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3,906
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3,323
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3,552
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14,526
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Noninterest expense
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10,375
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11,911
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9,835
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10,212
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42,333
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Net income before provision (benefit) for income taxes
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2,989
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1,881
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2,847
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1,599
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9,316
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Provision (benefit) for income taxes
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813
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382
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(19,386
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)
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(224
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)
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(18,415
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)
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Net income
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$
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2,176
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$
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1,499
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$
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22,233
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$
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1,823
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$
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27,731
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Common and per share data
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Net income - basic
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$
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0.17
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$
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0.12
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$
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1.74
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$
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0.14
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$
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2.17
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Net income - diluted
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0.17
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0.12
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1.74
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0.14
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2.17
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For the year ended December 31, 2012
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First
quarter
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Second
quarter
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Third
quarter
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Fourth
quarter
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Total
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Interest income
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$
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12,025
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$
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11,422
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$
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11,076
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$
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10,867
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$
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45,390
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Interest expense
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1,394
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1,339
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1,227
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1,178
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5,138
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Net interest income
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10,631
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10,083
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9,849
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9,689
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40,252
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Provision for loan losses
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2,700
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8,450
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600
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1,325
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13,075
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Net interest income after provision for loan losses
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7,931
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1,633
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9,249
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8,364
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27,177
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Investment secuities gains, net
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-
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9,859
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-
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635
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10,494
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Other noninterest income
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3,930
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4,104
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4,335
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4,167
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16,536
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Noninterest expense
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11,931
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19,234
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10,858
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11,327
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53,350
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Net income (loss) before provision (benefit) for income taxes
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(70
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)
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(3,638
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)
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2,726
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1,839
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857
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Provision (benefit) for income taxes
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517
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3,511
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(436
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)
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(871
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)
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2,721
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Net income (loss)
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$
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(587
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)
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$
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(7,149
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)
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$
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3,162
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$
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2,710
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$
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(1,864
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)
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Common and per share data
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Net income (loss) - basic
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$
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(0.05
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)
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$
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(0.57
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)
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$
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0.25
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$
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0.21
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$
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(0.15
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)
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Net income (loss) - diluted
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(0.05
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)
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(0.57
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)
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0.25
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0.21
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(0.15
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)
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Earnings per share disclosures for the three months ended September 30, 2013 were adjusted from those reported in the Quarterly Report for the three months ended September 30, 2013 as filed with the U.S. Securities and Exchange Commission (the “SEC”) to reflect the application of the two-class method as disclosed in Note 1, Summary of Significant Accounting Policies. The application of the two-class method reduced previously reported net income per basic and diluted share for the three months ended September 30, 2013 by $0.02 and $0.01, respectively.
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