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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest income:        
Interest and fees on loans $ 32,600 $ 29,437 $ 93,713 $ 88,698
Investment securities 12,349 11,972 37,925 36,507
Federal Reserve Bank and Federal Home Loan Bank stock 362 362 1,081 1,080
Short-term investments 136 174 378 436
Total interest income 45,447 41,945 133,097 126,721
Interest expense:        
Deposits 2,409 2,051 6,622 6,119
Other borrowings 9 (1) 34 5
Subordinated debentures 3,091 3,048 9,161 9,886
Total interest expense 5,509 5,098 15,817 16,010
Net interest income 39,938 36,847 117,280 110,711
(Benefit) provision for loan losses 0 (5,000) (7,500) (5,000)
Net interest income after (benefit) provision for loan losses 39,938 41,847 124,780 115,711
Noninterest income:        
Service charges on deposit accounts and client service fees 8,397 8,948 25,040 25,948
Gain on loans sold and held for sale 2,230 1,393 7,160 3,812
Net gain (loss) on investment securities 868 (1) 8,069 1,278
Net gain on sale of other real estate 139 148 5,327 1,282
Net gain on sale of retail branch offices 3,331 0 3,331 0
Decrease in fair value of servicing rights (1,902) (501) (2,942) (1,634)
Loan servicing fees 1,521 1,627 4,770 5,002
Other 3,061 2,057 7,559 6,105
Total noninterest income 17,645 13,671 58,314 41,793
Noninterest expense:        
Salaries and employee benefits 23,509 20,922 69,658 61,187
Occupancy, net of rental income 4,787 5,809 14,805 17,072
Furniture and equipment 3,219 2,674 9,769 7,677
Postage, printing and supplies 546 558 1,657 1,751
Information technology fees 5,126 5,372 15,590 16,089
Legal, examination and professional fees 1,306 1,528 3,245 4,266
Advertising and business development 496 803 1,960 2,075
FDIC insurance 846 1,254 2,712 3,759
Write-downs and expenses on other real estate 803 2,068 1,510 3,406
Restructuring charges on retail branch offices and other facilities 961 0 18,540 0
Other 4,704 5,308 13,786 14,583
Total noninterest expense 46,303 46,296 153,232 131,865
Income before provision for income taxes 11,280 9,222 29,862 25,639
Provision for income taxes 4,440 3,212 7,609 9,047
Net income 6,840 6,010 22,253 16,592
Less: net income (loss) attributable to noncontrolling interest in subsidiary 10 (32) 37 (86)
Net income attributable to First Banks, Inc. $ 6,830 $ 6,042 $ 22,216 $ 16,678