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Selected Financial Data
 12 Months Ended
Dec. 31, 2011
Selected Financial Data [Abstract]  
Selected Financial Data

NOTE 24. SELECTED FINANCIAL DATA

 

 

The following table presents selected financial data for the most recent eight quarters:

 

(unaudited)

 

     2011     2010  
  Fourth
Quarter		     Third
Quarter		     Second
Quarter		     First
Quarter		     Fourth
Quarter		     Third
Quarter		     Second
Quarter		     First
Quarter		  
(in thousands, except per share data)                                      

SUMMARY OF OPERATIONS

 

            

Interest income

   $ 40,259      $ 40,845      $ 41,783      $ 42,192      $ 44,210      $ 45,325      $ 45,561      $ 45,324   

Interest expense

     6,192        6,976        7,245        7,320        7,876        8,352        8,936        9,410   

Provision for loan losses

     2,337        1,535        1,097        10,640        7,676        8,278        9,127        4,430   

Net interest income after provision for loan losses

     31,730        32,334        33,441        24,232        28,658        28,695        27,498        31,484   

Security gains (losses), net

     —        (81 )      (56 )      13        11        6        103        153   

Noninterest income

     11,574        10,424        11,170        11,013        11,991        12,329        11,426        11,190   

Noninterest expense

     26,672        24,193        25,594        27,449        27,018        24,948        25,735        27,930   

Income before taxes

     16,632        18,484        18,961        7,809        13,642        16,082        13,292        14,897   

Provision for income taxes

     4,376        4,681        4,051        1,514        3,352        3,600        3,888        3,593   

Net income

    12,256        13,803        14,910        6,295        10,290        12,482        9,404        11,304   

Preferred stock dividends and discount amortization

     2,939        1,559        1,558        1,555        1,553        1,551        1,549        1,547   

Net Income Available to Common Shareholders

   $ 9,317      $ 12,244      $ 13,352      $ 4,740      $ 8,737      $ 10,931      $ 7,855      $ 9,757   

Per Share Data

                

Common earnings per share — diluted

   $ 0.33      $ 0.44      $ 0.48      $ 0.17      $ 0.31      $ 0.39      $ 0.28      $ 0.35   

Dividends declared per common share

     0.15        0.15        0.15        0.15        0.15        0.15        0.15        0.15   

Common book value

     17.44        17.68        17.31        16.90        16.91        16.83        16.55        16.39   

 

On December 7, 2011 we redeemed all of the $108.7 million, or 108,676 shares, of Series A Preferred Stock issued on January 16, 2009 in conjunction with our participation in the CPP. Upon redemption, a one-time non-cash reduction to net income available to common shareholders of $1.8 million, or $0.06 per common share, was recorded for the remaining unamortized discount of the preferred stock.