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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest income:        
Interest and fees on loans $ 27,239 $ 26,096 $ 78,997 $ 76,832
Interest on securities: Taxable 2,397 2,582 8,038 8,003
Interest on securities: Nontaxable 519 629 1,658 1,935
Dividends on Federal Home Loan Bank stock 140 36 420 113
Other interest income 36 47 99 99
Total interest and dividend income 30,331 29,390 89,212 86,982
Interest expense:        
Deposits 3,317 3,064 9,406 9,354
Federal Home Loan Bank advances 1,832 2,693 5,831 8,109
Junior subordinated debentures 241 241 723 1,243
Other interest expense 3 4 10 12
Total interest expense 5,393 6,002 15,970 18,718
Net interest income 24,938 23,388 73,242 68,264
Provision for loan losses 600 700 1,350 2,000
Net interest income after provision for loan losses 24,338 22,688 71,892 66,264
Noninterest income:        
Wealth management revenues 8,374 7,629 24,969 23,015
Merchant processing fees 0 3,359 1,291 7,949
Net gains on loan sales and commissions on loans originated for others 1,742 3,883 4,688 11,534
Service charges on deposit accounts 881 855 2,459 2,436
Card interchange fees 804 731 2,264 2,013
Income from bank-owned life insurance 468 464 1,354 1,392
Net gains (losses) on interest rate swap contracts 339 54 562 225
Equity in earnings (losses) of unconsolidated subsidiaries (63) (47) (213) (65)
Net gain on sale of business line 0 0 6,265 0
Other income 580 472 1,670 1,233
Noninterest income, excluding other-than-temporary impairment losses 13,125 17,400 45,309 49,732
Total other-than-temporary impairment losses on securities 0 0 0 (613)
Portion of loss recognized in other comprehensive income (before taxes) 0 0 0 (2,159)
Net impairment losses recognized in earnings 0 0 0 (2,772)
Total noninterest income 13,125 17,400 45,309 46,960
Noninterest expense:        
Salaries and employee benefits 14,516 14,640 43,845 45,624
Net occupancy 1,557 1,404 4,672 4,282
Equipment 1,211 1,222 3,682 3,658
Merchant processing costs 0 2,862 1,050 6,746
Outsourced services 1,138 878 3,197 2,590
Legal, audit and professional fees 494 529 1,710 1,691
FDIC deposit insurance costs 442 448 1,295 1,330
Advertising and promotion 368 312 1,140 1,143
Amortization of intangibles 161 170 489 516
Foreclosed property costs 27 38 48 222
Debt prepayment penalties 0 1,125 6,294 1,125
Other expenses 2,133 1,920 6,365 5,810
Total noninterest expense 22,047 25,548 73,787 74,737
Income before income taxes 15,416 14,540 43,414 38,487
Income tax expense 4,878 4,580 13,781 12,123
Net income $ 10,538 $ 9,960 $ 29,633 $ 26,364
Weighted average common shares outstanding - basic 16,714 16,563 16,673 16,473
Weighted average common shares outstanding - diluted 16,855 16,696 16,832 16,600
Per share information:        
Basic earnings per common share $ 0.63 $ 0.60 $ 1.77 $ 1.59
Diluted earnings per common share $ 0.62 $ 0.59 $ 1.75 $ 1.58
Cash dividends declared per share $ 0.32 $ 0.26 $ 0.90 $ 0.76