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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
INTEREST INCOME        
Loans $ 23,883 $ 26,691 $ 47,977 $ 53,479
Covered loans 4,347 213 8,688 213
Federal funds sold 1 2 2 7
Investment securities 3,771 4,465 7,476 8,997
Mortgage loans held for sale 87 149 175 218
Assets held in trading accounts 9 11 18 13
Interest bearing balances due from banks 298 173 533 364
TOTAL INTEREST INCOME 32,396 31,704 64,869 63,291
INTEREST EXPENSE        
Deposits 3,799 4,839 7,975 10,276
Federal funds purchased and securities sold under agreements to repurchase 103 123 219 273
Short-term debt 12 15 24 30
Long-term debt 1,232 1,522 2,567 3,095
TOTAL INTEREST EXPENSE 5,146 6,499 10,785 13,674
NET INTEREST INCOME 27,250 25,205 54,084 49,617
Provision for loan losses 3,328 3,758 6,003 6,990
NET INTEREST INCOME AFTER PROVISION        
FOR LOAN LOSSES 23,922 21,447 48,081 42,627
NON-INTEREST INCOME        
Trust income 1,243 1,170 2,589 2,420
Service charges on deposit accounts 4,212 4,739 8,069 9,040
Other service charges and fees 780 671 1,586 1,451
Income on sale of mortgage loans, net of commissions 849 932 1,475 1,535
Income on investment banking, net of commissions 381 776 981 1,381
Credit card fees 4,264 4,043 8,207 7,720
Premiums on sale of student loans   545   545
Bank owned life insurance income 414 566 817 857
Gain on FDIC-assisted transaction   3,037   3,037
Other income 2,221 769 3,272 1,463
TOTAL NON-INTEREST INCOME 14,364 17,248 26,996 29,449
NON-INTEREST EXPENSE        
Salaries and employee benefits 16,436 15,064 33,552 30,230
Occupancy expense, net 2,100 1,844 4,289 3,726
Furniture and equipment expense 1,560 1,526 3,149 3,021
Other real estate and foreclosure expense 223 314 317 372
Deposit insurance 842 1,059 1,881 2,014
Merger related costs 167 443 357 443
Other operating expenses 7,364 7,026 15,122 14,265
TOTAL NON-INTEREST EXPENSE 28,692 27,276 58,667 54,071
INCOME BEFORE INCOME TAXES 9,594 11,419 16,410 18,005
Provision for income taxes 2,848 3,438 4,598 5,068
NET INCOME $ 6,746 $ 7,981 $ 11,812 $ 12,937
BASIC EARNINGS PER SHARE (in Dollars per share) $ 0.39 $ 0.46 $ 0.68 $ 0.75
DILUTED EARNINGS PER SHARE (in Dollars per share) $ 0.39 $ 0.46 $ 0.68 $ 0.75