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Consolidated Statements of Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest and Dividend Income        
Loans, including fees $ 124,882 $ 101,069 $ 248,816 $ 208,780
Mortgage loans held for sale, including fees 1,232 643 2,281 1,501
Investment securities:        
Taxable interest 9,073 12,109 18,611 23,540
Tax-exempt interest 1,863 1,210 3,780 2,136
Accretion (Amortization) of FDIC loss share receivable (28,484) (18,315) (56,411) (40,228)
Other 717 412 1,393 833
Total interest and dividend income 109,283 97,127 218,470 196,562
Interest Expense        
NOW and MMDA 5,933 7,584 12,079 14,919
Savings 155 173 305 350
Time deposits 6,559 10,369 14,225 21,793
Short-term borrowings 167 141 309 268
Long-term debt 3,297 2,895 6,518 4,518
Total interest expense 16,111 21,162 33,436 41,848
Net interest income 93,172 75,965 185,034 154,714
Provision for loan losses 8,895 9,990 11,752 15,461
Net interest income after provision for loan losses 84,277 65,975 173,282 139,253
Noninterest Income        
Service charges on deposit accounts 6,625 6,343 12,606 11,855
ATM and debit card income 2,166 2,966 4,189 5,879
Income from bank owned life insurance 905 748 1,855 1,473
Gain on sale of loans, net 18,078 9,389 31,697 18,281
Gain on acquisition            
Gain on sale of available for sale investments 901 1,426 3,702 1,427
Derivative gains (losses) reclassified from other comprehensive income (400) (431) (786) (859)
Title revenue 5,339 4,492 9,872 8,302
Broker commissions 3,102 2,624 6,162 5,266
Other income 4,978 3,431 9,793 7,659
Total noninterest income 41,694 30,988 79,090 59,283
Noninterest Expense        
Salaries and employee benefits 58,121 46,048 112,940 89,678
Occupancy and equipment 12,908 12,067 25,627 21,179
Franchise and shares tax 1,621 1,018 2,641 1,999
Communication and delivery 3,138 2,495 6,271 5,023
Marketing and business development 2,753 2,718 5,775 4,804
Data processing 3,430 4,755 6,606 7,774
Printing, stationery and supplies 885 807 1,675 1,637
Amortization of acquisition intangibles 1,289 1,183 2,579 2,352
Professional services 5,617 4,228 9,717 7,355
Net costs of OREO property 1,498 2,189 4,182 3,893
Credit and other loan related expenses 4,836 2,668 8,862 6,876
Insurance 2,520 2,393 5,129 5,164
Other expenses 10,406 10,137 16,892 16,705
Total noninterest expense 109,022 92,706 208,896 174,439
Income before income tax expense 16,949 4,257 43,476 24,097
Income tax expense (benefit) 4,389 (929) 11,523 4,264
Net Income 12,560 5,186 31,953 19,833
Preferred Stock Dividends            
Income Available to Common Shareholders - Basic 12,560 5,186 31,953 19,833
Earnings Allocated to Unvested Restricted Stock (240) (87) (607) (378)
Earnings Available to Common Shareholders - Diluted 12,320 5,099 31,346 19,455
Other comprehensive income        
Unrealized holding gains (losses) arising during the period 3,195 17,016 2,139 19,896
Less: reclassification adjustment for gains included in net income (901) (1,426) (3,702) (1,427)
Net unrealized gains (losses), Before-Tax Amount 2,294 15,590 (1,563) 18,469
Fair value of derivative instruments designated as cash flow hedges:        
Change in fair value of derivative instruments designated as cash flow hedges during the period (7,634) (2,594) (2,683) (1,499)
Less: reclassification adjustment for losses (gains) included in net income 400 431 786 859
Fair value of derivative instruments designated as cash flow hedges, before tax (7,234) (2,163) (1,897) (640)
Other comprehensive income (loss), before tax (4,940) 13,427 (3,460) 17,829
Income tax expense (benefit) related to items of other comprehensive income (loss) (1,729) 4,699 (1,211) 6,240
Other comprehensive income (loss), net of tax (3,211) 8,728 (2,249) 11,589
Comprehensive income $ 9,349 $ 13,913 $ 29,704 $ 31,422
Earnings per common share - Basic $ 0.43 [1] $ 0.19 [1] $ 1.09 [1] $ 0.72 [1]
Earnings per common share - Diluted $ 0.43 $ 0.18 $ 1.08 $ 0.72
Cash dividends declared per common share $ 0.34 $ 0.34 $ 0.68 $ 0.68
[1] Total earnings available to common shareholders included distributed earnings of $9,838,000, or $0.34 per weighted average share, and undistributed earnings of $2,482,000, or $0.09 per weighted average share for the three months ended June 30, 2012. Total earnings available to common shareholders included distributed earnings of $10,083,000, or $0.37 per weighted average share, and an undistributed loss of $4,998,000, or $0.18 per weighted average share for the three months ended June 30, 2011. For the six months ended June 30, 2012, total earnings available to common shareholders included distributed earnings of $19,679,000, or $0.68 per weighted average share, and undistributed earnings of $11,660,000, or $0.40 per weighted average share. For the six months ended June 30, 2011, total distributed earnings to common shareholders were $19,076,000, or $0.71 per weighted average share, and undistributed earnings were $378,000, or $0.01 per weighted average share.