NOTE 26 – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)


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

Year Ended December 31, 2012

Total interest income	$	109,187		$	109,283		$	111,951		$	114,779
Total interest expense		17,326			16,111			15,225			14,789

Net interest income		91,861			93,172			96,726			99,990
Provision for credit losses		2,857			8,895			4,053			4,866

Net interest income after provision for loan losses		89,004			84,277			92,673			95,124
Gain (loss) on sale of investments, net		2,836			901			41			(4	)
Other noninterest income		34,560			40,793			46,512			50,358
Noninterest expense		99,873			109,022			109,848			113,441

Income before income taxes		26,527			16,949			29,378			32,037
Income tax expense		7,134			4,389			8,144			8,829

Net income	$	19,393		$	12,560			21,234		$	23,208
Preferred stock dividends		—			—			—			—


Income available to common shareholders	$	19,393		$	12,560		$	21,234		$	23,208
Earnings allocated to unvested restricted stock		(364	)		(240	)		(406	)		(428	)

Earnings available to common shareholders - Diluted	$	19,029		$	12,320		$	20,828		$	22,780

Earnings per share - basic	$	0.66		$	0.43		$	0.73		$	0.79
Earnings per share - diluted		0.66			0.43			0.73			0.79


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

Year ended December 31, 2011

Total interest income	$	99,434		$	97,127		$	111,966		$	111,799
Total interest expense		20,686			21,162			20,995			19,226

Net interest income		78,748			75,965			90,971			92,573
Provision for credit losses		5,471			9,990			6,127			4,278

Net interest income after provision for loan losses		73,277			65,975			84,844			88,295
Gain (Loss) on sale of investments, net		47			1,428			1,206			793
Other noninterest income		28,248			29,560			35,914			34,662
Noninterest expense		81,732			92,706			99,566			99,726

Income before income taxes		19,840			4,257			22,398			24,024
Income tax expense		5,193			(929	)		6,051			6,667

Net income	$	14,647		$	5,186			16,347		$	17,357
Preferred stock dividends		—			—			—			—


Income available to common shareholders	$	14,647		$	5,186		$	16,347		$	17,357
Earnings allocated to unvested restricted stock		(291	)		(87	)		(290	)		(307	)

Earnings available to common shareholders - Diluted	$	14,356		$	5,099		$	16,057		$	17,050

Earnings per share - basic	$	0.54		$	0.19		$	0.55		$	0.59
Earnings per share - diluted		0.54			0.18			0.54			0.59

As discussed further in Note 1, the Company has corrected its historical consolidated statements of cash flows for the years ended December 31, 2011 and 2010 for the impact of an error in reporting certain non-cash activity between its operating and investing cash flows. The following table presents the effect of these corrections on the Company’s Statements of Cash Flows for the year-to-date periods ended March 31, June 30, and September 30 for the years indicated.


(Dollars in thousands)	As Previously Reported			Adjustment			As Adjusted

Selected Cash Flow Data

2012
For the Three Months Ended March 31, 2012
(Increase) decrease in other assets	$	4,200		$	684		$	4,884
Net Cash (Used in) Provided by Operating Activities		54,243			684			54,927
Increase in loans receivable, net, excluding loans acquired		(101,618	)		(684	)		(102,302	)
Net Cash (Used in) Provided by Investing Activities	$	(46,994	)	$	(684	)	$	(47,678	)

For the Six Months Ended June 30, 2012
(Increase) decrease in other assets	$	(11,609	)	$	10,633		$	(976	)
Net Cash (Used in) Provided by Operating Activities		19,303			10,633			29,936
Increase in loans receivable, net, excluding loans acquired		(351,982	)		(10,633	)		(362,615	)
Net Cash (Used in) Provided by Investing Activities	$	(310,258	)	$	(10,633	)	$	(320,891	)

For the Nine Months Ended September 30, 2012
(Increase) decrease in other assets	$	(23,963	)	$	33,786		$	9,823
Net Cash (Used in) Provided by Operating Activities		10,239			33,786			44,025
Increase in loans receivable, net, excluding loans acquired		(596,443	)		(33,786	)		(630,229	)
Net Cash (Used in) Provided by Investing Activities	$	(304,863	)	$	(33,786	)	$	(338,649	)

2011
For the Three Months Ended March 31, 2011
(Increase) decrease in other assets	$	4,918		$	6,784		$	11,702
Net Cash (Used in) Provided by Operating Activities		51,884			6,784			58,668
Increase in loans receivable, net, excluding loans acquired		(72,086	)		(6,784	)		(78,870	)
Net Cash (Used in) Provided by Investing Activities	$	(1,201	)	$	(6,784	)	$	(7,985	)

For the Six Months Ended June 30, 2011
(Increase) decrease in other assets	$	(23,018	)	$	26,706		$	3,688
Net Cash (Used in) Provided by Operating Activities		42,598			26,706			69,304
Increase in loans receivable, net, excluding loans acquired		(275,961	)		(26,706	)		(302,667	)
Net Cash (Used in) Provided by Investing Activities	$	19,338		$	(26,706	)	$	(7,368	)

For the Nine Months Ended September 30, 2011
(Increase) decrease in other assets	$	(29,742	)	$	30,184		$	442
Net Cash (Used in) Provided by Operating Activities		(14,066	)		30,184			16,118
Increase in loans receivable, net, excluding loans acquired		(322,254	)		(30,184	)		(352,438	)
Net Cash (Used in) Provided by Investing Activities	$	215,382		$	(30,184	)	$	185,198