SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Results of operations on a quarterly basis for the years ended December 31, 2012 and 2011 were as follows (dollars in thousands except for per share data): | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | Interest income | $ | 47,198 |
| | $ | 47,265 |
| | $ | 47,174 |
| | $ | 45,525 |
| Interest expense | 6,072 |
| | 4,975 |
| | 4,476 |
| | 3,991 |
| Net interest income before provision for loan losses | 41,126 |
| | 42,290 |
| | 42,698 |
| | 41,534 |
| Provision for loan losses | 5,000 |
| | 4,000 |
| | 3,000 |
| | 1,000 |
| Net interest income | 36,126 |
| | 38,290 |
| | 39,698 |
| | 40,534 |
| Other operating income | 10,971 |
| | (9,064 | ) | | 11,684 |
| | 13,311 |
| Other operating expenses | 37,913 |
| | 35,666 |
| | 33,355 |
| | 34,519 |
| Income (loss) before provision for income taxes | 9,184 |
| | (6,440 | ) | | 18,027 |
| | 19,326 |
| Provision (benefit) for income taxes | — |
| | (31,830 | ) | | 2,407 |
| | 4,638 |
| Net income | 9,184 |
| | 25,390 |
| | 15,620 |
| | 14,688 |
| Preferred stock dividend | 1,550 |
| | 1,550 |
| | 1,227 |
| | 611 |
| Preferred stock discount accretion | 454 |
| | 454 |
| | 1,216 |
| | 1,174 |
| Gain on repurchase and retirement of preferred stock | — |
| | — |
| | (2,070 | ) | | (401 | ) | Net income available to common shareholders | $ | 7,180 |
| | $ | 23,386 |
| | $ | 15,247 |
| | $ | 13,304 |
| Basic earnings per share | $ | 0.40 |
| | $ | 1.27 |
| | $ | 0.80 |
| | $ | 0.69 |
| Diluted earnings per share | 0.40 |
| | 1.27 |
| | 0.79 |
| | 0.69 |
| Cumulative dividends declared | 0.01 |
| | 0.01 |
| | 0.01 |
| | 0.01 |
|
| | | | | | | | | | | | | | | | | | Year Ended December 31, 2011 | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | Interest income | $ | 49,663 |
| | $ | 49,888 |
| | $ | 49,561 |
| | $ | 48,451 |
| Interest expense | 9,607 |
| | 8,687 |
| | 7,833 |
| | 6,865 |
| Net interest income before provision for loan losses | 40,056 |
| | 41,201 |
| | 41,728 |
| | 41,586 |
| Provision for loan losses | 17,000 |
| | 8,000 |
| | 5,000 |
| | 5,000 |
| Net interest income | 23,056 |
| | 33,201 |
| | 36,728 |
| | 36,586 |
| Other operating income | 7,246 |
| | 9,253 |
| | 10,340 |
| | 7,151 |
| Other operating expenses | 38,144 |
| | 40,255 |
| | 41,038 |
| | 38,667 |
| Income before provision for income taxes | (7,842 | ) | | 2,199 |
| | 6,030 |
| | 5,070 |
| Provision (benefit) for income taxes | — |
| | — |
| | — |
| | — |
| Net loss | (7,842 | ) | | 2,199 |
| | 6,030 |
| | 5,070 |
| Preferred stock dividend | 1,550 |
| | 1,550 |
| | 1,550 |
| | 1,550 |
| Preferred stock discount accretion | 426 |
| | 425 |
| | 425 |
| | 425 |
| Net loss available to common shareholders | $ | (9,818 | ) | | $ | 224 |
| | $ | 4,055 |
| | $ | 3,095 |
| Basic earnings (loss) per share | $ | (0.61 | ) | | $ | 0.01 |
| | $ | 0.24 |
| | $ | 0.18 |
| Diluted earnings (loss) per share | (0.61 | ) | | 0.01 |
| | 0.24 |
| | 0.18 |
| Cumulative dividends declared | 0.07 |
| | 0.01 |
| | 0.01 |
| | 0.01 |
|
| | | | | | | | | | | | | | | | | | Year Ended December 31, 2010 | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | Interest income | $ | 55,970 |
| | $ | 55,634 |
| | $ | 54,250 |
| | $ | 52,228 |
| Interest expense | 17,820 |
| | 16,693 |
| | 14,328 |
| | 11,471 |
| Net interest income before provision for loan losses | 38,150 |
| | 38,941 |
| | 39,922 |
| | 40,757 |
| Provision for loan losses | 14,000 |
| | 16,000 |
| | 20,000 |
| | 20,000 |
| Net interest income | 24,150 |
| | 22,941 |
| | 19,922 |
| | 20,757 |
| Other operating income | 7,724 |
| | 6,186 |
| | 7,652 |
| | 7,586 |
| Other operating expenses | 35,415 |
| | 38,024 |
| | 46,328 |
| | 41,034 |
| Income before provision for income taxes | (3,541 | ) | | (8,897 | ) | | (18,754 | ) | | (12,691 | ) | Provision (benefit) for income taxes | (2,024 | ) | | (3,951 | ) | | 23,988 |
| | — |
| Net loss | (1,517 | ) | | (4,946 | ) | | (42,742 | ) | | (12,691 | ) | Preferred stock dividend | 1,550 |
| | 1,550 |
| | 1,550 |
| | 1,550 |
| Preferred stock discount accretion | 398 |
| | 399 |
| | 398 |
| | 398 |
| Net loss available to common shareholders | $ | (3,465 | ) | | $ | (6,895 | ) | | $ | (44,690 | ) | | $ | (14,639 | ) | Basic earnings (loss) per share | $ | (1.12 | ) | | $ | (1.96 | ) | | $ | (2.80 | ) | | $ | (0.91 | ) | Diluted earnings (loss) per share | (1.12 | ) | | (1.96 | ) | | (2.80 | ) | | (0.91 | ) | Cumulative dividends declared | 0.07 |
| | 0.07 |
| | 0.07 |
| | 0.07 |
|
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