|
CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Share data, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| INTEREST INCOME: |
|
|
|
| Interest and fees on loans |
$ 114,514 |
$ 132,682 |
$ 139,685 |
| Interest on overnight investments |
821 |
893 |
890 |
| Interest on trading securities |
|
|
26 |
| Interest and dividends on investment securities: |
|
|
|
| Taxable |
31,255 |
33,876 |
35,955 |
| Tax-exempt |
2,786 |
2,979 |
3,587 |
| Total interest income |
149,376 |
170,430 |
180,143 |
| Interest on deposits: |
|
|
|
| Interest bearing checking accounts |
2,948 |
4,712 |
7,742 |
| Money market and savings deposits |
6,653 |
8,392 |
9,158 |
| Time deposits |
8,242 |
9,765 |
12,531 |
| Total |
17,843 |
22,869 |
29,431 |
| Interest on borrowed funds |
7,797 |
8,104 |
8,615 |
| Total interest expense |
25,640 |
30,973 |
38,046 |
| Net interest income |
123,736 |
139,457 |
142,097 |
| PROVISION FOR LOAN LOSSES |
13,000 |
28,000 |
37,500 |
| Net interest income after provision for loan losses |
110,736 |
111,457 |
104,597 |
| NON-INTEREST INCOME: |
|
|
|
| Insurance and advisory commission and fee income |
7,170 |
7,389 |
7,720 |
| Service charges and other income |
15,561 |
14,604 |
15,867 |
| Mortgage banking income |
1,017 |
2,731 |
916 |
| Net gain on sale of investment securities |
1,377 |
2,882 |
652 |
| Trading securities profits |
|
|
81 |
| Total non-interest income |
25,125 |
27,606 |
25,236 |
| NON-INTEREST EXPENSE: |
|
|
|
| Salaries and employee benefits |
57,154 |
57,529 |
55,812 |
| Occupancy expense |
9,826 |
9,887 |
11,040 |
| Depreciation, amortization and maintenance |
9,026 |
8,919 |
8,683 |
| Marketing expense |
5,234 |
2,811 |
3,189 |
| Intangible amortization expense |
1,872 |
4,163 |
3,584 |
| FDIC insurance |
3,589 |
4,221 |
5,332 |
| Merger and restructuring charges |
(189) |
2,233 |
5,058 |
| Professional fees |
5,058 |
5,396 |
4,380 |
| Classified loan & other real estate owned related expense |
6,384 |
8,243 |
3,944 |
| Other |
22,734 |
19,723 |
19,688 |
| Total non-interest expense |
120,688 |
123,125 |
120,710 |
| Income before income taxes |
15,173 |
15,938 |
9,123 |
| INCOME TAX EXPENSE (BENEFIT) |
2,595 |
1,759 |
(1,913) |
| Net income |
$ 12,578 |
$ 14,179 |
$ 11,036 |
| NET EARNINGS PER SHARE - Basic and Diluted (in dollars per share) |
$ 0.17 |
$ 0.18 |
$ 0.14 |
| Average common shares outstanding - Basic (in shares) |
75,841,392 |
76,657,265 |
77,075,726 |
| Average common shares outstanding - Diluted (in shares) |
76,085,398 |
76,827,872 |
77,231,303 |