|
Consolidated Statements of Net Income (USD $) In Thousands, except Share data, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Interest and dividend income: |
|
|
|
| Interest and fees on loans |
$ 89,349 |
$ 76,050 |
$ 66,157 |
| Taxable |
3,919 |
6,901 |
10,868 |
| Tax-exempt |
209 |
216 |
218 |
| Dividends on equity securities |
1,383 |
1,444 |
1,033 |
| Interest on certificates of deposit |
|
26 |
34 |
| Other interest and dividend income |
344 |
332 |
502 |
| Total interest and dividend income |
95,204 |
84,969 |
78,812 |
| Interest expense: |
|
|
|
| Interest on deposits |
17,053 |
15,739 |
17,738 |
| Interest on borrowings |
3,082 |
3,206 |
3,234 |
| Total interest expense |
20,135 |
18,945 |
20,972 |
| Net interest income |
75,069 |
66,024 |
57,840 |
| Provision for loan losses |
6,470 |
8,581 |
3,663 |
| Net interest income, after provision for loan losses |
68,599 |
57,443 |
54,177 |
| Non-interest income: |
|
|
|
| Customer service fees |
7,129 |
6,645 |
5,867 |
| Loan fees |
508 |
339 |
584 |
| Mortgage banking gains, net |
583 |
2,371 |
2,125 |
| Gain on sales of securities, net |
9,636 |
5,568 |
4,464 |
| Income from bank-owned life insurance |
1,195 |
1,201 |
1,221 |
| Equity income on investment in affiliate bank |
|
310 |
1,110 |
| Gain on sale of investment in affiliate bank |
|
4,819 |
|
| Other income |
365 |
8 |
17 |
| Total non-interest income |
19,416 |
21,261 |
15,388 |
| Non-interest expenses: |
|
|
|
| Salaries and employee benefits |
39,618 |
36,386 |
29,474 |
| Occupancy and equipment |
8,798 |
7,932 |
7,831 |
| Data processing |
4,274 |
3,511 |
2,909 |
| Marketing and advertising |
2,949 |
2,537 |
2,450 |
| Professional services |
2,308 |
2,966 |
2,685 |
| Foreclosed real estate |
479 |
599 |
328 |
| Deposit insurance |
2,053 |
1,760 |
1,893 |
| Other general and administrative |
4,036 |
4,257 |
3,424 |
| Total non-interest expenses |
64,515 |
59,948 |
50,994 |
| Income before income taxes |
23,500 |
18,756 |
18,571 |
| Provision for income taxes |
8,071 |
6,330 |
6,601 |
| Net income |
$ 15,429 |
$ 12,426 |
$ 11,970 |
| Income per share: |
|
|
|
| Basic |
$ 0.71 |
$ 0.57 |
$ 0.55 |
| Diluted |
$ 0.70 |
$ 0.57 |
$ 0.55 |
| Weighted average shares: |
|
|
|
| Basic |
21,637,344 |
21,629,668 |
21,805,143 |
| Diluted |
21,987,809 |
21,858,381 |
21,931,863 |