|
Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Interest income |
|
|
| Interest and fees on loans |
$ 42,258 |
$ 46,690 |
| Interest on investment securities: Taxable |
5,557 |
4,307 |
| Interest on investment securities: Exempt from federal income tax |
1,756 |
1,805 |
| Total investment income |
7,313 |
6,112 |
| Other |
343 |
309 |
| Total interest income |
49,914 |
53,111 |
| Interest expense |
|
|
| Interest on deposits |
5,076 |
6,559 |
| Interest on short-term borrowings |
62 |
133 |
| Interest on long-term borrowings |
6,594 |
7,273 |
| Total interest expense |
11,732 |
13,965 |
| Net interest income |
38,182 |
39,146 |
| Provision for loan losses |
380 |
9,390 |
| Net interest income after provision for loan losses |
37,802 |
29,756 |
| Other operating income |
|
|
| Changes in fair value on impaired securities |
4,173 |
850 |
| Portion of gain recognized in other comprehensive income (before taxes) |
(4,173) |
(850) |
| Net securities impairment losses recognized in operations |
0 |
0 |
| Net gains - other |
229 |
1,708 |
| Total net gains |
229 |
1,708 |
| Service charges |
3,416 |
3,639 |
| Trust department |
5,007 |
4,608 |
| Debit card income |
1,954 |
2,010 |
| Bank owned life insurance |
1,006 |
1,778 |
| Brokerage commissions |
806 |
778 |
| Other |
853 |
817 |
| Total other income |
13,042 |
13,630 |
| Total other operating income |
13,271 |
15,338 |
| Other operating expenses |
|
|
| Salaries and employee benefits |
19,946 |
19,481 |
| FDIC premiums |
1,875 |
1,985 |
| Equipment |
2,595 |
2,624 |
| Occupancy |
2,628 |
2,719 |
| Data processing |
3,069 |
2,886 |
| Professional services |
1,495 |
1,292 |
| Other real estate owned expenses |
2,909 |
890 |
| Miscellaneous loan fees |
505 |
580 |
| Other |
7,383 |
7,061 |
| Total other operating expenses |
42,405 |
39,518 |
| Income before income tax expense |
8,668 |
5,576 |
| Applicable income tax expense |
2,222 |
913 |
| Net Income |
6,446 |
4,663 |
| Accumulated preferred stock dividends and discount accretion |
(1,778) |
(1,691) |
| Net Income Available to Common Shareholders |
$ 4,668 |
$ 2,972 |
| Basic and diluted net income per common share |
$ 0.75 |
$ 0.48 |
| Weighted average number of basic and diluted shares outstanding |
6,206,819 |
6,193,774 |