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 Income Statement

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 2010 Y2011 Y2012 Y2013 Y
Source Document12/31/201212/31/201312/31/201312/31/2013
(in thousands)    
Interest Income 
Loans 88,62878,64872,62168,077
Investment securities 
Taxable 4,0704,5714,2412,695
Tax-exempt 1,9852,5152,8822,901
Interest-bearing deposits 303466300282
FHLB stock dividends 879867899826
Total interest income 95,86587,06780,94374,781
Interest Expense 
Deposits 19,22212,1758,1695,913
Federal Home Loan Bank advances and other 4,7113,2032,424434
Subordinated debentures 1,3141,278971601
Securities sold under agreement to repurchase 455530373222
Total interest expense 25,70217,18611,9377,170
Net interest income 70,16369,88169,00667,611
Provision for loan losses 23,17712,43410,9241,824
Net interest income after provision for loan losses 46,98657,44758,08265,787
Noninterest Income 
Service fees and other charges 12,74011,38710,77910,045
Mortgage banking income 7,8476,4379,6658,443
Insurance commissions 5,1407,1098,6769,627
Gain on sale of non-mortgage loans 51636170101
Gain (loss) on sale or call of securities (8)2182,13997
Other-than-temporary impairment (OTTI) losses on investment securities 
Total gains (impairment losses) on investment securities (367)(44)(31)(337)
Losses recognized in other comprehensive income 3642260
Net impairment loss recognized in earnings (331)(2)(5)(337)
Trust income 507599616761
Income from bank owned life insurance 1,146929924883
Other noninterest income 334781,510950
Total noninterest income 27,59027,51634,37430,570
Noninterest Expense 
Compensation and benefits 27,40331,55432,56634,301
Occupancy 7,0487,1667,5786,762
FDIC insurance 3,7662,9222,6911,616
Data processing 4,9094,2574,6605,125
Acquisition related charges 6323400
Other noninterest expense 20,27416,63118,28517,040
Total noninterest expense 63,46362,76465,78064,844
Income before income taxes 11,11322,19926,67631,513
Federal income taxes 3,0056,6658,0129,278
Net Income 8,10815,53418,66422,235
Dividends Accrued on Preferred Shares (1,850)(1,850)(900)0
Accretion on Preferred Shares (170)(178)(359)0
Redemption of Preferred Shares 006420
Net Income Applicable to Common Shares 6,08813,50618,04722,235
Earnings per common share 
Basic 0.751.441.862.28
Diluted 0.751.421.812.19
Dividends declared per common share
Consolidated Statements of Comprehensive Income 
Net income 8,10815,53418,66422,235
Change in securities available-for-sale (AFS) 
Unrealized holding gains (losses) on available-for-sale securities arising during the period (1,010)7,4042,360(6,309)
Reclassification adjustment for (gains) losses realized in income 8(218)(2,139)(97)
Other-than-temporary impairment losses on AFS securities realized in income 33125337
Net unrealized gains (losses) (671)7,188226(6,069)
Income tax effect 235(2,516)(79)2,124
Net of tax amount (436)4,672147(3,945)
Change in unrealized gain on postretirement benefit 
Net gain (loss) on defined benefit postretirement medical plan realized during the period 349(537)148287
Net amortization and deferral 39255146
Net gain (loss) activity during the period 388(512)199333
Income tax effect (136)179(69)(117)
Net of tax amount 252(333)130216
Total other comprehensive income (loss) (184)4,339277(3,729)
Comprehensive income 7,92419,87318,94118,506

Data shown on this page is extracted directly from the company’s documents. SNL makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, SNL, as always, stands by its commitment to the quality of the data.

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