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Consolidated Statements of Income (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
INTEREST INCOME        
Interest and fees on loans $ 38,464 $ 37,609 $ 75,271 $ 75,827
Interest on investment securities:        
Taxable interest income 1,463 1,579 2,895 3,109
Tax-exempt interest income 499 409 999 763
Other, principally overnight investments 103 121 193 328
Total interest income 40,529 39,718 79,358 80,027
INTEREST EXPENSE        
Savings, NOW and money market 1,103 1,664 2,333 3,528
Time deposits of $100,000 or more 2,661 3,182 5,265 6,654
Other time deposits 1,767 2,825 3,936 6,049
Securities sold under agreements to repurchase 48 70 98 184
Borrowings 470 441 932 899
Total interest expense 6,049 8,182 12,564 17,314
Net interest income 34,480 31,536 66,794 62,713
Provision for loan losses - non-covered 7,607 8,003 15,177 15,626
Provision for loan losses - covered 3,327 0 7,100 0
Total provision for loan losses 10,934 8,003 22,277 15,626
Net interest income after provision for loan losses 23,546 23,533 44,517 47,087
NONINTEREST INCOME        
Service charges on deposit accounts 3,655 3,593 6,609 7,058
Other service charges, commissions and fees 1,709 1,378 3,315 2,755
Fees from presold mortgages 346 440 641 812
Commissions from sales of insurance and financial products 409 340 764 762
Gain from acquisition 0 0 10,196 0
Foreclosed property losses and write-downs - non-covered (271) (96) (1,624) (51)
Foreclosed property losses and write-downs - covered (2,583) (5,495) (7,517) (5,495)
FDIC indemnification asset income, net 1,826 4,396 6,866 4,396
Securities gains 60 15 74 24
Other gains (losses) (37) (34) (17) (30)
Total noninterest income 5,114 4,537 19,307 10,231
NONINTEREST EXPENSES        
Salaries 9,694 8,735 19,405 17,351
Employee benefits 2,954 2,589 6,156 5,073
Total personnel expense 12,648 11,324 25,561 22,424
Net occupancy expense 1,598 1,752 3,270 3,640
Equipment related expenses 1,110 1,063 2,172 2,202
Intangibles amortization 226 220 450 435
Merger expenses 243 0 594 0
Other operating expenses 7,088 7,598 15,909 15,536
Total noninterest expenses 22,913 21,957 47,956 44,237
Income before income taxes 5,747 6,113 15,868 13,081
Income taxes 2,021 2,172 5,767 4,702
Net income 3,726 3,941 10,101 8,379
Preferred stock dividends and accretion (1,041) (1,026) (2,083) (2,053)
Net income available to common shareholders $ 2,685 $ 2,915 $ 8,018 $ 6,326
Earnings per common share:        
Basic $ 0.16 $ 0.17 $ 0.48 $ 0.38
Diluted $ 0.16 $ 0.17 $ 0.48 $ 0.38
Dividends declared per common share $ 0.08 $ 0.08 $ 0.16 $ 0.16
Weighted average common shares outstanding:        
Basic 16,841,289 16,751,962 16,827,615 16,742,240
Diluted 16,868,571 16,784,126 16,855,027 16,772,969