Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest and dividend income:        
Interest and fees on loans $ 62,604 $ 61,386 $ 123,056 $ 122,655
Interest on federal funds sold     1  
Interest on deposits in other banks 24 9 41 21
Interest and dividends on securities:        
Taxable 3,860 3,860 7,667 7,508
Nontaxable 3,366 3,379 6,690 6,658
Total interest and dividend income 69,854 68,634 137,455 136,842
Interest expense:        
Interest on deposits 3,680 2,550 7,000 4,806
Interest on federal funds purchased 4 23 5 46
Interest on short-term borrowings 255 146 505 265
Interest on long-term borrowings 2,099 2,200 4,160 4,252
Total interest expense 6,038 4,919 11,670 9,369
Net interest income 63,816 63,715 125,785 127,473
Provision for credit losses 3,749 1,500 5,499 1,500
Net interest income after provision for loan losses 60,067 62,215 120,286 125,973
Noninterest income:        
Service charges on deposit accounts 4,622 4,525 8,835 8,822
Other service charges and fees 4,051 4,164 7,634 7,508
Fiduciary and asset management fees 2,312 2,330 4,531 4,633
Gains on sales of mortgage loans, net of commissions 2,574 3,030 4,952 5,328
Gains on securities transactions, net 404 426 597 455
Bank owned life insurance income 1,134 1,183 2,269 2,272
Other operating income 1,115 622 2,448 1,050
Total noninterest income 16,212 16,280 31,266 30,068
Noninterest expenses:        
Salaries and benefits 25,561 27,616 53,052 56,830
Occupancy expenses 5,173 5,102 10,305 10,282
Furniture and equipment expenses 2,989 2,637 5,803 5,505
Printing, postage, and supplies 1,408 1,170 2,779 2,392
Communications expense 1,143 1,351 2,322 2,450
Technology and data processing 3,216 2,792 6,471 5,866
Professional services 1,669 1,442 3,017 2,497
Marketing and advertising expense 2,372 1,692 4,060 2,757
FDIC assessment premiums and other insurance 1,280 1,593 2,679 2,986
Other taxes 1,554 1,507 3,105 2,892
Loan-related expenses 687 630 1,371 1,172
OREO and credit-related expenses 1,965 2,244 3,152 3,694
Amortization of intangible assets 2,138 2,455 4,361 5,071
Acquisition and conversion costs   4,661   17,829
Branch closure expenses 1,280   1,280  
Other expenses 2,806 2,075 5,324 4,029
Total noninterest expenses 55,241 58,967 109,081 126,252
Income before income taxes 21,038 19,528 42,471 29,789
Income tax expense 5,690 4,855 11,422 7,407
Net income $ 15,348 $ 14,673 $ 31,049 $ 22,382
Earnings per common share:        
Basic $ 0.34 $ 0.32 $ 0.69 $ 0.48
Diluted 0.34 0.32 0.69 0.48
Dividends declared per common share $ 0.17 $ 0.14 $ 0.32 $ 0.28
Weighted average number of shares outstanding:        
Basic 45,128,698 46,194,880 45,117,396 46,583,975
Diluted 45,209,814 46,296,870 45,198,727 46,686,592