Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME

v2.4.0.6
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest income:        
Interest and fees on loans $ 24,438 $ 19,845 $ 47,763 $ 38,466
Taxable securities 1,302 1,444 2,639 2,986
Nontaxable securities 814 719 1,596 1,433
Federal funds sold 42 35 95 71
Other interest and dividends 58 37 132 85
Total interest income 26,654 22,080 52,225 43,041
Interest expense:        
Deposits 3,028 3,264 6,150 6,398
Borrowed funds 721 768 1,432 1,619
Total interest expense 3,749 4,032 7,582 8,017
Net interest income 22,905 18,048 44,643 35,024
Provision for loan losses 3,083 1,494 5,466 3,725
Net interest income after provision for loan losses 19,822 16,554 39,177 31,299
Noninterest income:        
Service charges on deposit accounts 719 547 1,320 1,114
Mortgage banking 879 476 1,836 827
Securities gains   523   666
Increase in cash surrender value life insurance 385   775  
Other operating income 445 236 766 446
Total noninterest income 2,428 1,782 4,697 3,053
Noninterest expenses:        
Salaries and employee benefits 5,248 5,026 10,413 9,240
Equipment and occupancy expense 961 934 1,896 1,820
Professional services 306 351 638 591
FDIC and other regulatory assessments 356 225 746 975
OREO expense 536 135 673 389
Other operating expenses 2,488 2,698 4,560 4,951
Total noninterest expenses 9,895 9,369 18,926 17,966
Total interest income 12,355 8,967 24,948 16,386
Provision for income taxes 4,024 3,122 8,361 5,670
Net income 8,331 5,845 16,587 10,716
Preferred stock dividends 100   200  
Net income available to common stockholders $ 8,231 $ 5,845 $ 16,387 $ 10,716
Basic earnings per common share $ 1.38 $ 1.02 $ 2.74 $ 1.88
Diluted earnings per common share $ 1.21 $ 0.89 $ 2.41 $ 1.65