Bancorp reported net income available to common shareholders for the three months ended December 31, 2012 of $5.2 million or diluted earnings per share of $0.15, based on 33,921,763 weighted average shares outstanding, compared to net income available to common shareholders of $3.3 million or diluted earnings per share of $0.10, based on 33,202,761 weighted average shares outstanding, for the three months ended December 31, 2011. Adjusted operating earnings, a non-GAAP measure, increased to $13.9 million for the three months ended December 31, 2012 compared to $9.4 million for the three months ended December 31, 2011. The following is a reconciliation of adjusted operating earnings to net income available to common shareholders:
|Quarter ended||Year ended|
|December 31,||December 31,||December 31,||December 31,|
|Net income available to common shareholders||$||5,237||$||3,288||$||16,624||$||8,918|
|Income tax expense||1,622||1,382||7,794||4,311|
|Gains on sales of investment securities||(554||)||(136||)||(661||)||(759||)|
|Other than temporary impairment in securities||76||-||202||75|
|Losses and writedowns on other real estate owned||103||-||2,508||555|
|Provision for loan and lease losses||7,391||4,844||22,438||21,498|
|Adjusted operating earnings (1)||$||13,875||$||9,378||$||48,905||$||34,598|
As a supplement to GAAP, Bancorp has provided this non-GAAP performance result. The Bancorp believes that this non-GAAP financial measure is useful because it allows investors to assess its operating performance. Management utilizes adjusted operating earnings to measure the combined impact of changes in net interest income, non-interest income and certain other expenses. Other companies may calculate adjusted operating earnings differently. Although this non-GAAP financial measure is intended to enhance investors’ understanding of Bancorp’s business and performance, it should not be considered, and is not intended to be, a substitute for net income calculated pursuant to GAAP.
Balance Sheet Summary
At December 31, 2012, Bancorp's total assets amounted to $3.7 billion, an increase of $689 million or 23% over total assets at December 31, 2011. During that period, investments increased to $763 million, an increase of $297 million or 64%; loans increased to $1.9 billion, an increase of $169 million or 10%; and deposits increased to $3.3 billion, an increase of $631 million or 24%. During the year ended December 31, 2012, Bancorp strategically exited two large balance deposit relationships which totaled $455 million at December 31, 2011. The relationships were terminated to eliminate certain seasonal deposit fluctuations and reduce interest expense.
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