T
|
QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF
1934
|
£
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
Hawaii
|
99-0212597
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
No.)
|
Large
accelerated filer T
|
Accelerated
filer £
|
Non-accelerated
filer £
|
CONSOLIDATED
BALANCE SHEETS
|
||||||||
(Unaudited)
|
||||||||
September
30,
|
December
31,
|
|||||||
(Dollars
in thousands)
|
2007
|
2006
|
||||||
Assets
|
||||||||
Cash
and due from banks
|
$ |
90,161
|
$ |
129,715
|
||||
Interest-bearing
deposits in other banks
|
439
|
5,933
|
||||||
Federal
funds sold
|
14,900
|
-
|
||||||
Investment
securities:
|
||||||||
Held
to maturity, at amortized cost (fair value of $46,977 at
|
||||||||
September
30, 2007 and $64,249 at December 31, 2006)
|
47,465
|
65,204
|
||||||
Available
for sale, at fair value
|
801,640
|
833,154
|
||||||
Total
investment securities
|
849,105
|
898,358
|
||||||
Loans
held for sale
|
31,388
|
26,669
|
||||||
Loans
and leases
|
4,072,536
|
3,846,004
|
||||||
Less
allowance for loan and lease losses
|
72,517
|
52,280
|
||||||
Net
loans and leases
|
4,000,019
|
3,793,724
|
||||||
Premises
and equipment
|
80,173
|
77,341
|
||||||
Accrued
interest receivable
|
27,580
|
26,269
|
||||||
Investment
in unconsolidated subsidiaries
|
16,333
|
12,957
|
||||||
Goodwill
|
292,453
|
297,883
|
||||||
Core
deposit premium
|
29,844
|
31,898
|
||||||
Mortgage
servicing rights
|
11,111
|
11,640
|
||||||
Bank-owned
life insurance
|
130,089
|
102,394
|
||||||
Federal
Home Loan Bank stock
|
48,797
|
48,797
|
||||||
Other
assets
|
25,232
|
23,614
|
||||||
Total
assets
|
$ |
5,647,624
|
$ |
5,487,192
|
||||
Liabilities
and Shareholders' Equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
demand
|
$ |
630,586
|
$ |
661,027
|
||||
Interest-bearing
demand
|
441,884
|
438,943
|
||||||
Savings
and money market
|
1,216,991
|
1,205,271
|
||||||
Time
|
1,652,798
|
1,539,242
|
||||||
Total
deposits
|
3,942,259
|
3,844,483
|
||||||
Short-term
borrowings
|
72,245
|
79,308
|
||||||
Long-term
debt
|
816,535
|
740,189
|
||||||
Minority
interest
|
13,110
|
13,130
|
||||||
Other
liabilities
|
59,503
|
71,943
|
||||||
Total
liabilities
|
4,903,652
|
4,749,053
|
||||||
Shareholders'
equity:
|
||||||||
Preferred
stock, no par value, authorized 1,000,000 shares, none
issued
|
-
|
-
|
||||||
Common
stock, no par value, authorized 100,000,000 shares, issued and
outstanding
|
||||||||
29,914,586
shares at September 30, 2007 and 30,709,389 shares at December
31,
2006
|
419,463
|
430,904
|
||||||
Surplus
|
54,686
|
51,756
|
||||||
Retained
earnings
|
281,682
|
270,624
|
||||||
Accumulated
other comprehensive loss
|
(11,859 | ) | (15,145 | ) | ||||
Total
shareholders' equity
|
743,972
|
738,139
|
||||||
Total
liabilities and shareholders' equity
|
$ |
5,647,624
|
$ |
5,487,192
|
||||
See
accompanying notes to consolidated financial
statements.
|
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
(Amounts
in thousands, except per share data)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Interest
income:
|
||||||||||||||||
Interest
and fees on loans and leases
|
$ |
78,325
|
$ |
72,444
|
$ |
231,561
|
$ |
204,603
|
||||||||
Interest
and dividends on investment securities:
|
||||||||||||||||
Taxable
interest
|
8,386
|
8,486
|
25,964
|
25,996
|
||||||||||||
Tax-exempt
interest
|
1,343
|
1,227
|
4,071
|
3,822
|
||||||||||||
Dividends
|
83
|
153
|
176
|
264
|
||||||||||||
Interest
on deposits in other banks
|
82
|
79
|
156
|
306
|
||||||||||||
Interest
on Federal funds sold and securities
|
||||||||||||||||
purchased
under agreements to resell
|
125
|
31
|
244
|
85
|
||||||||||||
Dividends
on Federal Home Loan Bank stock
|
73
|
-
|
195
|
-
|
||||||||||||
Total
interest income
|
88,417
|
82,420
|
262,367
|
235,076
|
||||||||||||
Interest
expense:
|
||||||||||||||||
Interest
on deposits:
|
||||||||||||||||
Demand
|
139
|
136
|
418
|
428
|
||||||||||||
Savings
and money market
|
6,321
|
4,969
|
18,773
|
11,667
|
||||||||||||
Time
|
17,925
|
14,050
|
51,182
|
37,329
|
||||||||||||
Interest
on short-term borrowings
|
302
|
1,221
|
1,110
|
2,035
|
||||||||||||
Interest
on long-term debt
|
10,900
|
8,949
|
31,484
|
26,163
|
||||||||||||
Total
interest expense
|
35,587
|
29,325
|
102,967
|
77,622
|
||||||||||||
Net
interest income
|
52,830
|
53,095
|
159,400
|
157,454
|
||||||||||||
Provision
for loan and lease losses
|
21,200
|
300
|
24,800
|
1,350
|
||||||||||||
Net
interest income after provision for loan and lease losses
|
31,630
|
52,795
|
134,600
|
156,104
|
||||||||||||
Other
operating income:
|
||||||||||||||||
Service
charges on deposit accounts
|
3,581
|
3,570
|
10,488
|
10,563
|
||||||||||||
Other
service charges and fees
|
3,281
|
2,994
|
10,052
|
8,993
|
||||||||||||
Income
from fiduciary activities
|
968
|
740
|
2,583
|
2,157
|
||||||||||||
Equity
in earnings of unconsolidated subsidiaries
|
169
|
90
|
593
|
421
|
||||||||||||
Fees
on foreign exchange
|
149
|
207
|
541
|
601
|
||||||||||||
Loan
placement fees
|
248
|
464
|
790
|
1,256
|
||||||||||||
Gains
on sales of loans
|
1,116
|
680
|
3,886
|
4,133
|
||||||||||||
Income
from bank-owned life insurance
|
1,861
|
1,085
|
4,075
|
2,794
|
||||||||||||
Other
|
379
|
715
|
1,434
|
2,751
|
||||||||||||
Total
other operating income
|
11,752
|
10,545
|
34,442
|
33,669
|
||||||||||||
Other
operating expense:
|
||||||||||||||||
Salaries
and employee benefits
|
16,240
|
17,451
|
49,534
|
54,128
|
||||||||||||
Net
occupancy
|
2,624
|
2,399
|
7,721
|
6,974
|
||||||||||||
Equipment
|
1,255
|
1,171
|
3,810
|
3,624
|
||||||||||||
Amortization
of core deposit premium
|
684
|
974
|
2,054
|
2,922
|
||||||||||||
Amortization
of mortgage servicing rights
|
478
|
547
|
1,488
|
1,697
|
||||||||||||
Communication
expense
|
1,032
|
1,186
|
3,118
|
3,562
|
||||||||||||
Legal
and professional services
|
2,223
|
1,985
|
6,660
|
6,174
|
||||||||||||
Computer
software expense
|
869
|
716
|
2,561
|
1,956
|
||||||||||||
Advertising
expense
|
661
|
515
|
1,919
|
1,789
|
||||||||||||
Other
|
5,487
|
4,272
|
14,495
|
13,627
|
||||||||||||
Total
other operating expense
|
31,553
|
31,216
|
93,360
|
96,453
|
||||||||||||
Income
before income taxes
|
11,829
|
32,124
|
75,682
|
93,320
|
||||||||||||
Income
taxes
|
2,722
|
11,521
|
25,424
|
32,940
|
||||||||||||
Net
income
|
$ |
9,107
|
$ |
20,603
|
$ |
50,258
|
$ |
60,380
|
||||||||
Per
share data:
|
||||||||||||||||
Basic
earnings per share
|
$ |
0.30
|
$ |
0.67
|
$ |
1.65
|
$ |
1.98
|
||||||||
Diluted
earnings per share
|
0.30
|
0.67
|
1.64
|
1.96
|
||||||||||||
Cash
dividends declared
|
0.25
|
0.23
|
0.73
|
0.65
|
||||||||||||
Shares
used in computation:
|
||||||||||||||||
Basic
shares
|
30,192
|
30,532
|
30,480
|
30,465
|
||||||||||||
Diluted
shares
|
30,378
|
30,838
|
30,707
|
30,790
|
||||||||||||
See
accompanying notes to consolidated financial
statements.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
Nine
Months Ended
|
||||||||
September
30,
|
||||||||
(Dollars
in thousands)
|
2007
|
2006
|
||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ |
50,258
|
$ |
60,380
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Provision
for loan and lease losses
|
24,800
|
1,350
|
||||||
Depreciation
and amortization
|
5,303
|
5,150
|
||||||
Amortization
of intangible assets
|
3,542
|
4,619
|
||||||
Net
amortization of investment securities
|
1,591
|
2,236
|
||||||
Net
loss on investment securities
|
-
|
19
|
||||||
Share-based
compensation
|
2,920
|
2,580
|
||||||
Deferred
income tax (benefit) expense
|
(6,521 | ) |
24
|
|||||
Net
gain on sale of loans
|
(3,886 | ) | (4,133 | ) | ||||
Proceeds
from sales of loans held for sale
|
688,923
|
413,756
|
||||||
Originations
of loans held for sale
|
(689,756 | ) | (370,827 | ) | ||||
Tax
benefits from share-based compensation
|
(10 | ) | (675 | ) | ||||
Equity
in earnings of unconsolidated subsidiaries
|
(593 | ) | (421 | ) | ||||
Increase
in cash surrender value of bank-owned life insurance
|
(4,124 | ) | (2,775 | ) | ||||
Net
change in other assets and liabilities
|
(4,461 | ) | (8,786 | ) | ||||
Net
cash provided by operating activities
|
67,986
|
102,497
|
||||||
Cash
flows from investing activities:
|
||||||||
Proceeds
from maturities of and calls on investment securities held
to
maturity
|
17,657
|
4,685
|
||||||
Proceeds
from maturities of and calls on investment securities available
for
sale
|
520,640
|
392,151
|
||||||
Proceeds
from sales of investment securities available for sale
|
-
|
57
|
||||||
Purchases
of investment securities available for sale
|
(485,956 | ) | (374,439 | ) | ||||
Net
loan originations
|
(220,098 | ) | (212,955 | ) | ||||
Purchase
of loan portfolio
|
(10,496 | ) |
-
|
|||||
Proceeds
from bank-owned life insurance
|
1,364
|
-
|
||||||
Purchase
of bank-owned life insurance
|
(25,000 | ) | (30,000 | ) | ||||
Purchases
of premises and equipment
|
(8,136 | ) | (9,491 | ) | ||||
Distributions
from unconsolidated subsidiaries
|
596
|
768
|
||||||
Contributions
to unconsolidated subsidiaries
|
(5,294 | ) |
-
|
|||||
Net
cash used in investing activities
|
(214,723 | ) | (229,224 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Net
increase in deposits
|
97,776
|
139,679
|
||||||
Proceeds
from long-term debt
|
150,000
|
75,000
|
||||||
Repayments
of long-term debt
|
(73,046 | ) | (92,486 | ) | ||||
Net
decrease in short-term borrowings
|
(7,063 | ) | (23,961 | ) | ||||
Cash
dividends paid
|
(22,274 | ) | (19,841 | ) | ||||
Tax
benefits from share-based compensation
|
10
|
675
|
||||||
Repurchases
of common stock
|
(31,075 | ) |
-
|
|||||
Proceeds
from stock option exercises
|
2,261
|
2,947
|
||||||
Net
cash provided by financing activities
|
116,589
|
82,013
|
||||||
Net
decrease in cash and cash equivalents
|
(30,148 | ) | (44,714 | ) | ||||
Cash
and cash equivalents at beginning of period
|
135,648
|
164,740
|
||||||
Cash
and cash equivalents at end of period
|
$ |
105,500
|
$ |
120,026
|
||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ |
100,488
|
$ |
74,354
|
||||
Income
taxes
|
24,711
|
25,517
|
||||||
Cash
received during the period for:
|
||||||||
Income
taxes
|
-
|
3,255
|
||||||
Supplemental
disclosure of noncash investing and financing activities:
|
||||||||
Net
change in common stock held by directors' deferred compensation
plan
|
$ |
33
|
$ |
32
|
||||
See
accompanying notes to consolidated financial
statements.
|
September
30,
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
(Dollars
in thousands)
|
||||||||
Commercial,
Financial and Agricultural
|
$ |
377,456
|
$ |
405,046
|
||||
Real
Estate:
|
||||||||
Construction
|
1,175,590
|
1,144,680
|
||||||
Mortgage-Residential
|
1,023,345
|
898,932
|
||||||
Mortgage-Commercial
|
1,252,577
|
1,165,267
|
||||||
Consumer
|
202,869
|
195,436
|
||||||
Leases
|
53,112
|
50,741
|
||||||
4,084,949
|
3,860,102
|
|||||||
Unearned
income
|
(12,413 | ) | (14,098 | ) | ||||
Total
loans and leases
|
$ |
4,072,536
|
$ |
3,846,004
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Balance,
beginning of period
|
$ |
51,409
|
$ |
52,914
|
$ |
52,280
|
$ |
52,936
|
||||||||
Provision
for loan and lease losses
|
21,200
|
300
|
24,800
|
1,350
|
||||||||||||
Charge-offs
|
(835 | ) | (1,266 | ) | (6,513 | ) | (3,599 | ) | ||||||||
Recoveries
|
743
|
663
|
1,950
|
1,924
|
||||||||||||
Net
charge-offs
|
(92 | ) | (603 | ) | (4,563 | ) | (1,675 | ) | ||||||||
Balance,
end of period
|
$ |
72,517
|
$ |
52,611
|
$ |
72,517
|
$ |
52,611
|
Hawaii
|
Commercial
|
|||||||||||
Market
|
Real
Estate
|
Total
|
||||||||||
(Dollars
in thousands)
|
||||||||||||
Balance,
beginning of period
|
$ |
152,812
|
$ |
145,071
|
$ |
297,883
|
||||||
Additions
|
468
|
-
|
468
|
|||||||||
Reductions
|
(2,983 | ) | (2,915 | ) | (5,898 | ) | ||||||
Balance,
end of period
|
$ |
150,297
|
$ |
142,156
|
$ |
292,453
|
Core
Deposit
Premium
|
Mortgage
Servicing
Rights
|
|||||||
(Dollars
in thousands)
|
||||||||
Balance,
beginning of period
|
$ |
31,898
|
$ |
11,640
|
||||
Additions
|
-
|
959
|
||||||
Amortization
|
(2,054 | ) | (1,488 | ) | ||||
Balance,
end of period
|
$ |
29,844
|
$ |
11,111
|
September
30, 2007
|
December
31, 2006
|
|||||||||||||||||||||||
Gross
|
Gross
|
|||||||||||||||||||||||
Carrying
|
Accumulated
|
Carrying
|
Accumulated
|
|||||||||||||||||||||
Value
|
Amortization
|
Net
|
Value
|
Amortization
|
Net
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
Core
deposit premium
|
$ |
44,642
|
$ | (14,798 | ) | $ |
29,844
|
$ |
44,642
|
$ | (12,744 | ) | $ |
31,898
|
||||||||||
Mortgage
servicing rights
|
20,053
|
(8,942 | ) |
11,111
|
19,094
|
(7,454 | ) |
11,640
|
Estimated
Amortization Expense
|
||||||||
Core
Deposit
|
Mortgage
|
|||||||
Premium
|
Servicing
Rights
|
|||||||
(Dollars
in thousands)
|
||||||||
2007
(remainder)
|
$ |
685
|
$ |
284
|
||||
2008
|
2,491
|
1,497
|
||||||
2009
|
2,491
|
1,233
|
||||||
2010
|
2,491
|
1,074
|
||||||
2011
|
2,491
|
934
|
||||||
2012
|
2,491
|
814
|
||||||
Thereafter
|
16,704
|
5,275
|
||||||
$ |
29,844
|
$ |
11,111
|
(Dollars
in thousands)
|
||||
Fair
market value at January 1, 2007
|
$ |
12,086
|
||
Fair
market value at September 30, 2007
|
$ |
13,059
|
||
Weighted
average discount rate
|
8.6 | % | ||
Weighted
average prepayment speed assumption
|
10.9 | % |
Balance
at
|
Adjustments
|
Balance
at
|
||||||||||||||
December
31, 2006
|
to
estimates
|
Payments
|
September
30, 2007
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Lease
termination fees
|
$ |
5,012
|
$ |
396
|
$ | (2,109 | ) | $ |
3,299
|
|||||||
Asset
write-offs
|
271
|
(271 | ) |
-
|
-
|
|||||||||||
Contract
termination fees
|
319
|
(319 | ) |
-
|
-
|
|||||||||||
Total
|
$ |
5,602
|
$ | (194 | ) | $ | (2,109 | ) | $ |
3,299
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Salaries
and employee benefits
|
$ |
743
|
$ |
878
|
$ |
2,920
|
$ |
2,580
|
||||||||
Income
tax benefit
|
(298 | ) | (352 | ) | (1,170 | ) | (1,034 | ) | ||||||||
Net
share-based compensation effect
|
$ |
445
|
$ |
526
|
$ |
1,750
|
$ |
1,546
|
|
Shares
|
Weighted
Average
Exercise
Price
|
||||||
Outstanding
at January 1, 2007
|
990,324
|
$ |
25.55
|
|||||
Changes
during the period:
|
||||||||
Granted
|
75,000
|
35.54
|
||||||
Exercised
|
(134,810 | ) |
14.03
|
|||||
Expired
|
-
|
-
|
||||||
Forfeited
|
(33,041 | ) |
35.09
|
|||||
Outstanding
at September 30, 2007
|
897,473
|
27.77
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Expected
volatility
|
30.9 | % | 34.4 | % | 33.1 | % | 34.4 | % | ||||||||
Risk
free interest rate
|
4.5 | % | 4.9 | % | 4.5 | % | 4.9 | % | ||||||||
Expected
dividends
|
3.6 | % | 2.4 | % | 2.9 | % | 2.4 | % | ||||||||
Expected
life (in years)
|
6.5
|
6.5
|
7.4
|
6.5
|
||||||||||||
Weighted
average fair value
|
$ |
7.57
|
$ |
11.99
|
$ |
11.20
|
$ |
11.99
|
|
Shares
|
Weighted
Average Grant Date Fair Value
|
||||||
Nonvested
at January 1, 2007
|
22,520
|
$ |
34.35
|
|||||
Changes
during the period:
|
||||||||
Granted
|
26,000
|
34.79
|
||||||
Vested
|
(900 | ) |
27.75
|
|||||
Forfeited
|
(1,500 | ) |
35.90
|
|||||
Nonvested
at September 30, 2007
|
46,120
|
34.67
|
|
Shares
|
Weighted
Average Grant Date Fair Value
|
||||||
Nonvested
at January 1, 2007
|
82,438
|
$ |
34.67
|
|||||
Changes
during the period:
|
||||||||
Granted
|
-
|
-
|
||||||
Forfeited
|
(8,135 | ) |
34.57
|
|||||
Nonvested
at September 30, 2007
|
74,303
|
34.68
|
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Expected
volatility
|
-
|
% | 33.3 | % | 31.7 | % | 34.3 | % | ||||||||
Risk
free interest rate
|
-
|
% | 4.9 | % | 4.5 | % | 4.7 | % | ||||||||
Expected
dividends
|
-
|
% | 2.4 | % | 2.8 | % | 2.4 | % | ||||||||
Expected
life (in years)
|
-
|
6.1
|
6.5
|
6.5
|
||||||||||||
Weighted
average fair value
|
$ |
-
|
$ |
11.48
|
$ |
10.49
|
$ |
10.80
|
Shares
|
Weighted
Average
Exercise
Price
|
|||||||
Outstanding
at January 1, 2007
|
56,161
|
$ |
34.95
|
|||||
Changes
during the period:
|
||||||||
Granted
|
32,726
|
35.90
|
||||||
Forfeited
|
(8,701 | ) |
35.49
|
|||||
Outstanding
at September 30, 2007
|
80,186
|
35.28
|
September
30,
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
(Dollars
in thousands)
|
||||||||
Unrealized
holding losses on available-for-sale
investment securities
|
$ | (10,743 | ) | $ | (15,422 | ) | ||
Pension
liability adjustments
|
(9,031 | ) | (9,853 | ) | ||||
Tax
benefit
|
7,915
|
10,130
|
||||||
Accumulated
other comprehensive loss,
net of tax
|
$ | (11,859 | ) | $ | (15,145 | ) |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Net
income
|
$ |
9,107
|
$ |
20,603
|
$ |
50,258
|
$ |
60,380
|
||||||||
Unrealized
gain (loss) on investment
securities, net of taxes
|
5,871
|
7,216
|
2,793
|
(819 | ) | |||||||||||
Pension
adjustments, net of taxes
|
165
|
-
|
493
|
-
|
||||||||||||
Comprehensive
income
|
$ |
15,143
|
$ |
27,819
|
$ |
53,544
|
$ |
59,561
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Interest
cost
|
$ |
446
|
$ |
385
|
$ |
1,338
|
$ |
1,155
|
||||||||
Expected
return on assets
|
(560 | ) | (505 | ) | (1,680 | ) | (1,515 | ) | ||||||||
Amortization
of unrecognized loss
|
264
|
226
|
792
|
678
|
||||||||||||
Net
periodic cost
|
$ |
150
|
$ |
106
|
$ |
450
|
$ |
318
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Service
cost
|
$ |
140
|
$ |
182
|
$ |
420
|
$ |
546
|
||||||||
Interest
cost
|
136
|
135
|
408
|
405
|
||||||||||||
Amortization
of unrecognized transition
obligation
|
5
|
49
|
15
|
147
|
||||||||||||
Amortization
of prior service
cost
|
5
|
4
|
15
|
12
|
||||||||||||
Amortization
of unrecognized (gain)
loss
|
1
|
(12 | ) |
3
|
(36 | ) | ||||||||||
Net
periodic cost
|
$ |
287
|
$ |
358
|
$ |
861
|
$ |
1,074
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
thousands, except
per share data)
|
||||||||||||||||
Net
income
|
$ |
9,107
|
$ |
20,603
|
$ |
50,258
|
$ |
60,380
|
||||||||
Weighted
average shares
outstanding - basic
|
30,192
|
30,532
|
30,480
|
30,465
|
||||||||||||
Dilutive
effect of employee
stock options and
awards
|
186
|
306
|
227
|
325
|
||||||||||||
Weighted
average shares
outstanding - diluted
|
30,378
|
30,838
|
30,707
|
30,790
|
||||||||||||
Basic
earnings per share
|
$ |
0.30
|
$ |
0.67
|
$ |
1.65
|
$ |
1.98
|
||||||||
Diluted
earnings per share
|
$ |
0.30
|
$ |
0.67
|
$ |
1.64
|