A method for processing a radio signal includes: receiving an FM in-band on-channel radio signal including a plurality of digitally modulated subcarriers in upper and lower sidebands; sampling the FM in-band on-channel radio signal to produce an input signal including complex digital samples of a combination of a desired one the upper and lower sidebands and an FM interferer; removing FM interferer components from the first signal by notch filtering to produce a notch-filtered signal; weighting the notch-filtered signal to produce a weighted notch-filtered signal; using a parametric filter to filter the input signal to produce a parametric-filtered input signal; and combining the weighted notch-filtered signal and the parametric-filtered input signal to produce an output signal. A radio receiver that implements the method is also included.