Quarterly Results Of Operations

12 Months Ended

Dec. 31, 2011

Quarterly Results Of Operations [Abstract]

Quarterly Results Of Operations

Note 23. Quarterly Results of Operations (Unaudited)

					Year Ended December 31, 2011												Year Ended December 31, 2010
					Three Months Ended												Three Months Ended
		Dec. 31			Sep. 304		Jun. 30 1				Mar. 31 1			Dec. 31 3			Sep. 30 2			Jun. 30 1			Mar. 31 1
Total interest income	$	8,957		$	9,542		$	10,138		$	10,524		$	11,368		$	11,508		$	12,682		$	13,286
Total interest expense		2,339			2,665			2,947			3,274			3,636			4,369			4,995			5,316
Net interest income		6,618			6,877			7,191			7,250			7,732			7,139			7,687			7,970
Provision for loan losses		1,475			2,400			3,250			4,250			10,450			7,250			7,550			9,350
Noninterest income		4,561			2,566			2,684			2,124			3,263			3,427			2,806			1,322
Noninterest expense		9,660			12,397			9,577			8,800			26,514			9,279			9,610			10,486
Income (loss) before
income taxes		44			(5,354	)		(2,952	)		(3,676	)		(25,969	)		(5,963	)		(6,667	)		(10,544	)
Income tax expense
(benefit)		(14	)		(606	)		(528	)		(218	)		13,246			10,440			(2,742	)		(4,284	)
Net income (loss)		58			(4,748	)		(2,424	)		(3,458	)		(39,215	)		(16,403	)		(3,925	)		(6,260	)
Preferred stock dividend		512			505			501			494			489			484			478			473
Net income (loss) for
common stockholders	$	(454	)	$	(5,253	)	$	(2,925	)	$	(3,952	)	$	(39,704	)	$	(16,887	)	$	(4,403	)	$	(6,733	)
Basic earnings (loss) per
share	$	(0.08	)	$	(0.87	)	$	(0.48	)	$	(0.65	)	$	(6.56	)	$	(2.79	)	$	(0.73	)	$	(1.11	)
Diluted earnings (loss)
per share	$	(0.08	)	$	(0.87	)	$	(0.48	)	$	(0.65	)	$	(6.56	)	$	(2.79	)	$	(0.73	)	$	(1.11	)

(1)	Quarterly results impacted by OTTI impairment on CDO securities.
(2)	Quarterly results impacted by higher provision levels, OTTI impairment on CDO securities and deferred tax valuation adjustments.
(3)	Quarterly results impacted by OTTI impairment on CDO securities, goodwill impairment and deferred tax valuation adjustments
(4)	Quarterly results impacted by valuation adjustment on OREO

Disclosure Controls and Procedures. An evaluation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Act")) was carried out as of December 31, 2011, under the supervision and with the participation of our Chief Executive Officer, Chief Financial Officer and several other members of our senior management. Our Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2011, our disclosure controls and procedures were effective in ensuring that the information we are required to disclose in the reports we file or submit under the Act is (i) accumulated and communicated to our management (including the Chief Executive Officer and Chief Financial Officer) in a timely manner, and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

Internal Control Over Financial Reporting. Management of Centrue Financial Corporation ("the Company") is responsible for establishing and maintaining an effective system of internal control over financial reporting. The Company's system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. There are inherent limitations in the effectiveness of any system of internal control over financial reporting, including the possibility of human error and circumvention or overriding of controls. Accordingly, even an effective system of internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the Company's systems of internal control over financial reporting as of December 31, 2011. This assessment was based on criteria for effective internal control over financial reporting described in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management believes that, as of December 31, 2011, the Company maintained effective internal control over financial reporting based on those criteria.

The Company's independent registered public accounting firm that audited the financial statements that included in this annual report on Form 10-K, has issued an audit report on the Company's internal control over financial reporting. The audit report of Crowe Horwath LLP appears on page 51.

Changes in Internal Control Over Financial Reporting. During the quarter ended December 31, 2011, no change occurred in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.