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Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
$ in Thousands
12 Months Ended
Dec. 31, 2015
USD ($)
$ / shares
Dec. 31, 2014
USD ($)
$ / shares
Interest income    
Loans $ 25,619 $ 24,969
Securities    
Taxable 2,887 2,272
Exempt from federal income taxes 164 233
Federal funds sold and other 85 121
Total interest income 28,755 27,595
Interest expense    
Deposits 1,227 2,040
Federal funds purchased and securities sold under agreements to repurchase 50 55
Federal Home Loan Bank advances 529 450
Series B mandatory redeemable preferred stock 16 16
Subordinated debentures 545 600
Notes payable 84 339
Total interest expense 2,451 3,500
Net interest income 26,304 24,095
Provision for loan losses 375 7,202
Net interest income after provision for loan losses 25,929 16,893
Noninterest income    
Service charges 4,051 4,348
Mortgage banking income 1,240 1,485
Electronic banking services 2,545 2,499
Bank-owned life insurance 909 899
Securities gains, net 339 929
Income from real estate 619 621
Gain on sale of OREO 161 896
Gain on sale of other assets 0 750
Gain on extinguishment of debt 1,750 0
Other income 814 383
Noninterest income 12,428 12,810
Noninterest expense    
Salaries and employee benefits 16,805 15,383
Occupancy, net 2,840 3,049
Furniture and equipment 1,028 984
Marketing 378 247
Supplies and printing 222 242
Telephone 816 732
Data processing 1,661 1,734
FDIC insurance 1,166 1,891
Loan processing and collection costs 705 645
OREO carrying costs 799 996
OREO valuation adjustment 291 2,082
Amortization of intangible assets 951 951
Other expenses 5,577 5,278
Noninterest Expense 33,239 34,214
Income (loss) before income taxes 5,118 (4,511)
Income tax benefit (37,484) 0
Net income (loss) 42,602 (4,511)
Preferred stock dividends 1,484 3,569
Discount on redemption of preferred stock (13,668) 0
Net income (loss) for common stockholders $ 54,786 $ (8,080)
Basic earnings (loss) per common share (in dollars per share) | $ / shares [1] $ 11.08 $ (44.81)
Diluted earnings (loss) per common share (in dollars per share) | $ / shares [1] $ 11.08 $ (44.81)
Total comprehensive income (loss):    
Net income (loss) $ 42,602 $ (4,511)
Change in unrealized gains (losses) on securities available for sale (1,127) (101)
Reclassification adjustment for losses (gains) recognized in income (339) (929)
Net unrealized gains (loss) (1,466) (1,030)
Tax effect (571) 0
Other comprehensive income (loss) (895) (1,030)
Total comprehensive income (loss) $ 41,707 $ (5,541)
[1] Share and per share amounts have been adjusted to reflect the Company's 1:30 reverse stock split effective May 29, 2015.