XML 47 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Interest Income    
Interest and fees on loans $ 4,083,000 $ 4,299,000
Interest on investment securities 573,000 632,000
Other interest income 12,000 44,000
Total interest income 4,668,000 4,975,000
Interest Expense    
Interest on money market, NOW and savings deposits 67,000 72,000
Interest on time certificates of deposit 99,000 256,000
Other interest expense 77,000 82,000
Total interest expense 243,000 410,000
Net interest income 4,425,000 4,565,000
Provision for loan and lease losses 100,000 225,000
Net interest income after provision for loan and lease losses 4,325,000 4,340,000
Non-interest income    
Service charges on deposit accounts 261,000 207,000
Gain on sale of SBA-guaranteed loans   8,000
Net gains (losses) on disposition of other loans held for sale 414,000 12,000
Loan servicing fees, net of amortization 43,000 38,000
Gain on sale or call of available-for-sale securities 153,000 1,000
Loss or writedown of fixed assets and other real estate owned   (358,000)
Change in fair value of warrant liability   30,000
Increase in cash surrender value of life insurance 54,000 59,000
Other income and fees 102,000 41,000
Total non-interest income 1,027,000 38,000
Non-interest expense    
Salaries and employee benefits 2,395,000 2,483,000
Occupancy expenses 423,000 455,000
Furniture and equipment 220,000 179,000
Data processing 390,000 792,000
Professional fees 157,000 409,000
Marketing and business development 72,000 125,000
Office supplies and expenses 152,000 210,000
Insurance and regulatory assessments 138,000 153,000
Loan and lease expenses 92,000 64,000
Other real estate expenses 7,000 46,000
Provision for unfunded loan commitments 25,000  
Amortization of core deposit intangible asset 101,000 101,000
Other expenses 226,000 192,000
Total non-interest expense 4,398,000 5,209,000
Income (loss) before income taxes 954,000 (831,000)
Income tax expense 19,000  
Net income (loss) 935,000 (831,000)
Less earnings and dividends attributable to preferred stock 60,000 175,000
Net income (loss) attributable to common stock $ 875,000 $ (1,006,000)
Per Common Share Data:    
Net income (loss) - basic (in Dollars per share) $ 0.11 $ (0.13)
Net income (loss) - diluted (in Dollars per share) $ 0.11 $ (0.13)
Average common shares outstanding - basic (in Shares) 8,155,066 7,755,066
Average common shares outstanding - diluted (in Shares) 8,155,066 7,755,066