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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Interest income:      
Loans $ 28,063 $ 32,821 $ 38,020
Investments 7,704 8,836 8,029
Total interest income 35,767 41,657 46,049
Interest expense:      
Deposits 3,002 4,408 7,746
Other borrowings 2,081 2,404 3,039
Total interest expense 5,083 6,812 10,785
Net interest income (expense) 30,684 34,845 35,264
Provision for losses on loans (4,306) (7,289) (24,012)
Net interest income after provision for losses on loans 26,378 27,556 11,252
Other income:      
Fees and service charges 6,662 7,036 7,133
Loan related fee income 2,734 2,202 3,061
Net gain on sale of securities 794 131 349
Net gain (loss) on sale of other assets 19 (40) 0
Other-than-temporary impairment (“OTTI”) losses on investments (1) (357) [1] (145) [1] (828) [1]
Bank-owned life insurance 345 362 368
Fair value adjustment on cash flow hedge (326) 0 0
Unexercised warrant liability fair value adjustment 180 0 0
Other 775 1,079 941
Total other income 10,826 10,625 11,024
Operating expenses      
Salaries and employee benefit 16,291 18,736 20,950
Occupancy expense 6,570 6,879 7,240
Advertising 633 677 1,010
Fees and service charges 2,460 2,645 2,666
Printing postage and supplies 987 1,135 1,346
Legal and accounting 1,733 1,521 1,244
FDIC assessment 1,024 1,394 1,892
OREO operations 653 2,166 3,472
Goodwill impairment 0 0 11,662
Other expenses 3,082 3,177 3,412
Total operating expenses 33,433 38,330 54,894
Loss before income taxes 3,771 (149) (32,618)
Income tax (provision) benefit 8 152 882
Net income 3,779 3 (31,736)
Preferred stock dividend 1,891 1,808 1,716
Net income available to common stockholders $ 1,888 $ (1,805) $ (33,452)
Earnings (loss) per share — basic (in dollars per share) $ 0.33 [2] $ (2.15) [2] $ (39.89) [2]
Earnings (loss) per share — diluted (in dollars per share) $ 0.32 [2] $ (2.15) [2] $ (39.89) [2]
Weighted average shares outstanding — basic 5,806,958 [2] 840,654 [2] 838,562 [2]
Weighted average shares outstanding — diluted 5,825,283 [2],[3] 840,654 [2],[3] 838,562 [2],[3]
[1] Consisting of $7, $229 and $1,529 of total other-than-temporary impairment net losses, net of $(350), $84 and $701, recognized in other comprehensive income, for the years ended December 31, 2012, 2011 and 2010, respectively.
[2] All share numbers have been adjusted to reflect the impact of a 10-for-1 reverse stock split, effective, October 5, 2012. See footnote 14, "Stockholders' Equity" for additional information.
[3] Includes the weighted average number of non-voting common shares that would be outstanding if the warrants issued in the January 2012 private offering are exercised directly for 170,000 non-voting common shares, utilizing the Treasury stock method.