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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income        
Loans $ 3,692 $ 3,795 $ 7,316 $ 7,766
Investment securities 154 322 309 654
Federal funds sold 18 25 36 44
Total interest income 3,864 4,142 7,661 8,464
Interest expense        
Deposits 620 767 1,256 1,553
Borrowed funds 103 138 225 300
Total interest expense 723 905 1,481 1,853
Net interest income 3,141 3,237 6,180 6,611
Provision for loan losses 0 0 0 100
Net interest income after provision for loan losses 3,141 3,237 6,180 6,511
Noninterest income        
Service charges and fees 683 601 1,275 1,084
Gain on sale of loans 1,728 1,352 2,957 2,163
Gain on sale of assets 0 3 0 3
Gain on sale of investment securities 0 1 7 1
Rental income 250 250 490 506
Other 75 112 177 236
Total noninterest income 2,736 2,319 4,906 3,993
Noninterest expense        
Salaries and benefits 2,711 2,679 5,379 5,449
Commissions 443 347 735 569
Occupancy 409 393 887 875
Equipment 212 174 398 380
Write down of assets held for sale 687 0 687 0
Supplies 65 78 134 166
Professional and outside services 649 642 1,296 1,281
Advertising and marketing 101 56 173 139
Loss (gain) on sale and write down of OREO, net (218) 404 (86) 687
Other operating expense 734 816 1,404 1,648
Total noninterest expense 5,793 5,589 11,007 11,194
Net income (loss) before income tax expense (benefit) 84 (33) 79 (690)
Income tax expense (benefit) 0 0 0 0
Net income (loss) 84 (33) 79 (690)
Preferred stock dividends and amortization of discount (167) (347) (330) (661)
Preferred stock principal forgiveness 0 0 4,404 0
Preferred stock dividend forgiveness 0 0 2,215 0
Income (loss) available to common shareholders $ (83) $ (380) $ 6,368 $ (1,351)
Earnings (loss) per share, basic (in dollars per share) $ (0.06) $ (1.14) $ 7.00 $ (4.04)
Earnings (loss) per share, diluted (in dollars per share) $ (0.06) $ (1.14) $ 6.92 $ (4.04)