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Condensed Consolidated Statements of Income (Loss) (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
INTEREST INCOME:        
Interest and fees on loans $ 20,768 $ 22,458 $ 42,117 $ 45,416
Interest on federal funds sold 9 2 15 2
Interest and dividends on securities:        
Taxable 1,698 1,170 3,202 2,379
Non-taxable 557 492 1,161 1,054
Interest-bearing deposits 90 126 205 187
TOTAL INTEREST INCOME 23,122 24,248 46,700 49,038
INTEREST EXPENSE        
Time deposits of $100 or more 2,541 3,274 5,478 6,635
Other time and savings deposits 3,731 4,780 8,112 8,835
Borrowed funds 539 596 1,110 1,163
TOTAL INTEREST EXPENSE 6,811 8,650 14,700 16,633
NET INTEREST INCOME 16,311 15,598 32,000 32,405
PROVISION FOR LOAN LOSSES 10,393 5,809 15,260 10,193
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 5,918 9,789 16,740 22,212
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,437 1,486 2,782 2,924
Other service fees 967 917 1,929 1,758
Net gain on sales and fees of mortgage loans 179 1,876 2,078 3,210
Net gain on sale of securities 429 844 602 888
Income on investment in bank-owned life insurance 161 191 324 398
Mortgage banking income 103 60 311 116
Other than temporary impairment of securities (22) (61) (42) (266)
Other income 102 139 244 205
TOTAL NON-INTEREST INCOME 3,356 5,452 8,148 9,233
NON-INTEREST EXPENSES:        
Salaries and employee benefits 7,793 6,941 15,663 13,604
Occupancy and equipment expense 2,330 1,956 4,500 3,922
Printing and supplies 156 259 337 533
Data processing 381 384 754 697
Amortization of core deposit intangible 299 326 603 660
Communications 473 435 919 894
FDIC assessment 1,328 1,288 2,678 2,118
Loan collection fees 465 289 898 561
Other professional fees 334 331 612 521
Net cost of operation of other real estate owned 2,430 403 3,224 1,199
Loss on sales and impairment of premises and equipment 1,195   1,195 8
Goodwill impairment 4,944   4,944  
Other 2,329 2,368 5,039 4,803
TOTAL NON-INTEREST EXPENSES 24,457 14,980 41,366 29,512
INCOME (LOSS) BEFORE INCOME TAXES (15,183) 261 (16,478) 1,933
INCOME TAX EXPENSE (BENEFIT) 5,030 (24) 4,521 733
NET INCOME (LOSS) (20,213) 285 (20,999) 1,200
Preferred stock dividend and accretion of preferred stock discount 674 771 1,445 1,542
NET LOSS TO COMMON SHAREHOLDERS $ (20,887) $ (486) $ (22,444) $ (342)
NET LOSS PER COMMON SHARE:        
Basic $ (1.16) $ (0.03) $ (1.31) $ (0.02)
Diluted $ (1.16) $ (0.03) $ (1.31) $ (0.02)
CASH DIVIDENDS PER COMMON SHARE