Business Segment Information

12 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

Business Segment Information

BUSINESS SEGMENT INFORMATION

The Company has three reportable business segments, the Bank, Sidus, and other. The Bank encompasses the five regional banks, Yadkin Valley Bank and Trust, Piedmont Bank, High Country Bank, Cardinal State Bank, and American Community Bank. Sidus Financial, LLC (“Sidus”) was acquired October 1, 2004 as a single member LLC with the Bank as the single member. Sidus is headquartered in Greensboro, North Carolina and offers mortgage banking services throughout the southeast. The other segment consists of the holding company and also includes the eliminations necessary to accurately report each segment’s operations.

The following table presents the results of operations for the twelve months of 2011, 2010 and 2009 for the Bank and Sidus.

December 31, 2011	Bank			Sidus			Other			Total
	(Amounts in thousands)
Interest income	$	88,156		$	1,079		$	—		$	89,235
Interest expense	25,016			171			786			25,973
Net interest income	63,140			908			(786		)	63,262
Provision for loan losses	20,828			15			—			20,843
Net interest income (loss) after provision for loan losses	42,312			893			(786		)	42,419
Other income	11,041			4,488			(129		)	15,400
Gains on sale of securities	2,756			—			—			2,756
Other expense	54,986			8,300			46			63,332
Goodwill impairment	—			4,944			—			4,944
Income (loss) before income taxes (benefit)	1,123			(7,863		)	(961		)	(7,701		)
Income taxes (benefit)	6,694			—			—			6,694
Net income(loss)	$	(5,571	)	$	(7,863	)	$	(961	)	$	(14,395	)
Total assets	$	1,973,848		$	24,209		$	(4,869	)	$	1,993,188
Net loans	1,418,076			—			—			1,418,076
Loans held for sale	3,628			15,906			—			19,534
December 31, 2010	Bank			Sidus			Other			Total
	(Amounts in thousands)
Interest income	$	96,821		$	2,181		$	—		$	99,002
Interest expense	33,359			186			788			34,333
Net interest income	63,462			1,995			(788		)	64,669
Provision for loan losses	23,930			419			—			24,349
Net interest income (loss) after provision	39,532			1,576			(788		)	40,320
for loan losses
Other income	13,375			9,023			(260		)	22,138
Other expense	55,421			8,110			328			63,859
Income (loss) before income taxes (benefit)	(2,514		)	2,489			(1,376		)	(1,401		)
Income taxes (benefit)	(1,389		)	—			—			(1,389		)
Net income(loss)	$	(1,125	)	$	2,489		$	(1,376	)	$	(12	)
Total assets	$	2,275,617		$	61,189		$	(36,212	)	$	2,300,594
Net loans	1,562,787			—			—			1,562,787
Loans held for sale	1,447			48,972			—			50,419
Goodwill	—			4,944			—			4,944

December 31, 2009	Bank			Sidus		Other			Total
	(Amounts in thousands)
Interest income	$	91,834		$	3,708	$	—		$	95,542
Interest expense	30,628			351		852			31,831
Net interest income	61,206			3,357		(852		)	63,711
Provision for loan losses	48,366			73		—			48,439
Net interest income (loss) after provision for loan losses	12,840			3,284		(852		)	15,272
Other income	10,627			13,575		641			24,843
Other expense	52,915			8,950		617			62,482
Goodwill impairment	61,566			—		—			61,566
Income (loss) before income taxes (benefit)	(91,014		)	7,909		(828		)	(83,933		)
Income taxes (benefit)	(8,876		)	—		—			(8,876		)
Net income(loss)	$	(82,138	)	$	7,909	$	(828	)	$	(75,057	)
Total assets	$	2,086,388		$	61,314	$	(34,090	)	$	2,113,612
Net loans	1,627,823			—		—			1,627,823
Loans held for sale	—			49,715		—			49,715
Goodwill	—			4,944		—			4,944