Business Segment Information

3 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

The Company has two reportable segments, including the Bank and Sidus Financial, a single member LLC with the Bank as the single member. Sidus is headquartered in Greensboro, North Carolina and offers mortgage banking services to its customers throughout the Southeast. The following table details the results of operations for the three months ended March 31, 2012 and 2011 for the Bank and for Sidus.

	Bank		Sidus		Other			Total
	(Amounts in thousands)
For Three Months Ended March 31, 2012
Interest income	$	20,811	$	185	$	—		$	20,996
Interest expense	4,868		5		216			5,089
Net interest income	15,943		180		(216		)	15,907
Provision for loan losses	2,346		4		—			2,350
Net interest income (loss) after provision for loan losses	13,597		176		(216		)	13,557
Other income	2,748		1,351		22			4,121
Other expense	12,894		1,309		4			14,207
Income (loss) before income taxes	3,451		218		(198		)	3,471
Income taxes	—		—		—			—
Net income (loss)	$	3,451	$	218	$	(198	)	$	3,471
Total assets	$	1,952,130	$	26,273	$	(1,797	)	$	1,976,606
Net loans	1,357,812		—		—			1,357,812
Loans held for sale	6,700		13,848		—			20,548

(1) As an LLC, Sidus passes its pre-tax income through to its single member, the Bank, which is taxed on that income.

(2) Note: The “Other” column includes asset eliminations representing the Bank's Due from Sidus account ($70 in 2012), the Bank's Investment in Sidus ($3,000 in 2012), and the Bank's A/R from Sidus ($3 in 2012). Also included in this column are Holding Company assets ($1,112 in 2012) and Holding Company income and expenses.

	Bank			Sidus			Other			Total
	(Amounts in thousands)
For Three Months Ended March 31, 2011
Interest income	$	23,197		$	381		$	—		$	23,578
Interest expense	7,626			72			190			7,888
Net interest income	15,571			309			(190		)	15,690
Provision for loan losses	4,849			18			—			4,867
Net interest income (loss) after provision for loan losses	10,722			291			(190		)	10,823
Other income	2,968			1,899			(76		)	4,791
Other expense	14,405			2,504			—			16,909
Income (loss) before income tax benefit	(715		)	(314		)	(266		)	(1,295		)
Income tax benefit	(509		)	—			—			(509		)
Net income(loss)	$	(1,224	)	$	(314	)	$	(266	)	$	(1,804	)
Total assets	$	2,203,545		$	45,624		$	(64,283	)	$	2,184,886
Net loans	1,516,847			—			—			1,516,847
Loans held for sale	675			32,205			—			32,880
Goodwill	—			4,944			—			4,944

________________________

(1) As an LLC, Sidus passes its pre-tax income through to its single member, the Bank, which is taxed on that income.

(2) Note: The “Other” column includes asset eliminations representing the Bank's Due from Sidus account ($16,549 in 2011), the Bank's Investment in Sidus ($3,000 in 2011), and the Bank's A/R from Sidus ($15 in 2011). Also included in this column are Holding Company assets ($1,286 in 2011) and Holding Company income and expenses.