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Condensed Consolidated Statements of Income (Loss) (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
INTEREST INCOME:        
Interest and fees on loans $ 17,944 $ 20,374 $ 36,883 $ 41,439
Interest on federal funds sold 8 10 16 16
Interest and dividends on securities:        
Taxable 1,200 1,698 2,633 3,202
Non-taxable 554 557 1,127 1,161
Interest-bearing deposits 38 90 75 205
TOTAL INTEREST INCOME 19,744 22,729 40,734 46,023
INTEREST EXPENSE        
Time deposits of $100 or more 1,913 2,541 3,906 5,478
Other time and savings deposits 2,193 3,731 4,563 8,112
Borrowed funds 480 567 1,215 1,157
TOTAL INTEREST EXPENSE 4,586 6,839 9,684 14,747
NET INTEREST INCOME 15,158 15,890 31,050 31,276
PROVISION FOR LOAN LOSSES 2,218 10,393 4,569 15,260
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 12,940 5,497 26,481 16,016
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,360 1,437 2,704 2,782
Other service fees 858 736 1,653 1,461
Net gain on sale of securities 300 429 300 522
Income on investment in bank-owned life insurance 157 161 314 324
Mortgage banking activities 1,708 1,436 2,878 4,055
Other than temporary impairment of securities 0 (22) 0 (42)
Other income 57 101 132 243
TOTAL NON-INTEREST INCOME 4,440 4,278 7,981 9,345
NON-INTEREST EXPENSES:        
Salaries and employee benefits 6,354 7,663 12,464 15,329
Occupancy and equipment expense 1,790 2,330 3,641 4,500
Printing and supplies 151 156 296 337
Data processing 453 381 840 754
Amortization of core deposit intangible 275 299 553 603
Communications 354 473 705 919
FDIC assessment 659 1,328 1,354 2,678
Loan collection fees 204 468 441 906
Other professional fees 479 334 785 612
Net cost of operation of other real estate owned 2,745 2,430 3,973 3,224
(Gain) loss on sale of premises and equipment (1) 1,195 (22) 1,195
Goodwill impairment 0 4,944 0 [1] 4,944
Other 2,303 2,957 4,346 5,838
TOTAL NON-INTEREST EXPENSES 15,766 24,958 29,376 41,839
INCOME (LOSS) BEFORE INCOME TAXES 1,614 (15,183) 5,086 [1] (16,478)
INCOME TAX EXPENSE (BENEFIT) (9,383) 5,030 (9,383) 4,521
NET INCOME (LOSS) 10,997 (20,213) 14,469 (20,999)
Preferred stock dividend and accretion of preferred stock discount 833 674 1,655 1,445
NET INCOME (LOSS) TO COMMON SHAREHOLDERS $ 10,164 $ (20,887) $ 12,814 $ (22,444)
NET INCOME (LOSS) PER COMMON SHARE:        
Basic (in dollars per share) $ 0.52 $ (1.16) $ 0.66 $ (1.31)
Diluted (in dollars per share) $ 0.52 $ (1.16) $ 0.66 $ (1.31)
CASH DIVIDENDS PER COMMON SHARE (IN DOLLARS PER COMMON SHARE) $ 0.00 $ 0.00 $ 0.00 $ 0.00
[1] First six months of 2012