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Condensed Consolidated Statements of Income (Loss) (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
INTEREST INCOME:        
Interest and fees on loans $ 16,950,000 $ 17,944,000 $ 33,629,000 $ 36,883,000
Interest on federal funds sold 3,000 8,000 8,000 16,000
Interest and dividends on securities:        
Taxable 877,000 1,200,000 1,765,000 2,633,000
Non-taxable 809,000 554,000 1,469,000 1,127,000
Interest-bearing deposits 12,000 38,000 55,000 75,000
TOTAL INTEREST INCOME 18,651,000 19,744,000 36,926,000 40,734,000
INTEREST EXPENSE        
Time deposits of $100 or more 1,009,000 1,913,000 2,361,000 3,906,000
Other time and savings deposits 1,112,000 2,193,000 2,543,000 4,563,000
Borrowed funds 409,000 480,000 849,000 1,215,000
TOTAL INTEREST EXPENSE 2,530,000 4,586,000 5,753,000 9,684,000
NET INTEREST INCOME 16,121,000 15,158,000 31,173,000 31,050,000
PROVISION FOR LOAN LOSSES 55,000 2,218,000 292,000 4,569,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 16,066,000 12,940,000 30,881,000 26,481,000
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,317,000 1,325,000 2,586,000 2,568,000
Other service fees 1,401,000 893,000 2,327,000 1,788,000
Net gain on sale of securities 272,000 300,000 276,000 300,000
Income on investment in bank-owned life insurance 150,000 157,000 303,000 314,000
Mortgage banking activities 2,546,000 1,674,000 5,834,000 2,813,000
Other than temporary impairment of securities 0 0 (39,000) 0
Other income 498,000 57,000 553,000 132,000
TOTAL NON-INTEREST INCOME 6,184,000 4,406,000 11,840,000 7,915,000
NON-INTEREST EXPENSES:        
Salaries and employee benefits 7,953,000 6,354,000 15,343,000 12,464,000
Occupancy and equipment expense 1,951,000 1,790,000 3,765,000 3,641,000
Marketing and Advertising Expense 433,000 100,000 689,000 176,000
Data processing 350,000 453,000 744,000 840,000
Amortization of core deposit intangible 175,000 275,000 353,000 553,000
Communications 338,000 354,000 670,000 705,000
FDIC assessment 642,000 659,000 1,234,000 1,354,000
Loan collection fees 201,000 204,000 418,000 441,000
Other professional fees 497,000 479,000 974,000 785,000
Net cost of operation of other real estate owned (174,000) 2,745,000 (997,000) 3,973,000
Gain on sale of premises and equipment 0 1,000 0 22,000
Goodwill impairment     0 [1]  
Other 2,477,000 2,320,000 4,864,000 4,400,000
TOTAL NON-INTEREST EXPENSES 14,843,000 15,732,000 28,057,000 29,310,000
INCOME (LOSS) BEFORE INCOME TAXES 7,407,000 1,614,000 14,664,000 [1] 5,086,000
INCOME TAX EXPENSE (BENEFIT) 2,598,000 (9,383,000) 5,206,000 (9,383,000)
NET INCOME (LOSS) 4,809,000 10,997,000 9,458,000 14,469,000
Preferred stock dividend and accretion of preferred stock discount 590,000 833,000 1,035,000 1,655,000
NET INCOME (LOSS) TO COMMON SHAREHOLDERS $ 4,219,000 $ 10,164,000 $ 8,423,000 $ 12,814,000
NET INCOME (LOSS) PER COMMON SHARE:        
Basic (in dollars per share) $ 0.30 $ 1.57 $ 0.59 $ 1.98
Diluted (in dollars per share) $ 0.30 $ 1.57 $ 0.59 $ 1.98
CASH DIVIDENDS PER COMMON SHARE (IN DOLLARS PER COMMON SHARE) $ 0.00 $ 0.00 $ 0.00 $ 0.00
[1] First six months of 2013