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Condensed Consolidated Statements of Income (Loss) (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
INTEREST INCOME:        
Interest and fees on loans $ 16,849,000 $ 17,735,000 $ 50,478,000 $ 54,618,000
Interest on federal funds sold 0 9,000 8,000 24,000
Interest and dividends on securities:        
Taxable 813,000 1,165,000 2,578,000 3,797,000
Non-taxable 803,000 509,000 2,272,000 1,637,000
Interest-bearing deposits 5,000 28,000 60,000 103,000
TOTAL INTEREST INCOME 18,470,000 19,446,000 55,396,000 60,179,000
INTEREST EXPENSE        
Time deposits of $100 or more 877,000 1,762,000 3,238,000 5,667,000
Other time and savings deposits 1,034,000 2,018,000 3,578,000 6,582,000
Borrowed funds 423,000 477,000 1,271,000 1,692,000
TOTAL INTEREST EXPENSE 2,334,000 4,257,000 8,087,000 13,941,000
NET INTEREST INCOME 16,136,000 15,189,000 47,309,000 46,238,000
PROVISION FOR LOAN LOSSES 40,000 4,251,000 332,000 8,820,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 16,096,000 10,938,000 46,977,000 37,418,000
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,336,000 1,319,000 3,923,000 3,887,000
Other service fees 1,259,000 857,000 3,587,000 2,646,000
Net gain on sale of securities 253,000 1,348,000 529,000 1,648,000
Income on investment in bank-owned life insurance 152,000 159,000 454,000 473,000
Mortgage banking activities 1,713,000 1,599,000 7,545,000 4,412,000
Other than temporary impairment of securities 0 0 (39,000) 0
Gain (loss) on sale of loans 0 (900,000) 373,000 (900,000)
Gain on sale of branch 310,000 0 310,000 0
Other income 358,000 283,000 539,000 415,000
TOTAL NON-INTEREST INCOME 5,381,000 4,665,000 17,221,000 12,581,000
NON-INTEREST EXPENSES:        
Salaries and employee benefits 7,780,000 6,914,000 23,122,000 19,378,000
Occupancy and equipment expense 2,001,000 1,813,000 5,766,000 5,459,000
Marketing and Advertising Expense 348,000 103,000 1,036,000 279,000
Data processing 374,000 456,000 1,118,000 1,295,000
Amortization of core deposit intangible 166,000 266,000 518,000 820,000
Communications 350,000 314,000 1,021,000 1,019,000
FDIC assessment 363,000 650,000 1,597,000 2,004,000
Loan collection fees 203,000 211,000 621,000 679,000
Other professional fees 237,000 491,000 1,211,000 1,276,000
Net cost of operation of other real estate owned 93,000 1,322,000 (903,000) 5,295,000
Gain on sale of premises and equipment 154,000 0 154,000 (22,000)
Other 2,081,000 2,252,000 6,946,000 6,620,000
TOTAL NON-INTEREST EXPENSES 14,150,000 14,792,000 42,207,000 44,102,000
INCOME BEFORE INCOME TAXES 7,327,000 811,000 21,991,000 [1] 5,897,000
INCOME TAX EXPENSE (BENEFIT) 2,616,000 54,000 7,822,000 (9,329,000)
NET INCOME 4,711,000 757,000 14,169,000 15,226,000
Preferred stock dividend and accretion of preferred stock discount 421,000 838,000 1,456,000 2,493,000
NET INCOME (LOSS) TO COMMON SHAREHOLDERS $ 4,290,000 $ (81,000) $ 12,713,000 $ 12,733,000
NET INCOME (LOSS) PER COMMON SHARE:        
Basic (in dollars per share) $ 0.30 $ 0.00 $ 0.90 $ 1.98
Diluted (in dollars per share) $ 0.30 $ 0.00 $ 0.89 $ 1.98
CASH DIVIDENDS PER COMMON SHARE (IN DOLLARS PER COMMON SHARE) $ 0.00 $ 0.00 $ 0.00 $ 0.00
[1] First nine months of 2013