Business Segment Information

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Business Segment Information

The Company has two reportable segments, including banking activities and mortgage banking activities.

In the fourth quarter of 2012, a decision was made by management to sell a reinsurance subsidiary held by Sidus. As a result of this decision, Sidus reclassified its investment in the reinsurance subsidiary to held for sale and wrote down its investment by $1.0 million to the estimated fair value at December 31, 2012. The sale of the subsidiary closed in the first quarter of 2013. In addition, at the beginning of 2013, the Company dissolved Sidus and is no longer doing business as Sidus. All mortgage banking activity beginning in 2013 is at the Bank.

The following table details the results of operations for the year ended December 31, 2013, 2012 and 2011 for bank activities and mortgage activities.

	Bank Activities			Mortgage Activities		Other (1)			Total
	(Amounts in thousands)
For Year Ended December 31, 2013
Interest income	$	70,633		$	3,666	$	—		$	74,299
Interest expense	9,494			—		747			10,241
Net interest income	61,139			3,666		(747		)	64,058
Provision for loan losses	(2,685		)	—		—			(2,685		)
Net interest income (loss) after provision for loan losses	63,824			3,666		(747		)	66,743
Other income	9,587			8,709		108			18,404
Other expense	50,045			5,500		375			55,920
Income (loss) before income taxes	23,366			6,875		(1,014		)	29,227
Income taxes	10,401			—		—			10,401
Net income (loss)	$	12,965		$	6,875	$	(1,014	)	$	18,826
Total assets	$	1,779,473		$	24,172	$	2,382		$	1,806,027
Net loans	1,340,683			—		—			1,340,683
Loans held for sale	—			18,913		—			18,913

(1) Note: The “Other” column includes Holding Company assets and Holding Company income and expenses.

	Bank Activities			Mortgage Activities			Other (2)			Total
	(Amounts in thousands)
For the year ended December 31, 2012
Interest income	$	75,104		$	3,868		$	—		$	78,972
Interest expense	16,998			143			847			17,988
Net interest income	58,106			3,725			(847		)	60,984
Provision for loan losses	40,538			(164		)	—			40,374
Net interest income (loss) after provision for loan losses	17,568			3,889			(847		)	20,610
Other income	7,677			5,860			29			13,566
Other expense	60,070			6,569			172			66,811
Income (loss) before income tax expense	(34,825		)	3,180			(990		)	(32,635		)
Income tax expense (1)	(23,961		)	—			—			(23,961		)
Net income (loss)	$	(10,864	)	$	3,180		$	(990	)	$	(8,674	)
Total assets	$	1,890,906		$	31,500		$	1,032		$	1,923,438
Net loans	1,284,355			—			—			1,284,355
Loans held for sale	—			27,679			—			27,679

________________________

(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 Holding Company assets and Holding Company income and expenses.

	Bank Activities			Mortgage Activities			Other (2)			Total
	(Amounts in thousands)
For Year Ended December 31, 2011
Interest income	$	88,156		$	390		$	—		$	88,546
Interest expense	25,016			239			786			26,041
Net interest income	63,140			151			(786		)	62,505
Provision for loan losses	20,828			15			—			20,843
Net interest income (loss) after provision for loan losses	42,312			136			(786		)	41,662
Other income	12,901			5,408			(129		)	18,180
Other expense	54,253			13,244			46			67,543
Loss before income tax expense	960			(7,700		)	(961		)	(7,701		)
Income tax expense (1)	6,694			—			—			6,694
Net loss	$	(5,734	)	$	(7,700	)	$	(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

(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 Holding Company assets and Holding Company income and expenses.