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STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Interest income:      
Loans receivable, including fees $ 46,682 $ 29,021 $ 12,142
Investment securities, taxable 14,064 1,382 1,140
Investment securities, non-taxable 86 110 191
Other 607 394 13
Total interest income 61,439 30,907 13,486
Interest expense:      
Deposits 21,861 11,112 5,729
Borrowed Funds 536 366 461
Subordinated debt 66 68 146
Total interest expense 22,463 11,546 6,336
Net interest income 38,976 19,361 7,150
Provision for loan losses 9,450 10,397 11,778
Net interest income (loss) after provision for loan losses 29,526 8,964 (4,628)
Non-interest income:      
Service fees 698 643 458
Mortgage warehouse transactional fees 5,581 2,631 70
Bank- owned life insurance 1,404 228 229
Gains on sales of investment securities 2,731 1,114 236
Gains on sales of SBA loans 329 98 0
Impairment charges on investment securities 0 0 (15)
Bargain purchase gains on bank acquisitions 0 40,254 0
Accretion of FDIC loss sharing receivable 1,955 0 0
Gain (loss) on sale of OREO 367 (67) (31)
Other 587 702 96
Total non-interest income 13,652 45,603 1,043
Non-interest expense:      
Salaries and employee benefits 16,718 14,031 4,267
Occupancy 3,242 1,897 1,261
Technology, communication and bank operations 3,169 2,431 1,000
Advertising and promotion 994 1,007 191
Professional services 4,837 2,833 510
FDIC assessments, taxes, and regulatory fees 2,366 1,613 892
Loan workout and other real estate owned 1,988 682 531
Impairment and losses on other real estate owned 576 635 350
Merger related expenses 531 0 0
Other 2,888 972 648
Total non-interest expense 37,309 26,101 9,650
Income (loss) before tax expense 5,869 28,466 (13,235)
Income tax expense 1,835 4,731 0
Net income (loss) 4,034 23,735 (13,235)
Dividends on preferred stock 44 0 0
Net income (loss) available to common shareholders $ 3,990 $ 23,735 $ (13,235)
Basic income (loss) per share $ 0.40 $ 3.78 $ (10.98)
Diluted income (loss) per share $ 0.39 $ 3.69 $ (10.98)