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Consolidated Statements of Income and Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Interest income    
Interest on loans $ 6,047 $ 6,332
Interest and dividends on investments and deposits 419 430
Total interest income 6,466 6,762
Interest expense    
Interest on deposits 1,095 1,746
Interest on borrowed funds 458 612
Total interest expense 1,553 2,358
Net interest income 4,913 4,404
Provision for loan losses 1,972 438
Net interest income after provision for loan losses 2,941 3,966
Noninterest income    
Mortgage banking income 391 128
Fees for other services 262 174
Fees for services related to deposit accounts 202 213
Income from bank owned life insurance 75 77
Income from investment advisory services, net 56 74
Recovery from legal settlement 0 147
Other income 25 24
Total noninterest income 1,011 837
Noninterest expense    
Compensation, taxes and benefits 2,664 2,357
Deposit related charge 800 0
Office occupancy 575 607
Professional fees 293 138
Directors compensation 205 176
Computer processing 174 262
Loss on foreclosed real estate, net 136 39
FDIC insurance premiums 133 204
Advertising 126 99
Office supplies 54 47
Public company expenses 19 18
Other expenses 291 304
Total noninterest expense 5,470 4,251
Income (loss) before provision for income taxes (1,518) 552
Provision (benefit) for income taxes (541) 156
Net income (loss) (977) 396
Other Comprehensive income (loss)    
Changes in unrealized gain (loss) on securities available-for-sale, net 495 (103)
Total other comprehensive income 495 (103)
Comprehensive income (loss) $ (482) $ 293
Earnings (loss) per common share - basic and diluted (1) (in dollars per share) $ (0.15) [1] $ 0.06 [1]
[1] Earnings per share for the three months ended March 31, 2011 have been restated to reflect the effect of the Company's stock offering and concurrent second-step conversion effective June 29, 2011 at an exchange ratio of 0.9978.