Summary of quarterly financial information

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information Disclosure [Abstract]

Summary of quarterly financial information

Summary of quarterly financial information

(unaudited)	2011
Dollars in thousands, except per share data	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Interest income	$	4,076		$	4,057		$	3,729		$	3,562
Interest expense	1,321			1,275			1,228			1,140
Net interest income	2,755			2,782			2,501			2,422
Provision for loan losses	1,200			814			500			500
Net gains on secu- rities transactions	—			—			—			989
Other operating income	637			618			645			1,131
Other operating expenses	3,735			3,684			3,963			3,688
Net income (loss) before income tax expense	(1,543		)	(1,098		)	(1,317		)	354
Income tax expense	12			19			25			17
Net income (loss)	$	(1,555	)	$	(1,117	)	$	(1,342	)	$	337
Net income (loss) per share- basic	$	(12.80	)	$	(9.48	)	$	(11.20	)	$	0.88
Net income (loss) per share- diluted	$	(12.80	)	$	(9.48	)	$	(11.20	)	$	0.88

(unaudited)	2010
Dollars in thousands, except per share data	First Quarter			Second Quarter		Third Quarter			Fourth Quarter
Interest income	$	5,522		$	5,273	$	4,864		$	4,575
Interest expense	1,998			1,895		1,839			1,675
Net interest income	3,524			3,378		3,025			2,900
Provision for loan losses	1,381			1,010		2,825			4,271
Net gains (losses) on secu- rities transactions	1			528		137			1,414
Net impairment losses on securities
Other operating income	690			1,644		577			626
Other operating expenses	3,523			3,665		4,184			4,683
Income (loss) before income tax expense	(689		)	875		(3,270		)	(4,013		)
Income tax expense (benefit)	15			53		74			218
Net income (loss)	$	(704	)	$	822	$	(3,344	)	$	(4,231	)
Net income (loss) per share- basic	$	(6.72	)	$	5.32	$	(26.43	)	$	(33.17	)
Net income (loss) per share- diluted	$	(6.72	)	$	5.32	$	(26.43	)	$	(33.17	)

Basic net income per common share is calculated by dividing net income less dividends on preferred stock by the weighted average number of common shares outstanding. On a diluted basis, both net income and common shares outstanding are adjusted to assume the conversion of the preferred stock if conversion is deemed dilutive. For all periods presented, the assumption of the conversion would have been antidilutive.