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Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest Income:        
Loans, including fees $ 27,941 $ 27,127 $ 54,273 $ 54,691
Securities:        
Taxable 3,147 3,560 6,097 7,247
Exempt from Federal income taxes 1,150 1,621 2,311 3,331
Federal funds sold 23 36 49 78
Deposits in banks 201 166 365 259
Total interest income 32,462 32,510 63,095 65,606
Interest Expense:        
Deposits 2,290 3,319 4,564 6,654
Securities sold under repurchase agreements and other short-term borrowings 57 71 104 148
Other borrowings 501 1,440 1,345 2,938
Total interest expense 2,848 4,830 6,013 9,740
Net Interest Income 29,614 27,680 57,082 55,866
Provision for loan losses 1,546 28,548 6,997 34,130
Net interest income (loss) after provision for loan losses 28,068 (868) 50,085 21,736
Non Interest Income:        
Services charges 1,552 1,612 3,592 3,415
Investment advisory fees 2,753 2,289 5,359 4,514
Recognized impairment charge on securities available for sale (includes $184 and $1,256 of total losses in 2011 and 2010, respectively, less $141 and $745 of losses on securities available for sale, recognized in other comprehensive income in 2011 and 2010, respectively) (43) (511) (204) (2,283)
Realized gain on securities available for sale, net   7   75
Losses on sales and revaluation of loans held for sale and other real estate owned, net (1,000) (1,359) (873) (1,424)
Other income 569 646 1,176 1,180
Total non interest income 3,831 2,684 9,050 5,477
Non Interest Expense:        
Salaries and employee benefits 11,263 9,508 22,081 19,380
Occupancy 2,202 1,911 4,547 4,096
Professional services 1,749 1,549 3,202 2,864
Equipment 1,107 969 2,117 1,935
Business development 590 548 1,096 1,110
FDIC assessment 686 1,187 1,797 2,275
Other operating expenses 3,051 2,466 6,258 4,932
Total non interest expense 20,648 18,138 41,098 36,592
Income (Loss) Before Income Taxes 11,251 (16,322) 18,037 (9,379)
Income Taxes (Benefit) 3,819 (5,367) 5,781 (3,279)
Net Income (Loss) $ 7,432 $ (10,955) $ 12,256 $ (6,100)
Basic Earnings (Loss) Per Common Share $ 0.42 $ (0.62) $ 0.69 $ (0.35)
Diluted Earnings (Loss) Per Common Share $ 0.42 $ (0.62) $ 0.69 $ (0.35)