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Consolidated Statements of Income (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        
Federal funds sold and interest-bearing deposits $ 9 $ 29 $ 20 $ 55
Federal Home Loan Bank stock 35 49 101 83
Securities:        
Available for sale 891 1,054 1,754 2,334
Held to maturity 180 250 468 588
Total securities 1,071 1,304 2,222 2,922
Loans:        
SBA loans 1,191 1,300 2,427 2,752
SBA 504 loans 834 1,091 1,789 2,177
Commercial loans 4,581 4,488 8,887 9,092
Residential mortgage loans 1,846 1,959 3,677 3,921
Consumer loans 629 724 1,315 1,455
Total loans 9,081 9,562 18,095 19,397
Total interest income 10,196 10,944 20,438 22,457
INTEREST EXPENSE        
Interest-bearing demand deposits 143 188 283 446
Savings deposits 584 728 1,165 1,629
Time deposits 1,045 1,687 2,140 3,500
Borrowed funds and subordinated debentures 953 1,078 1,904 2,155
Total interest expense 2,725 3,681 5,492 7,730
Net interest income 7,471 7,263 14,946 14,727
Provision for loan losses 1,750 1,500 4,250 3,000
Net interest income after provision for loan losses 5,721 5,763 10,696 11,727
NONINTEREST INCOME        
Branch fee income 337 331 680 692
Service and loan fee income 384 245 627 454
Gain on sale of SBA loans held for sale, net 399 147 510 147
Gain on sale of mortgage loans 87 112 256 258
Bank owned life insurance (BOLI) 74 78 147 151
Net security gains (losses) (39) 4 87 8
Other income 205 253 395 370
Total noninterest income 1,447 1,170 2,702 2,080
NONINTEREST EXPENSE        
Compensation and benefits 2,880 2,822 5,937 5,821
Occupancy 827 608 1,546 1,285
Processing and communications 537 555 1,044 1,080
Furniture and equipment 410 447 794 870
Professional services 192 199 394 428
Loan collection costs 201 243 425 427
OREO expense 223 157 445 187
Deposit insurance 282 320 601 650
Advertising 205 241 323 348
Other expenses 490 448 897 885
Total noninterest expense 6,247 6,040 12,406 11,981
Income before provision for income taxes 921 893 992 1,826
Provision for income taxes 277 212 129 397
Net income 644 681 863 1,429
Preferred stock dividends & discount accretion 395 379 778 752
Income available to common shareholders $ 249 $ 302 $ 85 $ 677
Net income per common share        
Basic $ 0.03 $ 0.04 $ 0.01 $ 0.09
Diluted $ 0.03 $ 0.04 $ 0.01 $ 0.09
Weighted average common shares outstanding        
Basic 7,271 7,156 7,245 7,153
Diluted 7,710 7,475 7,688 7,392