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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2011
Successor Company
Jun. 30, 2011
Successor Company
Jun. 30, 2010
Predecessor Company
Jun. 30, 2010
Predecessor Company
Interest and dividend income        
Loans, including fees $ 4,347 $ 17,745 $ 14,636 $ 30,635
Investment securities:        
Taxable 902 3,238 2,229 4,373
Tax-exempt 4 19 41 108
Interest-bearing deposits in other banks 31 101 75 149
Federal Home Loan Bank stock 6 31 7 10
Total interest and dividend income 5,290 21,134 16,988 35,275
Interest expense        
Deposits 822 3,276 4,509 9,411
Federal Home Loan Bank advances 64 301 1,181 2,395
Short-term borrowings 4 19 25 48
Long-term borrowings 466 922 671 1,325
Total interest expense 1,356 4,518 6,386 13,179
Net interest income 3,934 16,616 10,602 22,096
Provision for loan losses 136 621 7,700 12,625
Net interest income after provision for loan losses 3,798 15,995 2,902 9,471
Non-interest income        
Service charges on deposit accounts 257 1,070 839 1,754
Fees on mortgage loans originated and sold 144 498 481 764
Investment advisory and trust fees 379 766 313 620
Loss on sale of indirect auto loans       (346)
Equity in income from investment in Capital Bank, NA 658 658    
Other income 464 1,669 868 1,481
Investment securities gains (losses), net   12 993 2,635
Other-than-temporary impairment losses on investments        
Gross impairment losses        
Less: Impairments recognized in other comprehensive income        
Net impairment losses recognized in earnings        
Total non-interest income 1,902 4,673 3,494 6,908
Non-interest expense        
Salaries and employee benefits 2,250 8,751 6,413 13,249
Net occupancy and equipment expense 692 2,740 2,273 4,557
Foreclosed asset related expense 43 565 5,149 6,249
Other expense 1,614 5,868 6,660 11,474
Total non-interest expense 4,599 17,924 20,495 35,529
Income (loss) before income taxes 1,101 2,744 (14,099) (19,150)
Income tax expense 141 716    
Net income (loss) 960 2,028 (14,099) (19,150)
Preferred dividends earned by preferred shareholders and discount accretion     669 1,329
Net loss allocated to common shareholders $ 960 $ 2,028 $ (14,768) $ (20,479)
Basic income (loss) per common share $ 0.08 $ 0.17 $ (99.45) $ (137.96)
Diluted income (loss) per common share $ 0.07 $ 0.14 $ (99.45) $ (137.96)