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Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest income        
Loans, including fees $ 13,454,000 $ 16,171,000 $ 27,268,000 $ 32,903,000
Securities, taxable 1,063,000 1,781,000 2,342,000 3,697,000
Securities, tax-exempt 367,000 454,000 789,000 929,000
Federal funds sold 38,000 48,000 70,000 78,000
Interest-bearing deposit balances 8,000 6,000 14,000 12,000
Total interest income 14,930,000 18,460,000 30,483,000 37,619,000
Interest expense        
Deposits 2,844,000 4,333,000 5,853,000 8,967,000
Short-term borrowings 42,000 116,000 91,000 277,000
Federal Home Loan Bank advances 300,000 606,000 688,000 1,212,000
Other borrowings 233,000 247,000 471,000 556,000
Total interest expense 3,419,000 5,302,000 7,103,000 11,012,000
Net interest income 11,511,000 13,158,000 23,380,000 26,607,000
Provision for loan losses (3,000,000) 1,700,000 (3,000,000) 3,900,000
Net interest income after provision for loan losses 14,511,000 11,458,000 26,380,000 22,707,000
Noninterest income        
Services charges on accounts 379,000 401,000 764,000 823,000
Earnings on bank owned life insurance 385,000 449,000 792,000 888,000
Rental income from other real estate owned 324,000 205,000 536,000 391,000
Mortgage banking activities 275,000 127,000 574,000 258,000
Other income 577,000 521,000 1,208,000 1,095,000
Total noninterest income 1,940,000 1,703,000 3,874,000 3,455,000
Noninterest expense        
Salaries and benefits 4,855,000 4,364,000 9,545,000 8,735,000
Occupancy 671,000 708,000 1,349,000 1,409,000
Furniture and equipment depreciation, rent and maintenance 299,000 304,000 606,000 607,000
Nonperforming asset costs 2,080,000 1,950,000 3,355,000 5,048,000
FDIC insurance costs 296,000 719,000 600,000 1,635,000
Other expense 2,403,000 2,398,000 4,803,000 4,590,000
Total noninterest expenses 10,604,000 10,443,000 20,258,000 22,024,000
Income before federal income tax expense 5,847,000 2,718,000 9,996,000 4,138,000
Federal income tax expense 1,856,000 0 3,125,000 0
Net income 3,991,000 2,718,000 6,871,000 4,138,000
Preferred stock dividends and accretion 703,000 337,000 1,031,000 669,000
Net income attributable to common shares $ 3,288,000 $ 2,381,000 $ 5,840,000 $ 3,469,000
Basic earnings per share $ 0.38 $ 0.28 $ 0.68 $ 0.40
Diluted earnings per share $ 0.36 $ 0.27 $ 0.65 $ 0.39
Cash dividends per share $ 0.00 $ 0.00 $ 0.00 $ 0.00
Average basic shares outstanding 8,610,181 8,604,476 8,607,832 8,601,835
Average diluted shares outstanding 9,043,791 8,872,692 9,023,744 8,878,595