| Summary of quarterly data |
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Unaudited |
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First |
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Second |
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Third |
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Fourth |
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2012:
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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Total |
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(Dollars in thousands, except per share data) |
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Interest income
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$ |
21,562 |
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$ |
20,894 |
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$ |
18,191 |
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$ |
17,797 |
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$ |
78,444 |
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Interest expense
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5,683 |
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4,474 |
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4,063 |
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3,786 |
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18,006 |
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Net interest income
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15,879 |
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16,420 |
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14,128 |
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14,011 |
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60,438 |
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Provision for loan losses
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680 |
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6,264 |
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30,279
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(1)
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2,102 |
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39,325 |
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Net interest income after provision for loan losses
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15,199 |
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10,156 |
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(16,151 |
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11,909 |
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21,113 |
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Non-interest income
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5,091 |
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6,949 |
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3,752
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(2)
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6,939 |
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22,731 |
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Non-interest expenses
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16,494 |
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17,043 |
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|
17,330 |
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14,302 |
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65,169 |
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Income (loss) before taxes
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3,796 |
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62 |
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(29,729 |
) |
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4,546 |
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(21,325 |
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Income tax expense (benefit)
(3)
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— |
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— |
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(2,838 |
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1,950 |
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(888 |
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Net income (loss)
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$ |
3,796 |
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$ |
62 |
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$ |
(26,891 |
) |
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$ |
2,596 |
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$ |
(20,437 |
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Earnings (loss) per share:
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Basic earnings (loss)
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$ |
0.12 |
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$ |
— |
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$ |
(0.82 |
) |
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$ |
0.08 |
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$ |
(0.62 |
) |
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Diluted earnings (loss)
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0.12 |
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— |
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(0.82 |
) |
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0.08 |
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(0.62 |
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| 1. |
The increase in provision for loan losses in the third quarter was due primarily to a bulk sale of nonperforming assets. |
| 2. |
The decline in noninterest income in the third quarter was driven by lower gains recognized on a lower volume of sales of available for sale securities. Further
impacting the decline was the recognition in the third quarter of the valuation allowance on certain properties to absorb estimated closing costs at the time of disposal. |
| 3. |
The Company recognized a tax benefit of $888,000 for the year ended December 31, 2012, because it was both (i) in a pre-tax operating loss position, and
(ii) had unrealized gains on available for sale securities in its securities portfolio that were recorded in other comprehensive income. Beginning in the third quarter, the Company both recognized a pre-tax operating loss and at the same time,
had unrealized gains on available for sale securities recorded in other comprehensive income. As a result, the tax benefit recognized in the third quarter was equal to the current year-to-date change (through September) in other comprehensive income
multiplied by the Company’s statutory tax rate of 35%. In the fourth quarter, the year-to-date change in other comprehensive income had compressed, causing a reduction in the benefit previously recognized, and resulting in income tax expense
for the quarter. |
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Unaudited |
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First |
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Second |
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Third |
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Fourth |
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2011:
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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Total |
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(Dollars in thousands, except per share data) |
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Interest income
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$ |
25,732 |
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$ |
24,863 |
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$ |
23,321 |
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$ |
22,471 |
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$ |
96,387 |
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Interest expense
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8,078 |
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|
7,805 |
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7,696 |
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7,633 |
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31,212 |
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Net interest income
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17,654 |
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17,058 |
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15,625 |
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14,838 |
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65,175 |
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Provision for loan losses
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2,192 |
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8,244 |
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11,836 |
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2,386 |
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24,658 |
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Net interest income after provision for loan losses
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15,462 |
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8,814 |
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3,789 |
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12,452 |
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40,517 |
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Non-interest income
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3,988 |
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5,300 |
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1,916 |
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12,021 |
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23,225 |
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Non-interest expenses
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16,488 |
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15,910 |
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14,569 |
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16,545 |
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63,512 |
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Income (loss) before taxes
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2,962 |
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(1,796 |
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(8,864 |
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7,928 |
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|
230 |
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Income tax expense (benefit)
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— |
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— |
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— |
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— |
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— |
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Net income (loss)
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$ |
2,962 |
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$ |
(1,796 |
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$ |
(8,864 |
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$ |
7,928 |
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230 |
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Earnings (loss) per share:
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Basic earnings (loss)
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$ |
0.10 |
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$ |
(0.06 |
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$ |
(0.29 |
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$ |
0.25 |
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$ |
0.01 |
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Diluted earnings (loss)
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0.10 |
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(0.06 |
) |
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(0.29 |
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0.25 |
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0.01 |
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