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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest income:        
Interest and fees on loans $ 36,576 $ 47,336 $ 74,767 $ 99,912
Investment securities 14,603 10,838 28,159 19,499
Federal Reserve Bank and Federal Home Loan Bank stock 223 339 560 735
Short-term investments 206 480 459 1,012
Total interest income 51,608 58,993 103,945 121,158
Interest expense:        
Interest-bearing demand 136 263 280 563
Savings and money market 875 2,265 1,862 4,730
Time deposits of $100 or more 1,034 2,045 2,198 4,531
Other time deposits 1,737 3,328 3,752 7,256
Other borrowings 20 40 41 66
Subordinated debentures 3,683 3,366 7,369 6,668
Total interest expense 7,485 11,307 15,502 23,814
Net interest income 44,123 47,686 88,443 97,344
Provision for loan losses 0 23,000 2,000 33,000
Net interest income after provision for loan losses 44,123 24,686 86,443 64,344
Noninterest income:        
Service charges on deposit accounts and customer service fees 9,007 9,706 17,634 19,099
Gain on loans sold and held for sale 3,595 1,022 5,983 1,408
Net (loss) gain on investment securities (5) 590 517 1,117
Net loss on derivative instruments (2) (165) (38) (221)
Decrease in fair value of servicing rights (1,981) (1,880) (2,191) (2,369)
Loan servicing fees 1,910 2,100 3,918 4,369
Other 3,164 3,595 6,756 5,474
Total noninterest income 15,688 14,968 32,579 28,877
Noninterest expense:        
Salaries and employee benefits 18,632 19,176 37,807 38,850
Occupancy, net of rental income 5,296 5,652 10,045 11,954
Furniture and equipment 2,622 3,044 5,172 6,057
Postage, printing and supplies 669 715 1,414 1,516
Information technology fees 5,865 6,612 11,911 13,108
Legal, examination and professional fees 2,937 3,213 5,460 6,267
Amortization of intangible assets 0 783 0 1,566
Advertising and business development 464 429 1,047 927
FDIC insurance 3,285 3,608 6,715 8,662
Write-downs and expenses on other real estate and repossessed assets 4,732 5,493 8,282 10,419
Other 5,599 6,127 11,988 11,919
Total noninterest expense 50,101 54,852 99,841 111,245
Income (loss) from continuing operations before provision for income taxes 9,710 (15,198) 19,181 (18,024)
Provision for income taxes 121 72 216 124
Net income (loss) from continuing operations, net of tax 9,589 (15,270) 18,965 (18,148)
Loss from discontinued operations, net of tax (2,466) (2,706) (5,004) (5,911)
Net income (loss) 7,123 (17,976) 13,961 (24,059)
Less: net loss attributable to noncontrolling interest in subsidiary (385) (927) (445) (862)
Net income (loss) attributable to First Banks, Inc. 7,508 (17,049) 14,406 (23,197)
Preferred stock dividends declared and undeclared 4,690 4,447 9,317 8,835
Accretion of discount on preferred stock 883 864 1,767 1,719
Net income (loss) available to common stockholders $ 1,935 $ (22,360) $ 3,322 $ (33,751)
Basic and diluted earnings (loss) per common share from continuing operations (in dollars per share) $ 186.00 $ (830.64) $ 351.90 $ (1,176.59)
Basic and diluted loss per common share from discontinued operations (in dollars per share) $ (104.22) $ (114.36) $ (211.49) $ (249.82)
Basic and diluted earnings (loss) per common share (in dollars per share) $ 81.78 $ (945.00) $ 140.41 $ (1,426.41)
Weighted average shares of common stock outstanding (in shares) 23,661 23,661 23,661 23,661