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Consolidated Statements Of Operations (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest Income        
Interest and fees on loans $ 12,221 $ 18,027 $ 25,282 $ 37,129
Interest and dividends on investment securities:        
Taxable income 2,717 3,120 4,798 6,945
Non-taxable income 134 395 297 830
Other interest income 118 107 284 193
Total interest income 15,190 21,649 30,661 45,097
Interest Expense        
Deposits 4,963 6,215 10,132 12,617
Retail repurchase agreements 14 28 31 52
Federal Home Loan Bank advances 703 983 1,401 2,092
Federal funds purchased       4
Other borrowed funds 318 523 696 1,035
Total interest expense 5,998 7,749 12,260 15,800
Net Interest Income before Provision for Loan Losses 9,192 13,900 18,401 29,297
Provision for loan losses 33,580 27,236 53,763 36,726
Net Interest Loss after Provision for Loan Losses (24,388) (13,336) (35,362) (7,429)
Noninterest Income        
Service charges on deposit accounts 1,485 1,981 2,929 3,919
Mortgage loan income (14) 515 107 770
Cardholder and merchant services income 841 791 1,607 1,470
Trust and investment services 350 518 752 996
Bank owned life insurance 266 257 666 498
Other service charges, commissions and fees 216 252 356 611
Securities (losses)/gains, net (98) 828 (84) 1,497
Gain on fair value swap 77 49 169 95
Other income 162 69 365 97
Total noninterest income 3,285 5,260 6,867 9,953
Noninterest Expense        
Personnel expense 6,231 6,608 12,725 13,248
Net occupancy expense 1,117 1,175 2,303 2,415
Furniture, equipment and data processing expense 1,613 1,691 3,219 3,387
Professional fees 1,628 772 2,879 1,278
Stationery, printing and supplies 99 133 218 241
Advertising and marketing 196 359 336 806
Other real estate owned expense 10,586 4,615 26,773 5,086
Credit/debit card expense 427 447 818 909
FDIC insurance 1,575 812 3,438 1,534
Other expense 2,858 2,574 6,371 3,839
Total noninterest expense 26,330 19,186 59,080 32,743
Loss from continuing operations, before income taxes (47,433) (27,262) (87,575) (30,219)
Income tax benefit - continuing operations (448) (2,635) (576) (2,036)
Net loss from continuing operations (46,985) (24,627) (86,999) (28,183)
Loss from discontinued operations, before income taxes (2,202) (491) (5,895) (525)
Income tax benefit - discontinued operations (213) (193) (213) (206)
Net loss from discontinued operations (1,989) (298) (5,682) (319)
Net Loss (48,974) (24,925) (92,681) (28,502)
Cumulative dividends on preferred stock (1,087) (822) (2,104) (1,641)
Net Loss Available to Common Shareholders $ (50,061) $ (25,747) $ (94,785) $ (30,143)
Weighted average number of common shares outstanding - basic and diluted 11,426,501 11,424,435 11,425,585 11,424,298
Net loss per common share from continuing operations - basic and diluted $ (4.21) $ (2.23) $ (7.80) $ (2.61)
Net loss per common share from discontinued operations - basic and diluted $ (0.17) $ (0.03) $ (0.50) $ (0.03)
Net loss available to common shareholders per share - basic and diluted $ (4.38) $ (2.26) $ (8.30) $ (2.64)