XML 55 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Operations (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 and Dividend Income:        
Loans, including fees $ 8,868 $ 11,692 $ 18,829 $ 24,035
Taxable securities 1,726 1,703 3,436 3,269
Tax exempt securities 144 265 357 522
Total interest income 10,738 13,660 22,622 27,826
Interest Expense:        
Deposits 3,444 4,674 7,389 9,588
Federal Home Loan Bank advances 283 280 567 575
Subordinated debentures 341 350 682 691
Total interest expense 4,068 5,304 8,638 10,854
Net interest income 6,670 8,356 13,984 16,972
Provision for loan losses 915 9,517 1,927 12,982
Net interest income after provision for loan losses 5,755 (1,161) 12,057 3,990
Non-interest Income:        
Customer service fees on deposit accounts 1,399 1,554 2,782 2,999
Gain on sale of mortgage loans 384 291 695 556
Gain on sale of investments 598 162 1,309 231
Loss on sale of investments (303) (38) (303) (38)
Other than temporary impairment loss:        
Total other-than-temporary impairment losses 0 (67) (26) (104)
Portion of loss recognized in other comprehensive income/(loss) (before taxes) 0 0 0 0
Net impairment losses recognized in earnings 0 (67) (26) (104)
Loss on sale and write downs on real estate acquired through foreclosure (2,016) (4,651) (3,582) (4,886)
Gain on sale of premises and equipment 322 0 322 0
Gain on sale on real estate acquired through foreclosure 210 96 613 121
Gain on sale on real estate held for development 0 0 175 0
Brokerage commissions 112 108 207 215
Other income 617 380 1,028 734
Total non-interest income 1,323 (2,165) 3,220 (172)
Non-interest Expense:        
Employee compensation and benefits 3,822 3,958 7,675 8,287
Office occupancy expense and equipment 782 832 1,550 1,643
Marketing and advertising 135 164 168 389
Outside services and data processing 893 1,056 1,704 1,853
Bank franchise tax 402 342 744 656
FDIC insurance premiums 682 906 1,097 1,876
Amortization of core deposit intangible 62 76 127 153
Real estate acquired through foreclosure expense 2,336 646 2,676 1,028
Loan expense 656 557 1,164 609
Other expense 1,446 1,379 2,800 2,828
Total non-interest expense 11,216 9,916 19,705 19,322
Income/(loss) before income taxes (4,138) (13,242) (4,428) (15,504)
Income taxes/(benefits) 1 (1,338) 1 (1,530)
Net Income/(Loss) (4,139) (11,904) (4,429) (13,974)
Less:        
Dividends on preferred stock (250) (250) (500) (500)
Accretion on preferred stock (13) (13) (27) (27)
Net income (loss) attributable to common shareholders $ (4,402) $ (12,167) $ (4,956) $ (14,501)
Shares applicable to basic income per common shareb (in shares) 4,767,464 4,739,700 4,764,240 4,737,761
Basic income (loss) per common share (in dollars per share) $ (0.92) $ (2.57) $ (1.04) $ (3.06)
Shares applicable to diluted income per common share (in shares) 4,767,464 4,739,700 4,764,240 4,737,761
Diluted income (loss) per common share (in dollars per share) $ (0.92) $ (2.57) $ (1.04) $ (3.06)
Cash dividends declared per common share (in dollars per share) $ 0 $ 0 $ 0 $ 0