Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

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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 AND DIVIDEND INCOME:        
Interest and Fees on Loans $ 27,241 $ 29,249 $ 54,783 $ 60,154
Taxable Interest on Investment Securities 2,190 3,094 4,288 5,767
Tax-Exempt Interest on Investment Securities 99 37 201 77
Interest on Term Federal Funds Sold 168 18 493 45
Dividends on Federal Reserve Bank Stock 148 112 276 224
Interest on Federal Funds Sold and Securities Purchased Under Resale Agreements 31 9 33 17
Interest on Interest-Bearing Deposits in Other Banks 59 79 127 168
Dividends on Federal Home Loan Bank Stock 29 20 58 41
Total Interest and Dividend Income 29,965 32,618 60,259 66,493
INTEREST EXPENSE:        
Interest on Deposits 3,953 6,192 8,872 12,927
Interest on Federal Home Loan Bank Advances 43 239 86 572
Interest on Junior Subordinated Debentures 797 711 1,596 1,409
Interest on Other Borrowings   1   1
Total Interest Expense 4,793 7,143 10,554 14,909
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 25,172 25,475 49,705 51,584
Provision for Credit Losses 4,000   6,000  
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 21,172 25,475 43,705 51,584
NON-INTEREST INCOME:        
Service Charges on Deposit Accounts 2,936 3,278 6,104 6,419
Insurance Commissions 1,294 1,203 2,530 2,463
Remittance Fees 487 499 941 961
Trade Finance Fees 292 328 584 625
Other Service Charges and Fees 380 368 744 701
Bank-Owned Life Insurance Income 238 233 637 463
Net Gain on Sales of SBA Loans 5,473   5,473  
Net (Loss) on Sales of Other Loans (5,326) (77) (7,719) (415)
Net Gain (Loss) on Sales of Investment Securities 1,381 (70) 1,382 (70)
Impairment Loss on Investment Securities:        
Total Other-than-temporary Impairment Loss on Investment Securities (116)   (116)  
Less: Portion of Loss Recognized in Other Comprehensive Income            
Net Impairment Loss Recognized in Earnings (116)   (116)  
Other Operating Income 150 255 262 378
Total Non-Interest Income 7,189 6,017 10,822 11,525
NON-INTEREST EXPENSE:        
Salaries and Employee Benefits 9,449 8,762 18,559 17,886
Occupancy and Equipment 2,621 2,650 5,216 5,215
Deposit Insurance Premiums and Regulatory Assessments 1,498 1,377 2,899 3,447
Data Processing 1,298 1,487 2,551 2,886
Other Real Estate Owned Expense 69 806 25 1,635
Professional Fees 1,089 1,138 1,838 1,927
Directors and Officers Liability Insurance 295 733 592 1,467
Supplies and Communications 576 496 1,134 1,074
Advertising and Promotion 1,009 908 1,610 1,474
Loan-Related Expense 88 184 288 409
Amortization of Other Intangible Assets 45 190 116 408
Expense Related to Unconsummated Capital Offerings   2,220   2,220
Other Operating Expenses 1,726 1,935 3,681 3,899
Total Non-Interest Expense 19,763 22,886 38,509 43,947
INCOME BEFORE (BENEFIT) PROVISION FOR INCOME TAXES 8,598 8,606 16,018 19,162
(Benefit) Provision for Income Taxes (47,177) 605 (47,098) 724
NET INCOME $ 55,775 $ 8,001 $ 63,116 $ 18,438
EARNINGS PER SHARE:        
Basic $ 1.77 $ 0.42 $ 2.01 $ 0.98
Diluted $ 1.77 $ 0.42 $ 2.00 $ 0.98
WEIGHTED-AVERAGE SHARES OUTSTANDING:        
Basic 31,475,610 18,888,080 31,473,065 18,885,368
Diluted 31,499,803 18,907,299 31,489,943 18,907,169