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 Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
INTEREST AND DIVIDEND INCOME:        
Interest and Fees on Loans $ 26,781 $ 29,355 $ 81,564 $ 89,509
Taxable Interest on Investment Securities 1,992 2,022 6,280 7,789
Tax-Exempt Interest on Investment Securities 98 39 299 116
Interest on Term Federal Funds Sold 191 49 684 94
Interest on Federal Funds Sold 20 5 53 22
Interest on Interest-Bearing Deposits in Other Banks 142 75 269 243
Dividends on Federal Reserve Bank Stock 154 112 430 336
Dividends on Federal Home Loan Bank Stock 24 17 82 58
Total Interest and Dividend Income 29,402 31,674 89,661 98,167
INTEREST EXPENSE:        
Interest on Deposits 3,639 5,730 12,511 18,657
Interest on Federal Home Loan Bank Advances 40 46 126 618
Interest on Junior Subordinated Debentures 804 739 2,400 2,148
Interest on Other Borrowings       1
Total Interest Expense 4,483 6,515 15,037 21,424
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 24,919 25,159 74,624 76,743
Provision for Credit Losses   8,100 6,000 8,100
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 24,919 17,059 68,624 68,643
NON-INTEREST INCOME:        
Service Charges on Deposit Accounts 2,851 3,225 8,955 9,644
Insurance Commissions 1,092 940 3,622 3,403
Remittance Fees 476 469 1,417 1,430
Trade Finance Fees 274 341 858 966
Other Service Charges and Fees 361 389 1,105 1,090
Bank-Owned Life Insurance Income 235 237 872 700
Gain on Sales of SBA Loans Guaranteed Portion 1,772 1,612 7,245 1,612
Net Loss on Sales of Other Loans (515) (3,057) (8,234) (3,472)
Net Gain on Sales of Investment Securities 10 1,704 1,392 1,634
Impairment Loss on Investment Securities:        
Total Other-Than-Temporary Impairment Loss on Investment Securities (176)   (292)  
Less: Portion of Loss Recognized in Other Comprehensive Income            
Net Impairment Loss Recognized in Earnings (176)   (292)  
Other Operating Income 140 118 402 496
Total Non-Interest Income 6,520 5,978 17,342 17,503
NON-INTEREST EXPENSE:        
Salaries and Employee Benefits 9,148 8,146 27,707 26,032
Occupancy and Equipment 2,623 2,605 7,839 7,820
Deposit Insurance Premiums and Regulatory Assessments 283 1,552 3,182 4,999
Data Processing 1,211 1,383 3,762 4,269
Other Real Estate Owned Expense 352 (86) 377 1,549
Professional Fees 1,112 1,147 2,950 3,074
Directors and Officers Liability Insurance 296 737 888 2,204
Supplies and Communications 669 712 1,803 1,786
Advertising and Promotion 1,023 631 2,633 2,105
Loan-Related Expense 164 222 452 631
Amortization of Other Intangible Assets 41 161 157 569
Expense related to Unconsummated Capital Offerings       2,220
Other Operating Expenses 1,882 1,642 5,563 5,541
Total Non-Interest Expense 18,804 18,852 57,313 62,799
INCOME BEFORE (BENEFIT) PROVISION FOR INCOME TAXES 12,635 4,185 28,653 23,347
(Benefit) Provision for Income Taxes (644) (18) (47,742) 706
NET INCOME $ 13,279 $ 4,203 $ 76,395 $ 22,641
EARNINGS PER SHARE:        
Basic $ 0.42 $ 0.22 $ 2.43 $ 1.20
Diluted $ 0.42 $ 0.22 $ 2.42 $ 1.20
WEIGHTED-AVERAGE SHARES OUTSTANDING:        
Basic 31,475,976 18,888,474 31,474,042 18,886,415
Diluted 31,545,111 18,907,299 31,506,767 18,905,843