Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
INTEREST AND DIVIDEND INCOME:      
Interest and Fees on Loans $ 108,982 $ 117,671 $ 137,328
Taxable Interest on Investment Securities 8,418 9,768 5,874
Tax-Exempt Interest on Investment Securities 394 216 225
Interest on Term Federal Funds Sold 706 276 33
Interest on Federal Funds Sold 60 27 52
Interest on Interest-Bearing Deposits in Other Banks 422 315 468
Dividends on Federal Reserve Bank Stock 609 458 430
Dividends on Federal Home Loan Bank Stock 209 76 102
Total Interest and Dividend Income 119,800 128,807 144,512
INTEREST EXPENSE:      
Interest on Deposits 15,877 23,958 34,408
Interest on Federal Home Loan Bank Advances 165 662 1,366
Interest on Junior Subordinated Debentures 2,703 2,915 2,811
Interest on Other Borrowings   95 53
Total Interest Expense 18,745 27,630 38,638
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 101,055 101,177 105,874
Provision for Credit Losses 6,000 12,100 122,496
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 95,055 89,077 (16,622)
NON-INTEREST INCOME:      
Service Charges on Deposit Accounts 12,146 12,826 14,049
Insurance Commissions 4,857 4,500 4,695
Remittance Fees 1,976 1,925 1,968
Trade Finance Fees 1,140 1,305 1,523
Other Service Charges and Fees 1,499 1,447 1,516
Bank-Owned Life Insurance Income 1,110 939 942
Gain on Sales of SBA Loans Guaranteed Portion 9,923 4,543 514
Net Loss on Sales of Other Loans (9,481) (6,020)  
Net Gain on Sales of Investment Securities 1,396 1,635 122
Impairment Loss on Investment Securities:      
Total Other-Than-Temporary Impairment Loss on Investment Securities (292)   (790)
Less: Portion of Loss Recognized in Other Comprehensive Income         
Net Impairment Loss Recognized in Earnings (292)   (790)
Other Operating Income 538 751 867
Total Non-Interest Income 24,812 23,851 25,406
NON-INTEREST EXPENSE:      
Salaries and Employee Benefits 36,931 35,465 36,730
Occupancy and Equipment 10,424 10,353 10,773
Deposit Insurance Premiums and Regulatory Assessments 4,431 6,630 10,756
Data Processing 4,941 5,601 5,931
Other Real Estate Owned Expense 344 1,620 10,679
Professional Fees 4,694 4,187 3,521
Directors and Officers Liability Insurance 1,186 2,940 2,865
Supplies and Communications 2,370 2,323 2,302
Advertising and Promotion 3,876 2,993 2,394
Loan-Related Expense 527 827 1,147
Amortization of Other Intangible Assets 198 700 1,149
Expense related to Unconsummated Capital Offerings   2,220  
Other Operating Expenses 6,939 8,189 8,558
Total Non-Interest Expense 76,861 84,048 96,805
INCOME (LOSS) BEFORE (BENEFIT) PROVISION FOR INCOME TAXES 43,006 28,880 (88,021)
(Benefit) Provision for Income Taxes (47,368) 733 (12)
NET INCOME (LOSS) $ 90,374 $ 28,147 $ (88,009)
EARNINGS (LOSS) PER SHARE:      
Basic $ 2.87 $ 1.38 $ (7.46)
Diluted $ 2.87 $ 1.38 $ (7.46)
WEIGHTED-AVERAGE SHARES OUTSTANDING:      
Basic 31,475,510 20,403,549 11,790,278
Diluted 31,515,582 20,422,984 11,790,278