Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.6
Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
INTEREST AND DIVIDEND INCOME:      
Interest and Fees on Loans $ 117,671 $ 137,328 $ 173,318
Taxable Interest on Investment Securities 9,768 5,874 5,675
Tax-Exempt Interest on Investment Securities 216 225 2,303
Interest on Term Federal Funds Sold 276 33 1,718
Dividends on Federal Reserve Bank Stock 458 430 592
Interest on Federal Funds Sold and Securities Purchased Under Resale Agreements 27 52 326
Interest on Interest-Bearing Deposits in Other Banks 315 468 151
Dividends on Federal Home Loan Bank Stock 76 102 64
Total Interest and Dividend Income 128,807 144,512 184,147
INTEREST EXPENSE:      
Interest on Deposits 23,958 34,408 76,246
Interest on Federal Home Loan Bank Advances 662 1,366 3,399
Interest on Junior Subordinated Debentures 2,915 2,811 3,271
Interest on Other Borrowings 95 53 2
Total Interest Expense 27,630 38,638 82,918
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 101,177 105,874 101,229
Provision for Credit Losses 12,100 122,496 196,387
NET INTEREST INCOME (LOSS) AFTER PROVISION FOR CREDIT LOSSES 89,077 (16,622) (95,158)
NON-INTEREST INCOME:      
Service Charges on Deposit Accounts 12,826 14,049 17,054
Insurance Commissions 4,500 4,695 4,492
Remittance Fees 1,925 1,968 2,109
Trade Finance Fees 1,305 1,523 1,956
Other Service Charges and Fees 1,447 1,516 1,810
Bank-Owned Life Insurance Income 939 942 932
Net (Loss) Gain on Sales of Loans (1,477) 514 1,220
Net Gain on Sales of Investment Securities 1,635 122 1,833
Impairment Loss on Investment Securities:      
Total Other-than-temporary Impairment Loss on Investment Securities   (790)  
Less: Portion of Loss Recognized in Other Comprehensive Income         
Net Impairment Loss Recognized in Earnings   (790)  
Other Operating Income 751 867 704
Total Non-Interest Income 23,851 25,406 32,110
NON-INTEREST EXPENSE:      
Salaries and Employee Benefits 35,465 36,730 33,101
Occupancy and Equipment 10,353 10,773 11,239
Deposit Insurance premiums and Regulatory Assessments 6,630 10,756 10,418
Data Processing 5,601 5,931 6,297
Other Real Estate Owned Expense 1,620 10,679 5,890
Professional Fees 4,187 3,521 4,099
Advertising and Promotion 2,993 2,394 2,402
Supplies and Communications 2,323 2,302 2,352
Loan-Related Expense 827 1,147 1,947
Amortization of Other Intangible Assets 700 1,149 1,568
Directors and Officers Liability Insurance 2,940 2,865 1,175
Expenses Related to Unconsummated Capital Offering 2,220    
Other Operating Expenses 8,189 8,558 9,866
Total Non-Interest Expense 84,048 96,805 90,354
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES 28,880 (88,021) (153,402)
Provision (Benefit) for Income Taxes 733 (12) (31,125)
NET INCOME (LOSS) $ 28,147 $ (88,009) $ (122,277)
INCOME LOSS PER SHARE:      
Basic $ 1.38 $ (7.46) $ (20.56)
Diluted $ 1.38 $ (7.46) $ (20.56)
WEIGHTED-AVERAGE SHARES OUTSTANDING:      
Basic 20,403,549 11,790,278 5,946,295
Diluted 20,422,984 11,790,278 5,946,295
DIVIDENDS DECLARED PER SHARE