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
 3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
INTEREST AND DIVIDEND INCOME:        
Interest and Fees on Loans $ 29,355 $ 33,681 $ 89,509 $ 104,862
Taxable Interest on Investment Securities 2,022 1,592 7,789 4,035
Tax-Exempt Interest on Investment Securities 39 62 116 216
Dividends on Federal Reserve Bank Stock 112 102 336 323
Dividends on Federal Home Loan Bank Stock 17 33 58 74
Interest on Interest-Bearing Deposits in Other Banks 75 165 243 319
Interest on Federal Funds Sold and Securities Purchased Under Resale Agreements 5 8 22 41
Interest on Term Federal Funds Sold 49 32 94 29
Total Interest and Dividend Income 31,674 35,675 98,167 109,899
INTEREST EXPENSE:        
Interest on Deposits 5,730 8,299 18,657 26,816
Interest on Federal Home Loan Bank Advances 46 342 618 1,027
Interest on Other Borrowings   22 1 53
Interest on Junior Subordinated Debentures 739 739 2,148 2,100
Total Interest Expense 6,515 9,402 21,424 29,996
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 25,159 26,273 76,743 79,903
Provision for Credit Losses 8,100 22,000 8,100 117,496
NET INTEREST INCOME (LOSS) AFTER PROVISION FOR CREDIT LOSSES 17,059 4,273 68,643 (37,593)
NON-INTEREST INCOME:        
Service Charges on Deposit Accounts 3,225 3,442 9,644 10,770
Insurance Commissions 940 1,089 3,403 3,573
Remittance Fees 469 484 1,430 1,469
Trade Finance Fees 341 381 966 1,144
Other Service Charges and Fees 389 409 1,090 1,193
Bank-Owned Life Insurance Income 237 237 700 703
Net Gain on Sales of Investment Securities 1,704 4 1,634 117
Net Gain (Loss) on Sales of Loans (1,445) 229 (1,860) 443
Impairment Loss on Investment Securities:        
Total Other-than-temporary Impairment Loss on Investment Securities   (790)   (790)
Less: Portion of Loss Recognized in Other Comprehensive Income        
Net Impairment Loss Recognized in Earnings   (790)   (790)
Other Operating Income 118 186 496 731
Total Non-Interest Income 5,978 5,671 17,503 19,353
NON-INTEREST EXPENSE:        
Salaries and Employee Benefits 8,146 9,552 26,032 27,349
Deposit Insurance premiums and Regulatory Assessments 1,552 2,253 4,999 8,552
Occupancy and Equipment 2,605 2,702 7,820 8,101
Other Real Estate Owned Expense (86) 2,580 1,549 9,998
Data Processing 1,383 1,446 4,269 4,432
Professional Fees 1,147 753 3,074 2,841
Directors and Officers Liability Insurance 737 716 2,204 2,149
Supplies and Communications 712 683 1,786 1,774
Advertising and Promotion 631 567 2,105 1,605
Loan-Related Expense 222 322 631 939
Amortization of Other Intangible Assets 161 273 569 902
Expenses Related to Unconsummated Capital Offerings     2,220  
Other Operating Expenses 1,642 2,232 5,541 6,428
Total Non-Interest Expense 18,852 24,079 62,799 75,070
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES 4,185 (14,135) 23,347 (93,310)
Provision (Benefit) for Income Taxes (18) 442 706 11
NET INCOME (LOSS) $ 4,203 $ (14,577) $ 22,641 $ (93,321)
EARNINGS (LOSS) PER SHARE:        
Basic $ 0.03 $ (0.12) $ 0.15 $ (1.24)
Diluted $ 0.03 $ (0.12) $ 0.15 $ (1.24)
WEIGHTED-AVERAGE SHARES OUTSTANDING:        
Basic 151,107,790 122,789,120 151,091,317 75,204,528
Diluted 151,258,390 122,789,120 151,246,741 75,204,528
DIVIDENDS DECLARED PER SHARE