Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

 v2.3.0.11
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
INTEREST AND DIVIDEND INCOME:        
Interest and Fees on Loans $ 29,249 $ 34,486 $ 60,154 $ 71,181
Taxable Interest on Investment Securities 3,094 1,359 5,767 2,443
Tax-Exempt Interest on Investment Securities 37 77 77 154
Dividends on Federal Reserve Bank Stock 112 103 224 207
Dividends on Federal Home Loan Bank Stock 20 20 41 41
Interest on Interest-Bearing Deposits in Other Banks 79 99 168 154
Interest on Federal Funds Sold 9 16 17 33
Interest on Term Federal Funds Sold 18 11 45 11
Total Interest and Dividend Income 32,618 36,171 66,493 74,224
INTEREST EXPENSE:        
Interest on Deposits 6,192 8,813 12,927 18,517
Interest on Federal Home Loan Bank Advances 239 339 572 685
Interest on Other Borrowings 1 31 1 31
Interest on Junior Subordinated Debentures 711 692 1,409 1,361
Total Interest Expense 7,143 9,875 14,909 20,594
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 25,475 26,296 51,584 53,630
Provision for Credit Losses   37,500   95,496
NET INTEREST INCOME (LOSS) AFTER PROVISION FOR CREDIT LOSSES 25,475 (11,204) 51,584 (41,866)
NON-INTEREST INCOME:        
Service Charges on Deposit Accounts 3,278 3,602 6,419 7,328
Insurance Commissions 1,203 1,206 2,463 2,484
Remittance Fees 499 523 961 985
Trade Finance Fees 328 412 625 763
Other Service Charges and Fees 368 372 701 784
Bank-Owned Life Insurance Income 233 235 463 466
Net Gain (Loss) on Sales of Investment Securities (70)   (70) 105
Net Gain (Loss) on Sales of Loans (77) 220 (415) 214
Other Operating Income 255 106 378 552
Total Non-Interest Income 6,017 6,676 11,525 13,681
NON-INTEREST EXPENSE:        
Salaries and Employee Benefits 8,762 9,011 17,886 17,797
Deposit Insurance premiums and Regulatory Assessments 1,377 4,075 3,447 6,299
Occupancy and Equipment 2,650 2,674 5,215 5,399
Directors and Officers Liability Insurance 733 716 1,467 1,433
Other Real Estate Owned Expense 806 1,718 1,635 7,418
Data Processing 1,487 1,487 2,886 2,986
Professional Fees 1,138 1,022 1,927 2,088
Supplies and Communications 496 574 1,074 1,091
Advertising and Promotion 908 503 1,474 1,038
Loan-Related Expense 184 310 409 617
Amortization of Other Intangible Assets 190 301 408 629
Expenses Related to Unconsummated Capital Offerings 2,220   2,220  
Other Operating Expenses 1,935 2,374 3,899 4,194
Total Non-Interest Expense 22,886 24,765 43,947 50,989
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES 8,606 (29,293) 19,162 (79,174)
Provision (Benefit) for Income Taxes 605 (36) 724 (431)
NET INCOME (LOSS) $ 8,001 $ (29,257) $ 18,438 $ (78,743)
EARNINGS (LOSS) PER SHARE:        
Basic $ 0.05 $ (0.57) $ 0.12 $ (1.54)
Diluted $ 0.05 $ (0.57) $ 0.12 $ (1.54)
WEIGHTED-AVERAGE SHARES OUTSTANDING:        
Basic 151,104,636 51,036,573 151,082,945 51,017,885
Diluted 151,258,390 51,036,573 151,257,350 51,017,885
DIVIDENDS DECLARED PER SHARE