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, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
INTEREST AND DIVIDEND INCOME:    
Interest and Fees on Loans $ 27,542 $ 30,905
Taxable Interest on Investment Securities 2,098 2,673
Tax-Exempt Interest on Investment Securities 102 40
Interest on Term Federal Funds Sold 325 27
Dividends on Federal Reserve Bank Stock 128 112
Interest on Federal Funds Sold and Securities Purchased Under Resale Agreements 2 8
Interest on Interest-Bearing Deposits in Other Banks 68 89
Dividends on Federal Home Loan Bank Stock 29 21
Total Interest and Dividend Income 30,294 33,875
INTEREST EXPENSE:    
Interest on Deposits 4,919 6,735
Interest on Federal Home Loan Bank Advances 43 333
Interest on Junior Subordinated Debentures 799 698
Total Interest Expense 5,761 7,766
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 24,533 26,109
Provision for Credit Losses 2,000  
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 22,533 26,109
NON-INTEREST INCOME:    
Service Charges on Deposit Accounts 3,168 3,141
Insurance Commissions 1,236 1,260
Remittance Fees 454 462
Trade Finance Fees 292 297
Other Service Charges and Fees 364 333
Bank-Owned Life Insurance Income 399 230
Net (Loss) on Sales of Loans (2,393) (338)
Net Gain on Sales of Investment Securities 1  
Other Operating Income 112 123
Total Non-Interest Income 3,633 5,508
NON-INTEREST EXPENSE:    
Salaries and Employee Benefits 9,110 9,124
Occupancy and Equipment 2,595 2,565
Deposit Insurance Premiums and Regulatory Assessments 1,401 2,070
Data Processing 1,253 1,399
Other Real Estate Owned Expense (44) 829
Professional Fees 749 789
Directors and Officers Liability Insurance 297 734
Supplies and Communications 558 578
Advertising and Promotion 601 566
Loan-Related Expense 200 225
Amortization of Other Intangible Assets 71 218
Other Operating Expenses 1,955 1,964
Total Non-Interest Expense 18,746 21,061
INCOME BEFORE PROVISION FOR INCOME TAXES 7,420 10,556
Provision for Income Taxes 79 119
NET INCOME $ 7,341 $ 10,437
EARNINGS PER SHARE:    
Basic $ 0.23 $ 0.55
Diluted $ 0.23 $ 0.55
WEIGHTED-AVERAGE SHARES OUTSTANDING:    
Basic 31,470,520 18,882,627
Diluted 31,489,569 18,910,947