Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

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CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $)
In Thousands, except Per Share data
 3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Interest income        
Loans, including fees $ 14,498 $ 18,227 $ 45,274 $ 56,674
Securities 166 21 278 1,794
FHLB Stock 73 46 223 168
Federal funds sold and other short-term investments 163 150 468 283
Total interest income 14,900 18,444 46,243 58,919
Interest expense        
Deposits 2,104 4,024 7,431 14,123
Debt and other borrowed funds 1,295 1,983 3,931 6,513
Total interest expense 3,399 6,007 11,362 20,636
Net interest income 11,501 12,437 34,881 38,283
Provision for loan losses (1,250) 550 (4,700) 22,060
Net interest income after provision for loan losses 12,751 11,887 39,581 16,223
Noninterest income        
Service charges and fees 889 1,097 2,806 3,225
Net gains on mortgage loans 697 345 1,393 925
Trust fees 644 695 1,915 2,382
Gain on sale of securities 0 0 0 2,715
ATM and debit card fees 1,013 962 2,958 2,762
Other 684 627 2,149 1,507
Total noninterest income 3,927 3,726 11,221 13,516
Noninterest expense        
Salaries and benefits 5,668 5,546 16,615 16,550
Occupancy of premises 961 1,026 2,961 3,067
Furniture and equipment 812 854 2,458 2,723
Legal and professional 187 343 779 1,503
Marketing and promotion 228 214 677 643
Data processing 314 272 952 946
FDIC assessment 842 1,232 2,660 3,682
ATM and debit card processing 337 275 918 850
Bond and D&O Insurance 379 556 1,136 1,658
Losses on repossessed and foreclosed properties 2,544 1,418 7,157 5,933
Administration of problem assets 1,941 1,802 5,503 5,286
Other 1,413 1,372 4,243 4,284
Total noninterest expenses 15,626 14,910 46,059 47,125
Income (loss) before income tax 1,052 703 4,743 (17,386)
Income tax expense (benefit) 0 0 0 1,303
Net income (loss) 1,052 703 4,743 (18,689)
Dividends declared on preferred shares 0 0 0 0
Net income (loss) available to common shares $ 1,052 $ 703 $ 4,743 $ (18,689)
Basic earnings (loss) per common share (in dollars per share) $ 0.04 $ 0.04 $ 0.22 $ (1.06)
Diluted earnings (loss) per common share (in dollars per share) $ 0.04 $ 0.04 $ 0.22 $ (1.06)
Cash dividends per common share (in dollars per share) $ 0.00 $ 0.00 $ 0.00 $ 0.00