Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Interest income      
Loans, including fees $ 45,201 $ 54,549 $ 59,334
Securities      
Taxable 1,798 1,544 497
Tax-exempt 742 330 38
FHLB Stock 393 351 294
Federal funds sold and other short-term investments 486 502 616
Total interest income 48,620 57,276 60,779
Interest expense      
Deposits 3,993 5,721 9,273
Other borrowings 1,781 2,374 3,609
Subordinated and long-term debt 1,563 1,719 1,598
Total interest expense 7,337 9,814 14,480
Net interest income 41,283 47,462 46,299
Provision for loan losses (4,250) (7,100) (4,700)
Net interest income after provision for loan losses 45,533 54,562 50,999
Noninterest income      
Service charges and fees 3,963 3,323 3,692
Net gains on mortgage loans 2,554 2,882 1,728
Trust fees 2,413 2,389 2,543
ATM and debit card fees 4,325 4,130 3,963
Gain on sale of securities 120 73 0
Other 2,766 2,831 2,966
Total noninterest income 16,141 15,628 14,892
Noninterest expense      
Salaries and benefits 23,012 22,986 22,217
Occupancy of premises 3,756 3,815 3,949
Furniture and equipment 3,224 3,259 3,318
Legal and professional 680 664 971
Marketing and promotion 870 929 834
Data processing 1,351 1,268 1,284
FDIC assessment 1,458 2,196 3,472
ATM and debit card processing 1,300 1,222 1,206
Bond and D&O Insurance 740 909 1,512
FHLB Advance prepayment penalty 0 322 0
Losses on repossessed and foreclosed properties 1,825 5,295 8,371
Administration and disposition of problem assets 3,699 4,665 7,230
Other 5,940 5,753 5,698
Total noninterest expenses 47,855 53,283 60,062
Income before income tax 13,819 16,907 5,829
Income tax expense (benefit) 4,270 (18,583) 0
Net income 9,549 35,490 5,829
Effect of induced exchange of preferred stock 17,575 0 0
Net income (loss) available to common shares $ (8,026) $ 35,490 $ 5,829
Basic earnings (loss) per common share (in dollars per share) $ (0.29) $ 1.31 $ 0.26
Diluted earnings (loss) per common share (in dollars per share) $ (0.29) $ 1.31 $ 0.26
Cash dividends per common share (in dollars per share) $ 0 $ 0 $ 0