Annual report pursuant to Section 13 and 15(d)

QUARTERLY FINANCIAL DATA (Unaudited)

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QUARTERLY FINANCIAL DATA (Unaudited)
 12 Months Ended
Dec. 31, 2013
QUARTERLY FINANCIAL DATA (Unaudited) [Abstract]  
QUARTERLY FINANCIAL DATA (Unaudited)
NOTE 19 – QUARTERLY FINANCIAL DATA (Unaudited)

(Dollars in thousands except per share data)
 
 
  
   
   
Earnings (Loss) Per Common Share
  
 
  
Interest Income
    
Net Interest Income
    
Provision for Loan Losses
    
Net Income
    
Basic
    
Diluted
  
2013
  
   
   
   
   
   
 
First quarter
  
$
12,433
    
$
10,483
    
$
(750
)
  
$
2,473
    
$
0.09
    
$
0.09
  
Second quarter
    
12,307
      
10,464
      
(1,000
)
    
2,603
      
0.10
      
0.10
  
Third quarter
    
11,919
      
10,124
      
(1,500
)
    
2,238
      
0.08
      
0.08
  
Fourth quarter
    
11,961
      
10,212
      
(1,000
)
    
2,234
      
(0.56
)
    
(0.56
)
 
                                                
2012
                                                
First quarter
  
$
14,099
    
$
11,281
    
$
(3,600
)
  
$
4,485
    
$
0.17
    
$
0.17
  
Second quarter
    
13,900
      
11,322
      
(1,750
)
    
3,186
      
0.12
      
0.12
  
Third quarter
    
16,269
      
13,892
      
(1,250
)
    
6,585
      
0.24
      
0.24
  
Fourth quarter
    
13,009
      
10,968
      
(500
)
    
21,234
      
0.78
      
0.78
  

Fourth quarter 2013 loss per common share includes the impact of the induced exchange of preferred stock.  During the first quarter of 2012, we collected $4.4 million on a previously charged off loan, resulting in the large negative provision for loan losses.  During the third quarter of 2012, we collected a $2.8 million prepayment fee, positively impacting interest income, net interest income and net income.  During the fourth quarter of 2012, we reversed our deferred tax asset valuation allowance, increasing net income by $18.9 million.