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, 2011
Dec. 31, 2010
Interest income    
Loans, including fees $ 59,334 $ 73,544
Securities    
Taxable 497 1,049
Tax-exempt 38 775
FHLB stock 294 230
Federal funds sold and other short-term investments 616 405
Total interest income 60,779 76,003
Interest expense    
Deposits 9,273 17,295
Other borrowings 3,609 6,579
Subordinated and long-term debt 1,598 1,562
Total interest expense 14,480 25,436
Net interest income 46,299 50,567
Provision for loan losses (4,700) 22,460
Net interest income after provision for loan losses 50,999 28,107
Noninterest income    
Service charges and fees 3,692 4,252
Net gains on mortgage loans 1,728 1,462
Trust fees 2,543 3,079
ATM and debit card fees 3,963 3,789
Gain on sales of securities 0 2,715
Other 2,966 2,726
Total noninterest income 14,892 18,023
Noninterest expense    
Salaries and benefits 22,217 21,886
Occupancy of premises 3,949 4,056
Furniture and equipment 3,318 3,554
Legal and professional 971 1,787
Marketing and promotion 834 835
Data processing 1,284 1,260
FDIC assessment 3,472 4,706
ATM and debit card processing 1,206 1,134
Bond and D&O insurance 1,512 2,214
Losses on repossessed and foreclosed properties 8,371 8,446
Administration and disposition of problem assets 7,230 6,969
Other 5,698 5,834
Total noninterest expenses 60,062 62,681
Income (loss) before income tax 5,829 (16,551)
Income tax expense 0 1,303
Net income (loss) 5,829 (17,854)
Dividends declared on preferred shares 0 0
Net income (loss) available to common shares $ 5,829 $ (17,854)
Basic earnings (loss) per common share (in dollars per share) $ 0.26 $ (1.01)
Diluted earnings (loss) per common share (in dollars per share) $ 0.26 $ (1.01)
Cash dividends per common share (in dollars per share) $ 0 $ 0