Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
ASSETS    
Cash and due from banks $ 30,971 $ 21,274
Federal funds sold and other short-term investments 212,071 214,853
Cash and cash equivalents 243,042 236,127
Securities available for sale, at fair value 54,746 9,120
Securities held to maturity (fair value 2011 - $300, 2010 - $83) 300 83
Federal Home Loan Bank (FHLB) stock 11,236 11,932
Loans held for sale, at fair value 1,026 2,537
Total loans 1,070,975 1,217,196
Allowance for loan losses (31,641) (47,426)
Net Loans 1,039,334 1,169,770
Premises and equipment - net 55,358 56,988
Accrued interest receivable 3,595 3,845
Bank-owned life insurance 25,957 25,014
Other real estate owned 66,438 57,984
Other assets 6,635 4,861
Total assets 1,507,667 1,578,261
Deposits    
Noninterest-bearing 324,253 255,897
Interest-bearing 891,036 1,020,723
Total 1,215,289 1,276,620
Other borrowed funds 148,603 185,336
Long-term debt 41,238 41,238
Subordinated debt 1,650 1,650
Accrued expenses and other liabilities 6,461 5,575
Total liabilities 1,413,241 1,510,419
Commitments and contingent liabilities      
Preferred stock, no par value, 500,000 shares authorized;    
Common stock, no par value, 200,000,000 shares authorized; 27,082,823 and 17,679,621 shares issued and outstanding at December 31, 2011 and 2010, respectively 187,709 167,321
Retained deficit (126,825) (132,654)
Accumulated other comprehensive income 378 11
Total shareholders' equity 94,426 67,842
Total liabilities and shareholders' equity 1,507,667 1,578,261
Series A Noncumulative Convertible Preferred Stock [Member]
    
Preferred stock, no par value, 500,000 shares authorized;    
Preferred stock 30,604 30,604
Series B Noncumulative Convertible Preferred Stock [Member]
    
Preferred stock, no par value, 500,000 shares authorized;    
Preferred stock $ 2,560 $ 2,560