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, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest income        
Loans, including fees $ 15,532 $ 14,498 $ 42,295 $ 45,274
Securities        
Taxable 414 156 1,116 267
Tax-exempt 102 10 210 11
FHLB Stock 84 73 252 223
Federal funds sold and other short-term investments 137 163 394 468
Total interest income 16,269 14,900 44,267 46,243
Interest expense        
Deposits 1,396 2,104 4,570 7,431
Debt and other borrowed funds 981 1,295 3,203 3,931
Total interest expense 2,377 3,399 7,773 11,362
Net interest income 13,892 11,501 36,494 34,881
Provision for loan losses (1,250) (1,250) (6,600) (4,700)
Net interest income after provision for loan losses 15,142 12,751 43,094 39,581
Noninterest income        
Service charges and fees 810 889 2,381 2,806
Net gains on mortgage loans 940 697 2,192 1,393
Trust fees 595 644 1,802 1,915
Gain on sale of securities 14 0 73 0
ATM and debit card fees 1,049 1,013 3,094 2,958
Other 698 684 2,275 2,149
Total noninterest income 4,106 3,927 11,817 11,221
Noninterest expense        
Salaries and benefits 5,621 5,668 17,065 16,615
Occupancy of premises 948 961 2,860 2,961
Furniture and equipment 806 812 2,491 2,458
Legal and professional 160 187 551 779
Marketing and promotion 213 228 634 677
Data processing 269 314 988 952
FDIC assessment 504 842 1,692 2,660
ATM and debit card processing 316 337 912 918
Bond and D&O Insurance 213 379 696 1,136
FHLB Advance prepayment penalty 322 0 322 0
Losses on repossessed and foreclosed properties 706 2,544 4,236 7,157
Administration and disposition of problem assets 1,018 1,941 3,737 5,503
Other 1,292 1,413 4,196 4,243
Total noninterest expenses 12,388 15,626 40,380 46,059
Income before income tax 6,860 1,052 14,531 4,743
Income tax expense (benefit) 275 0 275 0
Net income 6,585 1,052 14,256 4,743
Dividends declared on preferred shares 0 0 0 0
Net income available to common shares $ 6,585 $ 1,052 $ 14,256 $ 4,743
Basic earnings per common share (in dollars per share) $ 0.24 $ 0.04 $ 0.53 $ 0.22
Diluted earnings per common share (in dollars per share) $ 0.24 $ 0.04 $ 0.53 $ 0.22
Cash dividends per common share (in dollars per share) $ 0 $ 0 $ 0 $ 0