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
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income        
Loans, including fees $ 15,194 $ 18,824 $ 30,776 $ 38,447
Securities 85 581 112 1,772
FHLB Stock 74 60 150 123
Federal funds sold and other short-term investments 137 72 305 133
Total interest income 15,490 19,537 31,343 40,475
Interest expense        
Deposits 2,416 4,691 5,327 10,099
Debt and other borrowed funds 1,292 2,028 2,636 4,530
Total interest expense 3,708 6,719 7,963 14,629
Net interest income 11,782 12,818 23,380 25,846
Provision for loan losses (2,000) 1,800 (3,450) 21,510
Net interest income after provision for loan losses 13,782 11,018 26,830 4,336
Noninterest income        
Service charges and fees 969 1,063 1,918 2,128
Net gains on mortgage loans 262 399 697 580
Trust fees 620 797 1,270 1,686
Gain on sale of securities 0 2,715 0 2,715
ATM and debit card fees 1,027 957 1,946 1,800
Other 738 391 1,464 881
Total noninterest income 3,616 6,322 7,295 9,790
Noninterest expense        
Salaries and benefits 5,600 5,554 10,947 11,005
Occupancy of premises 989 989 2,001 2,041
Furniture and equipment 829 888 1,646 1,869
Legal and professional 322 391 591 1,160
Marketing and promotion 224 215 448 429
Data processing 334 327 638 674
FDIC assessment 841 1,192 1,819 2,450
ATM and debit card processing 311 264 581 575
Bond and D&O Insurance 378 553 757 1,102
Losses on repossessed and foreclosed properties 2,121 850 4,613 4,493
Administration of problem assets 1,620 1,614 3,562 3,506
Other 1,428 1,452 2,830 2,911
Total noninterest expenses 14,997 14,289 30,433 32,215
Income (loss) before income tax 2,401 3,051 3,692 (18,089)
Income tax expense (benefit) 0 1,303 0 1,303
Net income (loss) 2,401 1,748 3,692 (19,392)
Dividends declared on preferred shares 0 0 0 0
Net income (loss) available to common shares $ 2,401 $ 1,748 $ 3,692 $ (19,392)
Basic earnings (loss) per common share (in dollars per share) $ 0.13 $ 0.10 $ 0.20 $ (1.10)
Diluted earnings (loss) per common share (in dollars per share) $ 0.13 $ 0.10 $ 0.20 $ (1.10)
Cash dividends per common share (in dollars per share) $ 0.00 $ 0.00 $ 0.00 $ 0.00