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, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest income        
Loans, including fees $ 10,995 $ 15,532 $ 34,156 $ 42,295
Securities        
Taxable 476 414 1,352 1,116
Tax-exempt 211 102 508 210
FHLB Stock 98 84 294 252
Federal funds sold and other short-term investments 139 137 349 394
Total interest income 11,919 16,269 36,659 44,267
Interest expense        
Deposits 953 1,396 3,020 4,570
Debt and other borrowed funds 842 981 2,568 3,203
Total interest expense 1,795 2,377 5,588 7,773
Net interest income 10,124 13,892 31,071 36,494
Provision for loan losses (1,500) (1,250) (3,250) (6,600)
Net interest income after provision for loan losses 11,624 15,142 34,321 43,094
Noninterest income        
Service charges and fees 1,029 810 2,917 2,381
Net gains on mortgage loans 612 940 2,145 2,192
Trust fees 584 595 1,797 1,802
Gain on sale of securities 0 14 80 73
ATM and debit card fees 1,104 1,049 3,212 3,094
Other 622 698 1,974 2,275
Total noninterest income 3,951 4,106 12,125 11,817
Noninterest expense        
Salaries and benefits 5,834 5,621 17,359 17,065
Occupancy of premises 908 948 2,759 2,860
Furniture and equipment 819 806 2,414 2,491
Legal and professional 192 160 565 551
Marketing and promotion 245 213 738 634
Data processing 326 269 1,029 988
FDIC assessment 317 504 1,133 1,692
ATM and debit card processing 315 316 967 912
Bond and D&O Insurance 187 213 555 696
FHLB Advance prepayment penalty 0 322 0 322
Losses on repossessed and foreclosed properties 1,059 706 1,412 4,236
Administration and disposition of problem assets 752 1,018 2,660 3,737
Other 1,408 1,292 4,227 4,196
Total noninterest expenses 12,362 12,388 35,818 40,380
Income before income tax 3,213 6,860 10,628 14,531
Income tax expense 975 275 3,313 275
Net income 2,238 6,585 7,315 14,256
Dividends declared on preferred shares 0 0 0 0
Net income available to common shares $ 2,238 $ 6,585 $ 7,315 $ 14,256
Basic earnings per common share (in dollars per share) $ 0.08 $ 0.24 $ 0.27 $ 0.53
Diluted earnings per common share (in dollars per share) $ 0.08 $ 0.24 $ 0.27 $ 0.53
Cash dividends per common share (in dollars per share) $ 0 $ 0 $ 0 $ 0